§ 148(f)(4)(C)(vii)(I)

rebate requirement does not apply

UNDECIDED

0 of 2 settled

  1. 1

    § 148(f)(4)(C)(vii)(I)

    ALL OF
    “after the date the bonds were issued, equal to 1½ percent of the amount of the available construction proceeds of the issue which, as of the close of such 6-month period, is not spent as required by clause (ii).” Opening words
    “At the election of the issuer”
    “available construction proceeds which do not meet the spending requirements of clause (ii)” unless Step 2 spending requirements are met UNDECIDED
    “the issuer pays a penalty, with respect to each 6-month period after the date the bonds were issued”
  2. 2

    § 148(f)(4)(C)(ii)

    spending requirements are met

    ALL OF

    The spending requirements of this clause are met if at least—

    “10 percent of the available construction proceeds of the construction issue are spent for the governmental purposes of the issue within the 6-month period beginning on the date the bonds are issued,” § 148(f)(4)(C)(ii)(I)
    “45 percent of such proceeds are spent for such purposes within the 1-year period beginning on such date,” § 148(f)(4)(C)(ii)(II)
    “75 percent of such proceeds are spent for such purposes within the 18-month period beginning on such date, and” § 148(f)(4)(C)(ii)(III)
    “100 percent of such proceeds are spent for such purposes within the 2-year period beginning on such date.” § 148(f)(4)(C)(ii)(IV)