This regulation clarifies when the
allocation of bond proceeds to reimburse expenditures previously
made by an issuer of the bond is treated as an expenditure of the
bond proceeds. The issuer must express a reasonable official
intent, on or prior to the date of payment, to reimburse the
expenditure in order to assure that the reimbursement is not a
device to evade requirements imposed by the Internal Revenue Code
with respect to tax exempt bonds.
US Code:
26
USC 501(c) Name of Law: List of exempt organizations
US Code: 26
USC 6103 Name of Law: Confidentiality and disclosure of returns
and return information
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.