construction issue

(iv)For purposes of this subparagraph, the term “construction issue” means any issue if— (I)at least 75 percent of the available construction proceeds of such issue are to be used for construction expenditures with respect to property which is to be owned by a governmental unit or a 501(c)(3) organization, and (II)all of the bonds which are part of such issue are qualified 501(c)(3) bonds, bonds which are not private activity bonds, or private activity bonds issued to finance property to be owned by a governmental unit or a 501(c)(3) organization. (v)If— (I)all of the construction expenditures to be financed by an issue are to be financed from a portion thereof, and (II)the issuer elects to treat such portion as a construction issue for purposes of this subparagraph, (vi)For purposes of this subparagraph—

Source

26 USC § 148(f)(4)(C)(iv)


Scoping language

For purposes of this subparagraph
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