26 U.S. Code § 1400U-2 - Recovery zone economic development bonds
Recovery zone economic development bonds
(a) In generalIn the case of a recovery zone economic development bond—
(b) Recovery zone economic development bond
(1) In generalFor purposes of this section, the term “recovery zone economic development bond” means any build America bond (as defined in section 54AA(d)) 1 issued before January 1, 2011, as part of issue if—
(A) 100 percent of the excess of—
the available project proceeds (as defined in section 54A) 1 of such issue, over
the amounts in a reasonably required reserve (within the meaning of section 150(a)(3)) with respect to such issue,
are to be used for one or more qualified economic development purposes, and
the issuer designates such bond for purposes of this section.
(c) Qualified economic development purposeFor purposes of this section, the term “qualified economic development purpose” means expenditures for purposes of promoting development or other economic activity in a recovery zone, including—
expenditures for public infrastructure and construction of public facilities, and
expenditures for job training and educational programs.
 See References in Text note below.
References in Text
Application of Certain Labor Standards to Projects Financed With Certain Tax-Favored Bonds
“Subchapter IV of chapter 31 of the [sic] title 40, United States Code, shall apply to projects financed with the proceeds of—
any recovery zone economic development bond (as defined in section 1400U–2 of the Internal Revenue Code of 1986).”
LII has no control over and does not endorse any external Internet site that contains links to or references LII.