TAILIEUCHUNG - Administrative, Procedural, and Miscellaneous

This Notice sets forth the maximum face amount of qualified school construction bonds (“QSCBs”) allocated by the Department of the Treasury (Treasury) to each State and large local educational agency for 2009 under § 54F(d) of the Internal Revenue Code (Code). For this purpose, § 54A(e)(3) provides that the term “State” includes the District of Columbia and any possession of the United States. This Notice also provides interim guidance for QSCBs. | Part III - Administrative Procedural and Miscellaneous Qualified School Construction Bond Allocations for 2009 Notice 2009-35 SECTION 1. PURPOSE This Notice sets forth the maximum face amount of qualified school construction bonds QSCBs allocated by the Department of the Treasury Treasury to each State and large local educational agency for 2009 under 54F d of the Internal Revenue Code Code . For this purpose 54A e 3 provides that the term State includes the District of Columbia and any possession of the United States. This Notice also provides interim guidance for QSCBs. SECTION 2. BACKGROUND .01 INTRODUCTION Section 1521 a of Title I of Division B of the American Recovery and Reinvestment Act of 2009 Pub. L. No. 111-5 123 Stat. 115 2009 Act added new 54F to the Code setting forth program provisions for QSCBs. The Act amended 54A d 1 to provide that the term qualified tax credit bond means in part a qualified school construction bond that is part of an issue that meets the requirements of 54A d 2 3 4 5 and 6 regarding expenditures of bond proceeds information reporting arbitrage maturity limitations and prohibitions against financial conflicts of interest respectively. The Act also amended 54A d 2 to provide that for purposes of 54A d 2 C the term qualified purpose for a QSCB means a purpose specified in 54F a 1 described below. The Act added 54F c to provide a national bond limitation authorization for QSCBs of 11 billion for 2009 and 11 billion for 2010 each a calendar year volume cap and together volume cap . Section 54F c 3 provides that except for carryforwards provided for in 54F e there is no calendar year volume cap for calendar years after 2010. .02 QUALIFIED SCHOOL CONSTRUCTION BONDS UNDER 54F Section 54F a defines a qualified school construction bond to mean any bond issued as part of an issue if - 1 100 percent of the available project proceeds of such issue are to be used for the construction rehabilitation or repair of a public school facility or for

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