IRS Liberty Bond Clarification Could Move Projects Forward

Ferris, Craig T.; McDonald, Michael
June 2003
Bond Buyer;6/24/2003, Vol. 344 Issue 31663, p5
Trade Publication
The United States Internal Revenue Service (IRS) told that tax-exempt New York Liberty Bonds are treated like exempt facility bonds and can be used to fund qualified project costs. IRS also said the bonds can be currently refunded and refunding deals would not count against the $8 billion limit on the authorization. New York City Economic Development Corp. and the Empire State Development Corp, which have $6.4 billion in Liberty bond authorization, sought several clarifications of how Liberty Bonds could be used to help finance the reconstruction of lower Manhattan in the wake of the September 11, 2001, terrorist attacks.


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