Form 14127 - Direct Pay Bonds Compliance Check Questionnaire - 2010 Page 3
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5. Do you have written procedures to ensure that your Direct Pay Bonds remain in compliance with the following Federal
tax requirements after the bonds are issued:
Yes
No
a. Timely expenditure of bond proceeds?
If Yes, date they were implemented?
(mm/dd/yyyy)
Yes
No
b. Correct calculation of Available Project Proceeds
?
(See section 54A(e)(4))
If Yes, date they were implemented?
(mm/dd/yyyy)
Yes
No
c. Use of 100% of Available Project Proceeds less amount in a reasonably
required reserve fund only for capital expenditures
(See section
?
54AA(g)(2)(A))
If Yes, date they were implemented?
(mm/dd/yyyy)
Yes
No
d. Arbitrage yield restriction and rebate?
If Yes, date they were implemented?
(mm/dd/yyyy)
e. Costs of issuance financed by the issue do not exceed 2% of the proceeds of
Yes
No
sale
?
(See section 54A(e)(4)(A)(ii))
If Yes, date they were implemented?
(mm/dd/yyyy)
f.
Proper determination of the amount of interest payable on each interest
Yes
No
payment date?
If Yes, date they were implemented?
(mm/dd/yyyy)
g. Proper amount of refundable credit reported on Form 8038-CP?
Yes
No
If Yes, date they were implemented?
(mm/dd/yyyy)
h. Timely filing of Form 8038-CP?
Yes
No
If Yes, date they were implemented?
(mm/dd/yyyy)
i.
Payment of refundable credit will be made to the proper person?
Yes
No
If Yes, date they were implemented?
(mm/dd/yyyy)
If Yes, describe in detail your procedures for each of the above items
and how you implement such procedures,
(a-i)
including dates of revisions, if any. In lieu of the above descriptions, you may attach a copy of your written procedures.
If you have no written procedures, explain what guidelines you have in place and from what source these guidelines
are derived that ensure bond financings are in compliance with Federal tax requirements.
(Attach sheet with description)
14127
Catalog Number 54588D
Form
(Rev. 05-2010)
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