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Note. According to Notice 2009-26 and

yield restriction and rebate requirements

Line 3. Enter the amount of proceeds of

Notice 2009-50, build America bonds

of section 148.

this issue used to fund a loan to another

(Direct Pay) generally may not be issued

governmental unit.

to refinance capital expenditures in

Signature and Consent

Line 4. If this issue is a loan of proceeds

“refunding issues” as defined in

from another governmental issue, check

An authorized representative of the issuer

Regulations section 1.150-1. However,

box 4a and enter the date of issue in an

must sign Form 8038-B and any

refinancing of certain short term

applicable certification. Also print the

MM/DD/YYYY format on line 4b. Enter the

indebtedness with build America bonds

DRAFT AS OF

name and title of the person signing Form

EIN on line 4c, and the name of the issuer

(Direct Pay) and recovery zone economic

8038-B. The authorized representative of

of the master pool obligation on line 4d.

development bonds is not treated as a

the issuer signing this form must have the

refunding.

Line 5. Check this box if the issuer has

authority to consent to the disclosure of

identified a hedge on its books and

Lines 1 and 2. The remaining weighted

the issuer's return information, as

records in accordance with Regulation

average maturity is determined without

necessary to process this return, to the

sections 1.148-4(h)(2)(viii) and 1.148-4(h)

regard to the refunding. The weighted

person(s) that have been designated in

(5) that require an issuer of bonds to

average maturity is determined in the

August 8, 2012

Form 8038-B.

identify a hedge for it to be included in

same manner as for Part IV, line 3.

bond yield calculations for purposes of

Note. If the governmental issuer in Part I,

Line 3. Enter the last date on which any

section 148. If the box on line 5a is

line 3 authorizes the IRS to communicate

of the bonds being refunded will be called.

checked, enter the name of the hedge

(including in writing and by telephone) with

Enter the date in an MM/DD/YYYY format.

provider on line 5b, the type of the hedge

a person other than an officer of the

on line 5c, and the term of the hedge to

Line 4. If more than a single issue of

issuer, by signing this form, the issuer's

the nearest tenth of a year (for example,

bonds will be refunded, enter the date of

authorized representative consents to the

2.4 years) on line 5d. Attach additional

issue of each of the issues to be refunded

disclosure of issuer's return information,

sheets, if necessary.

on a statement. Enter the date in an

as necessary to process this return, to

MM/DD/YYYY format. If the statement is

such person.

Line 6. In determining if the issuer has

not attached, it may result in a delay in

super-integrated a hedge, apply the rules

processing the return.

of Regulations section 1.148-4(h)(4). If the

Paid Preparer

hedge is super-integrated, check the box.

Part VII—Miscellaneous

If an authorized representative of the

Line 7. Check this box if the issue is a

issuer filled in this return, the paid

Line 1. Enter the amount of volume cap

construction issue as defined in

preparer's space should remain blank.

allocated to the issue of recovery zone

Regulations section 1.148-7(f) and an

Anyone who prepares the return but does

economic development bonds. Attach a

irrevocable election to pay a penalty in lieu

not charge the organization should not

copy of the certification of the volume cap

of arbitrage rebate has been made on or

sign the return. Certain others who

allocation by the state, county, or large

before the date the bonds were issued.

prepare the return should not sign. For

municipality. For build America bonds,

The penalty is payable with a Form 8038-T

example, a regular, full-time employee of

enter the amount of state volume cap

for each 6-month period after the date the

the issuer, such as a clerk, secretary, etc.,

allocated to the issue under section 141(b)

bonds are issued. Do not make any

should not sign.

(5), if applicable. For recovery zone

payment of penalty in lieu of arbitrage

economic development bonds, attach a

rebate with Form 8038-B. See Rev. Proc.

Generally, anyone who is paid to

separate statement indicating the amount

92-22, 1992-1 C.B. 736 for rules regarding

prepare a return must sign it and fill in the

of state volume cap allocated to the issue

the “election document.”

other blanks in the Paid Preparer Use Only

under section 141(b)(5), if applicable. Also

area of the return. A paid preparer cannot

attach a copy of the certification of the

Line 8. An issue is an issue of private

use a social security number in the Paid

recovery zone designation by the state,

activity bonds if the issuer takes a

Preparer Use Only box. The paid preparer

county, or large municipality. Failure to

deliberate action. Regulations section

must use a preparer tax identification

attach the required certifications will delay

1.141-2(d)(3) defines a deliberate action

number (PTIN). If the paid preparer is

the processing of this return.

as any action taken by the issuer that is

self-employed, the preparer should enter

within its control, regardless of whether

Line 2. See Gross proceeds under

his or her address in the box. The paid

such act was intended to violate the

Definitions earlier. If any portion of the

preparer must:

private business use test or the private

gross proceeds of the issue is or will be

Sign the return in the space provided for

loan financing test. Regulations section

invested in a guaranteed investment

the preparer's signature,

1.141-12 sets forth certain remedial

contract (GIC), as defined in Regulations

Enter the preparer information, and

actions that prevent a deliberate action

section 1.148-1(b), enter the amount of

Give a copy of the return to the issuer.

with respect to property financed by an

the gross proceeds invested, as well as

issue from causing that issue to meet the

Part VIII— Consent to

the final maturity date of the GIC, and the

private business use test or the private

Disclosure of Certain

name of the provider of such contract.

loan financing test. Check the box if the

Enter the final maturity date in an MM/DD/

Information From This Return

issuer has established written procedures

YYYY format on line 2b. Attach additional

to ensure timely remedial action with

sheets if necessary.

Line 1. The IRS is considering publishing

respect to all nonqualified bonds in

a list of tax credit bonds in order to assist

accordance with Regulations section

Note. A GIC includes any nonpurpose

in applicable reporting requirements. If the

1.141-12 or other additional remedial

investment that has specifically negotiated

issuer of a build America bond (Tax

actions authorized by the IRS under

withdrawal or reinvestment provisions and

Credit) consents to the IRS's publication,

Regulations section 1.141-12(h).

a specifically negotiated interest rate, and

through a website or other publication, of

also includes any agreement to supply

its name and address, EIN, name and

Line 9. Check the box if the issuer has

investments on two or more dates (for

description of the bond issue, date of

established written procedures to ensure

example, a forward supply contract).

issuance, CUSIP number, issue price,

that the bonds comply with the arbitrage

final maturity date, and stated redemption

-4-

Instructions For Form 8038-B Draft - Information Return For Build America Bonds And Recovery Zone Economic Development Bonds - Internal Revenue Service Page 5

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