Applicable Spending Exceptions. (1) The two-year spending exception is unavailable for the Bonds because the Financed Facilities will not be owned by the City. (2) The following optional rebate spending exceptions can apply to the Bonds: (A) 6-month Exception (Code § 148(f)(2)(b) and Regulation § 1.148-7(c)) (B) 18-month Exception (Regulation § 148-7(d)).
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