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J
ONES
H
ALL
,
A PROFESSIONAL LAW CORPORATION
COMMENTS RELATING TO PROPOSED
PRIVATE ACTIVITY BOND REGULATIONS
TABLE OF CONTENTS
INTRODUCTION
I. COMMENTS RELATING TO §1.141-1: DEFINITIONS AND RULES OF GENERAL APPLICATION
A. §1.141-1(a) Delete Reference to Definitions of Unused Terms
B. §1.141-1(b) Modify Definition of "Project Period" to Include
Definition of "Substantial Completion"
C. §1.141-1(b) Make Technical Changes to Definition of "Output
Facility" (See Alternative Substantive Expansion
Concept in Next Comment)
D. §1.141-1(b) Alternative Comment to Above: Expand Concept
of Output Facility
E. §1.141-1(b) Add Definition of "Qualified Bond"
F. §1.141-1(b) Add Definition of "Ownership"
G. §1.141-1(b) Add Definition of "Fair Market Value"
H. §1.141-1(c)(1) Apply Rule of Disposition Proceeds to Private
Business Use Test Only
I. §1.141-1(c)(2) Clarify Description of Amount of Disposition
Proceeds
J. §1.141-1(c)(3) Modify De Minimis Exception to Disposition
Proceeds to Apply to All Issuers
II. COMMENTS RELATING TO §1.141-2: PRIVATE ACTIVITY BONDS TESTS
§1.141-2 Move Provisions Relating to Certification and
Add Examples of Compliance Procedure or Delete Requirement
III. COMMENTS RELATING TO §1.141-3: DEFINITION OF PRIVATE BUSINESS USE
A. §1.141-3(a)(3) Delete Sublease Example of Intermediate Use
B. §1.141-3(b)(8) Delete "Discharge of Primary Legal
Obligation" as Private Business Use
C. §1.141-3(b)(10) Modify Concept of Actual or Beneficial
Use to Refer to "Arrangements"
D. §1.141-3(c)(2) Clarify Net Profits Concept in Context of
Loan by Manager under Qualified Management Contract
E. §1.141-3(e) Modify Definition of General Public Use
F. §1.141-3(e) If the Detailed Definition of General Public
Use is Retained, Add Definitions of New Terms
G. §1.141-3(i)(2) Modify Determination of Average Use to
Take into Account Periods When a Facility
is Available to General Public
H. §§1.141-3(i)(2) Modify Allocation Rules for Private Business
and 1.141-6(b) Use Test to Conform to Allocation Rules for
Private Security or Payment Test
IV. COMMENTS RELATING TO §1.141-4: PRIVATE SECURITY OR PAYMENT TEST
A. §1.141-4(c)(2) Emphasize Private Business Use As Required
Component of the Private Payment Portion
of the Private Security or Payment Test
B. §1.141-4(c)(3) Make Technical Modifications to Clarify
Application to Taxable Bonds
C. §1.141-4(d) Add Use of Bond Proceeds or Bond-Financed
Property As Required Component of the
Private Security Portion of the Private Security
or Payment Test
D. §1.141-4(g) Expand Example 6 to Refer to Direct Lease
in Addition to Asset Transfer Lease
E. §1.141-4(e) Expand Concept of Generally Applicable
Taxes to Include General Governmental Amounts
V. COMMENTS RELATING TO §1.141-5: PRIVATE LOAN FINANCING TEST
A. §1.141-5(c)(2)(i) Restore Concept of Loan to Exception for
Tax Assessment Loans
B. §§1.141-5(c)(i)(A) Eliminate Mandatory Tax or Assessment
and 1.141-5(c)(3) Requirement
C. §1.141-5(c)(5) Omit Requirement for Assessments to be
Levied on a Non-Discriminatory Basis
D. §1.141-5(c)(5)(ii) Eliminate Credit Enhancement Limitation
Relating to Tax Assessment Bonds
VI. COMMENTS RELATING TO §1.141-6: ALLOCATION AND ACCOUNTING RULES
§1.141-4(c)(2) Delete Special Rules for Mixed Use Facilities
VII. COMMENTS RELATING TO §1.141-15: ANTI-ABUSE RULES
§1.141-15(b) Delete Example 1
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