Taxable Advance Refundings (I.R.C. 149)

See Chief Counsel Advice 201843009 which concludes that “section 149(d), as amended by § 13532 of the 2017 Act, does not preclude the issuance of tax-exempt bonds to advance refund non-tax-advantaged, taxable bonds under the facts described below.  There will not be two sets of tax-advantaged bonds outstanding for the same project or activity.”

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