Chapter 22 - CHAPTER 22 BOND FINANCING FOR § 501(C)(3) ORGANIZATIONS

• Jurisdiction: Colorado

Chapter 22 BOND FINANCING FOR § 501(C)(3) ORGANIZATIONS

Darren C. McHugh, Esq.^*
John K. McGill, Esq.*

SYNOPSIS

§ 22.1 INTRODUCTION

§ 22.2 PARTICIPANTS IN A TAX-EXEMPT FINANCING

§ 22.2.1—State or Political Subdivision Issuer
§ 22.2.2—One or More "Sellers"
§ 22.2.3—Financial Advisor
§ 22.2.4—Trustee
§ 22.2.5—Bond Counsel
§ 22.2.6—Credit Enhancer

§ 22.3 ELEMENTS OF A QUALIFIED § 501(c)(3) BOND

§ 22.3.1—State or Local Government Issuer
§ 22.3.2—Ownership of Financed Property by a § 501(c)(3) Organization or a State or Local Governmental Unit
§ 22.3.3—Use of Financed Property for Exempt Purposes and by Exempt Persons
§ 22.3.4—Change in Use of Financed Property
§ 22.3.5—Certain Facilities Prohibited
§ 22.3.6—Determination of § 501(c)(3) Status
§ 22.3.7—Rules Applicable to Financing Residential Rental Projects
§ 22.3.8—$150 Million Volume Limitation
§ 22.3.9—Arbitrage Limitations

§ 22.4 OTHER REQUIREMENTS AND LIMITATIONS

§ 22.4.1—Costs of Issuance Limitation
§ 22.4.2—Public Approval Requirement
§ 22.4.3—Bond Maturity Limitation
§ 22.4.4—Financing Working Capital
§ 22.4.5—Limitations on Federal Guarantees
§ 22.4.6—Hedge Bond Limitations
§ 22.4.7—Reimbursement of Prior Expenditures
§ 22.4.8—Volume Cap

§ 22.5 BONDS FOR RELIGIOUS ORGANIZATIONS

§ 22.6 REFINANCINGS

§ 22.6.1—Refinancing Taxable Debt
§ 22.6.2—Refinancing Tax-Exempt Debt

§ 22.7 BANKS AS BONDHOLDERS

§ 22.8 POST-ISSUANCE COMPLIANCE AND RECORDKEEPING

§ 22.8.1—Arbitrage Compliance
§ 22.8.2—Private Activity Bond Test

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