SECTION 5. PROCEDURE

.01 The issuer seeking relief must request a closing agreement within 1 year from July 19, 1996, following the procedures in this revenue procedure.

.02 The issuer must request a closing agreement using Form 10001, which is shown as an exhibit at the end of this revenue procedure.

.03 The closing agreement will be prepared by the Service and, in general, will be in substantially the same form as the model closing agreement set forth in Announcement 95–61, Exhibit (7)(10)(15)0–6, 1995–32 I.R.B. 54, 74, or any successor of Announcement 95–61.

.04 As a condition to executing a closing agreement under this procedure,

the issuer must agree to pay, simultaneously with the execution by the issuer of the closing agreement, the closing agreement amount computed under section 6 of this revenue procedure.

.05 The Service will not challenge whether an issuer paid more than fair market value for Treasury securities that are purchased other than directly from the United States Treasury and deposited into an advance refunding escrow in a transaction described in section 2.13 of this revenue procedure if:

(1) The amount paid for the Treasury securities does not exceed the spot price as described in section 6.02 of this revenue procedure;

(2) The period between the sale date and the issue date of the issue of bonds was not greater than 1 month; and

(3) The Treasury securities are purchased prior to July 19, 1996.