SECTION 1. PURPOSE

This final revenue procedure sets forth a safe harbor under which an issue of tax or revenue anticipation bonds will not be treated as outstanding longer than is reasonably necessary to accomplish the governmental purposes of the bonds for purposes of § 1.148–10(a)(4) of the Income Tax Regulations. On August 20, 2001, this revenue procedure was published in proposed form as Notice 2001–49 (2001–34 I.R.B. 188). Public comments were invited concerning the proposed revenue procedure and none were received. This final revenue procedure is unchanged from the proposed revenue procedure.