SECTION 1. PURPOSE

This revenue procedure provides issuers of State or local bonds described in § 103(a) of the Internal Revenue Code and subject to § 148(f)(3) and § 1.148–3(g) of the Income Tax Regulations with procedures for correcting a failure to timely pay the proper amount of arbitrage rebate as required by the regulations. This revenue procedure also modifies Rev. Proc. 90–11, 1990–1 C.B. 469, which provides similar procedures for State or local bonds subject to § 1.148–1T of the temporary Income Tax Regulations initially published on May 12, 1989, as part of T.D. 8252, 1989–1 C.B. 25. The modification provides a new address for filing late rebate payments and related requests.