SECTION 3. INTERIM GUIDANCE

AND RELIANCE

3.1 In General

Pending the promulgation and effective date of future administrative or regulatory guidance, taxpayers may rely on the interim guidance provided in this notice.

3.2 Extension of Certain Temporary Rules

Section 3.1 of Notice 2008–88 regarding purchases by a governmental issuer of qualified tender bonds or tax-exempt commercial paper is amended to extend the final date for a governmental issuer to purchase or hold such tax-exempt bonds without resulting in a reissuance or retirement of the purchased bonds until December 31, 2010. In addition, refinancing of purchased tax-exempt commercial paper during this extended period will continue to be treated as part of the same issue as the purchased tax-exempt commercial paper.

The provision of § 3.2 of Notice 2008–88 that extended § 3.2(3)(b) of Notice 2008–41 regarding the purchase of bonds pursuant to qualified tender rights for which the special 180-day holding period applies is amended to extend the final date for such purchases to December 31, 2010. The provision of § 3.2 of Notice 2008–88 that extended § 6.2 of Notice 2008–41 regarding the treatment of certain waivers of interest rate caps on tax-exempt auction rate bonds is amended to extend the final date on which covered waivers are disregarded to December 31, 2010.