SECTION 1. PURPOSE

This notice provides guidance regarding the issuance of tax-exempt State and local bonds under § 103 of the Internal Revenue Code ¹ and tax-exempt Indian tribal government bonds under § 7871 in current refunding issues (as defined in § 1.150-1(d)(3)) to refund (directly or indirectly in a series of current refunding issues) original bonds issued in eligible targeted bond programs, as more particularly specified in section 3 of this notice.