SECTION 3. SCOPE AND

APPLICATION

The guidance in section 4 of this notice applies to tax-exempt bonds issued in current refunding issues to refund (directly or indirectly in a series of current refunding issues) original bonds in existing and future tax-exempt targeted bond programs that impose bond volume caps, issuance time deadlines, or both, on the issuance of the original bonds and that operate under statutory parameters that do not address the permissibility of current refunding bonds. Bonds issued in these tax-exempt targeted bond programs are referred to in this notice as “Qualified Bonds.”

In addition, the references in this notice to “original bonds” or “original Qualified Bonds” include Tribal Economic Development Bonds issued as tax-­advantaged build America bonds under former § 54AA.