SECTION 3. SCOPE

This revenue procedure applies to the determination of the amount of receipts from an investment that is purchased by an issuer on a date when the issuer is unable to purchase SLGS because the Department of the Treasury has suspended sales of SLGS. This revenue procedure applies only to proceeds allocable to an issue of State or local bonds that the issuer on the issue date reasonably expected to reinvest in SLGS having a zero percent yield and that arise from pre-existing yieldrestricted investments. This revenue procedure applies for purposes of § 148(a) of the 1986 Code and § 103(c) of the Internal Revenue Code of 1954. References in this revenue procedure to § 148(a) of the 1986 Code include § 103(c) of the 1954 Code.