An “issue” of Bonds is a grouping of Bonds for purposes of the federal tax rules. Bonds that are part of different Issues will be analyzed separately. Two or more Tax-Exempt Bonds are part of the same Issue if all of the following conditions are met: (i) the Tax-Exempt Bonds are issued at substantially the same time (sold less than 15 days apart), (ii) the Tax-Exempt Bonds are sold pursuant to the same plan of financing, and (iii) the Tax-Exempt Bonds are reasonably expected to be paid from the same source of funds, determined without regard to guarantees from parties unrelated to the obligor. Taxable Bonds and Tax-Exempt Bonds are never part of the same Issue.

Preparing Bonds

Learn about over various terms and concepts that may arise while preparing a bond issue.

See Also


Evidence of the borrowing by an issuer and a debt instrument for tax purposes.

Tax-Exempt Bonds

A bond, the interest on which is excludable from gross income for federal income tax purposes.

Hudson Yards Rail Yards

Start with the Bond Basics

Arbitrage Certificate

Certificate of a responsible officer of the Issuer and/or Borrower certifying compliance with the limitations on Arbitrage imposed on the Tax-Exempt Bonds by the Internal Revenue Code.