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Reissuance

Reissuance refers to the deemed new issuance of outstanding Tax-Exempt Bonds for federal tax purposes under Section 1001 of the Code and Treasury Regulations Section 1.1001-3 as a result of certain changes to the terms of the Tax-Exempt Bonds after original issuance of such Tax-Exempt Bonds. It is important to recognize a Reissuance because it is treated as a Current Refunding of Tax-Exempt Bonds. A new information return will need to be timely filed with the IRS and final Rebate compliance will be required for the deemed Refunded Bonds.

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See Also

Refunding

A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.

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Reasonably Required Reserve or Replacement Fund

A fund maintained to provide security to bondholders that does not exceed the least of (i) 10% of the stated principal amount of the bond issue (issue price if more than a de minimis amount of original issue discount or premium), (ii) the maximum annual principal and interest requirements of the bonds, or (iii) 125%…