n-12-48.pdf

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Part III - Administrative, Procedural, and Miscellaneous

Tribal Economic Development Bonds

Notice 2012-48

SECTION 1. PURPOSE

This Notice solicits applications for allocations of the available amount of national
bond volume limitation authority (volume cap) for tribal economic development bonds
(Tribal Economic Development Bonds). The available amount includes amounts that
were previously allocated and subsequently forfeited under Notice 2009-51, 2009-28
I.R.B. 128 (July 13, 2009), Announcement 2010-88, 2010-47 I.R.B. 753 (November 22,
2010), and Announcement 2011-71, 2011-46 I.R.B. 770 (November 14, 2011). This
Notice also provides related guidance on the following: (1) application requirements
and forms for requests for volume cap allocations; and (2) the method that the
Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) will use
to allocate the volume cap.
SECTION 2. BACKGROUND
Section 1402 of Title I of Division B of the American Recovery and Reinvestment
Act of 2009, Pub. L. No. 111-5, 123 Stat. 115 (2009), added § 7871(f) to the Internal
Revenue Code (Code). In general, the purpose of § 7871(f) is to give Indian tribal
governments greater flexibility than is allowable under the existing standard of § 7871(c)
through the issuance of Tribal Economic Development Bonds to finance economic
development projects. Section 7871(f)(1) provides that the Secretary shall allocate the

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$2 billion volume cap among the Indian tribal governments in such manner as the
Secretary, in consultation with the Secretary of the Interior, determines appropriate.
In Notice 2009-51, the Treasury and the IRS solicited applications for allocations
of volume cap and addressed administrative procedures for the initial allocations of the
$2 billion volume cap. On September 15, 2009, the IRS announced allocations in an
aggregate amount of approximately $1 billion of volume cap for the first allocation (2009
First Allocation) of authority to issue Tribal Economic Development Bonds. On
February 9, 2010, the IRS announced allocations in an aggregate amount of
approximately $1 billion of volume cap in the second allocation (2010 Second
Allocation) of authority to issue Tribal Economic Development Bonds.
Section 7.f. of Notice 2009-51 provides that if bonds were not issued by
December 31, 2010, for any or all of the allocation received by an Indian tribal
government from the 2009 First Allocation, or by December 31, 2011, for any or all of
the allocation received by an Indian tribal government from the 2010 Second Allocation,
then any or all of such allocation not used to issue bonds would be treated as forfeited.
In Announcement 2010-88, the IRS announced an automatic six-month
extension of the administrative deadline to issue bonds under bonding authority from
the 2009 First Allocation from December 31, 2010, to June 30, 2011, and a process by
which Indian tribal governments could receive an additional six-month extension of the
administrative deadline to issue bonds under bonding authority from the 2009 First
Allocation from June 30, 2011, to December 31, 2011. Section 3 of Announcement
2010-88 provides that an allocation received pursuant to the 2009 First Allocation shall
be treated as forfeited if bonds are not issued by the applicable deadline.

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In Announcement 2011-71, the IRS notified eligible Indian tribal governments
that they could request a three-month extension from December 31, 2011, to March 31,
2012, to issue Tribal Economic Development Bonds. Indian tribal governments eligible
for such extension were (1) those that had received an allocation of volume cap from
the 2009 First Allocation if an extension of the deadline to issue bonds from June 30,
2011, to December 31, 2011 had been granted pursuant to the process described in
Announcement 2010-88, or (2) Indian tribal governments that had received an allocation
from the 2010 Second Allocation. Section 4 of Announcement 2011-71 also provides
that an allocation with respect to which the Indian tribal government received an
extension pursuant to the process described in Announcement 2011-71 is treated as
forfeited if bonds were not issued by March 31, 2012.
Notice 2009-51, Announcement 2010-88, and Announcement 2011-71 provide
that any allocation amounts treated as forfeited may be available for allocation by the
IRS. Indian tribal governments have reported to the IRS the issuance of Tribal
Economic Development Bonds in the amount of $197,153,357. Based on these reports
and the passage of the deadlines described above for issuing Tribal Economic
Development Bonds, the IRS has identified $1,802,846,643 of volume cap that is
available for reallocation.
In Announcement 2011-71, and pursuant to Executive Order 13175 on tribal
consultation, the IRS announced that it was seeking public comment from Indian tribal
governments and other interested members of the public on the reallocation of available
volume cap in order to facilitate issuance of Tribal Economic Development Bonds by

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Indian tribal governments. Pursuant to the Announcement and the Executive Order,
consultation sessions were held in person and by telephone with tribal organizations.
SECTION 3. GENERAL APPLICATION REQUIREMENTS
Each application for an allocation of volume cap under § 7871(f)(1) submitted
pursuant to this Notice (Application) must be prepared and submitted in accordance
with this section. By submitting an Application, the applicant agrees to comply with the
requirements of this Notice. For an Application to comply with this section, among other
things, the Application must be prepared in substantially the same format as the form
attached to this Notice as Appendix A. This Notice, including Appendix A, may be found
electronically under the link “TEB Published Guidance” on the IRS web site at
http://www.irs.gov/taxexemptbond/index.html
.
a. Qualified issuer
. The Application must be submitted by an Indian tribal
government (Applicant). See § 7701(a)(40)(A) of the Code and Revenue Procedure
2008-55, 2008-2 C.B. 768. The Application must identify the Applicant, including the
Applicant’s Federal tax identification number, and either: (1) state that the entity is
included on the most recent list published by the Department of the Interior in the
Federal Register pursuant to the Federally Recognized Indian Tribe List Act of 1994,
Pub. L. 103-454, 108 Stat. 4791, or (2) provide a letter from the Department of the
Interior stating that the Indian tribal government has been acknowledged as a Federally
recognized Indian tribe. See section 4.e. of this Notice for pool bond issuers and
issuers of Tribal Economic Development Bonds other than the Indian tribal government
that receives an allocation.

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b. Signatures
. The Application must be signed and dated by an authorized
official of the Applicant. For purposes of the Application, the term “authorized official of
the Applicant” means an officer, board member, employee, or other official of the
Applicant who is duly authorized to execute legal documents on behalf of the Applicant
in connection with incurring debt of the Applicant (for example, a tribal chairperson,
chief executive officer, or chief financial officer), similar to the kind of duly authorized
official of an Indian tribal government who would be authorized to execute documents in
connection with an Indian tribal government’s declaration of official intent to reimburse
expenditures from the proceeds of a borrowing under § 1.150-2(e) of the Income Tax
Regulations.
c. Contact person
. The Application must designate one or more persons with
knowledge of the project that the Applicant duly authorizes to discuss with the IRS any
information relating to the Application. The designation must include the designee’s
name, title, telephone number, fax number, and mailing address. If a designee is not an
official or officer of the issuer, the Application must include an executed Form 8821
(Taxpayer Information Authorization) or Form 2848 (Power of Attorney and Declaration
of Representative) authorizing the disclosure of taxpayer information specifically relating
to the Application.
d. Addresses
. The Application must be submitted by hard copy accompanied by
a copy of the Application in PDF format on a CD and sent by mail to the Internal
Revenue Service (IRS), SE:T:GE:TEB:CPM, Attention: Mark Helfer, 1122 Town &
Country Commons, St. Louis, MO 63017.

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e. Submission date
. Applications will be accepted by the IRS on an ongoing
basis. See section 4 of this Notice for further discussion of the general allocation
process.
f. Project description
. The Application must contain the information required by
this subsection f.
(i) Qualified project. The Application must describe in reasonable detail the
project or projects (project) reasonably expected to be financed with the proceeds of the
Tribal Economic Development Bonds (proposed bonds), including information regarding
the type and use of the project and a certification that the project will qualify for Tribal
Economic Development Bond financing under § 7871(f). Applicants receiving an
allocation may use proceeds of the proposed bonds only to finance the project or
permitted deviations as further provided in section 6 of this Notice.
(ii) Project cost
. The Application must describe the reasonably expected cost of
the project, including the portion to be financed by the proposed bonds and any portion
to be financed by other sources, if any.
(iii) Location of project
. The Application must include a certification that the
project’s location is entirely within the Applicant’s reservation. In the case of a joint
project described in section 3.m. of this Notice, the Application must include a
certification that the joint project will be located entirely within one or more of the
reservations of the Indian tribal governments receiving an allocation of volume cap for
the joint project.
(iv) Project not used for gaming purposes
. The Application must include a
certification that no portion of the proceeds of the proposed bonds will be used to

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finance any portion of a building in which class II or class III gaming, as defined in
section 4 of the Indian Gaming Regulatory Act, Pub. L. 100-497, 102 Stat. 2475,
codified at 25 U.S.C. § 2701-2721 (1988), is conducted or housed, or any other property
actually used in the conduct of such gaming. For purposes of compliance with the
limitation in § 7871(f)(3)(B) on the use of proceeds of Tribal Economic Development
Bonds for these purposes, the safe harbor regarding certain determinations with respect
to separate buildings under § 10(b) of Notice 2009-51 applies.
(v) Approvals
. The Application must state that all required Federal, State, local,
and tribal approvals (regulatory and otherwise) for the project, the proposed bonds, and
any other required financing for the project have been obtained or, if any approvals
have not yet been obtained, the Application must include a certification that the
Applicant reasonably expects to receive all required approvals in a timely manner
sufficient to permit issuance of the proposed bonds within the 180-day period prior to
the expiration of the volume cap allocation (see section 4.g. of this Notice). The
Application must identify any required approvals that have not been obtained and must
describe the Applicant’s plan and expected time frame for obtaining such approvals.
g. Plan of financing
. The Application must contain a reasonably detailed
description of the plan of financing for the project including (1) the amount of Tribal
Economic Development Bonds expected to be issued and the amount of proceeds of
such bonds to be allocated to the project, (2) any reasonably expected other sources of
financing for the project together with a description of how such financing will be
allocated to the project, and (3) documentation from an independent third party who is
knowledgeable about the marketability of tax-exempt bonds evidencing that the

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proposed bonds are reasonably expected to be marketable prior to expiration of the
volume cap allocation set forth in section 4.g. of this Notice. Documentation that may
be used to meet this requirement includes, among other things, the following: a bond
purchase commitment letter from an investor; a credit quality assessment evidencing
the investment grade credit quality of the proposed bonds from an independent
organization that is in the business of assessing credit quality; a credit enhancement
commitment letter from a financial institution that will enable the proposed bonds to be
investment grade quality; a letter from an underwriter or financial advisor to the effect
that the sale of the proposed bonds is likely to be successful in a timely manner before
expiration of the volume cap allocation for the bonds described in section 4.g. of this
Notice; or similar documentation or a combination thereof.
h. Compliance with Federal tax laws
. The Application must include a certification
that the Applicant reasonably expects that the proposed bonds will meet the applicable
requirements of § 7871(f) and that the Applicant has engaged bond counsel to render
an opinion to the effect that the proposed bonds will meet those requirements.
i. Dollar amount of allocation requested
. The Application must specify the dollar
amount of the volume cap requested, not to exceed the amount of the proposed bonds.
j. Demonstration of readiness to issue. The Application must include a
certification that the Applicant reasonably expects to use the volume cap allocation by
issuing the proposed bonds prior to expiration of the volume cap allocation described in
section 4.g. of this Notice. Based on its overall assessment of an Applicant’s readiness
to issue the proposed bonds, the IRS may require the Applicant to provide additional
information or supporting documentation to demonstrate the Applicant’s readiness to

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issue such bonds, and the Application will be treated as incomplete until the IRS
receives the additional information or documentation.
k. Certain forfeitures
. In determining an Applicant’s readiness to issue the
proposed bonds under section 3.j. of this Notice, the IRS will not take into account or
otherwise consider any prior forfeitures or expirations of volume cap that occurred with
respect to the original allocations of volume cap received for Tribal Economic
Development Bonds under the 2009 First Allocation or the 2010 Second Allocation. In
determining such readiness to issue the proposed bonds, however, the IRS may
consider any forfeitures or expirations of volume cap previously received under this
Notice. The Application must identify any allocation of volume cap (not including any
allocations received in the 2009 First Allocation or the 2010 Second Allocation)
previously received by the Applicant under this Notice that was forfeited or expired and
provide an explanation of the reasons for such forfeiture.
l. Multiple projects
. Subject to other limitations and requirements described
herein, an Applicant may submit a single Application for volume cap that covers multiple
projects, provided that such Application includes sufficient information to satisfy the
requirements of this Notice for each project independently of any other project covered
by the Application (for example, for each project covered by the Application, the
Application must include a plan of financing, a description of the project including costs
and location, and a description of the status of approvals for that project). Alternatively,
an Applicant may submit separate Applications for separate projects.
m. Joint projects
. An Applicant may submit an Application for an allocation of
volume cap to finance its share of a joint project all of which will be owned by Indian

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tribal governments or which will, in part, be owned by an entity that is not an Indian tribal
government, provided that the joint project will be located entirely on one or more of the
reservations of any of the Indian tribal governments receiving an allocation with respect
to such project. For this purpose, the type of joint ownership of facilities to be financed
with Tribal Economic Development Bonds include only those recognized under the
private activity bond restrictions on tax-exempt bonds under § 141.
n. Perjury statement
. The Application must include the following declaration
signed and dated by an authorized official of the Applicant: “I hereby certify that I am an
authorized officer or official of the Applicant, that I am duly authorized to execute legal
documents on behalf of the Applicant in connection with incurring debt, and that I am
duly authorized to execute legal documents on behalf of the Applicant in making this
Application. Under penalties of perjury, I declare that (i) I have knowledge of the
relevant facts and circumstances relating to this Application and the project(s), (ii) I have
examined this Application and the supporting documents, and (iii) to the best of my
knowledge and belief, all of the facts contained in this Application and the supporting
documents are true, correct and complete.” If the Applicant subsequently submits any
additional information or supporting documents with respect to the Application, such
additional information or supporting documents must be accompanied by a declaration,
signed and dated by an authorized official of the Applicant, in a form substantially
identical to the declaration submitted with the Application pursuant to the preceding
sentence.
SECTION 4. GENERAL ALLOCATION PROCESS

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a. Priority of Allocations
. Except as otherwise provided in this section 4, for
Applications filed with the IRS that meet the requirements in this Notice, the IRS will
allocate an amount of available volume cap equal to the amount requested in the
Application on a first-come, first-served basis by order of submission date (as defined
in section 4.b. of this Notice).
b. Submission date and incomplete Applications
. Each Application will be treated
as submitted on the day (submission date) the Application, and any additional
information and supporting documents requested by the IRS, are received by the IRS
and such Application, additional information, and supporting documents satisfy all of the
applicable requirements of this Notice, including being submitted as described in section
3 of this Notice. The IRS may request additional information to support any of the
requirements of this Notice, including additional information and certifications to
demonstrate that the proposed project will qualify for Tribal Economic Development
Bond financing under § 7871(f) and to demonstrate the Applicant’s readiness to issue
the proposed bonds. The Application will not satisfy the requirements of this Notice until
the IRS receives such information.
c. Limit on allocation to any one Indian tribal government
. No Indian tribal
government will receive an allocation of volume cap that would cause the aggregate
amount of volume cap allocated to that Indian tribal government pursuant to this Notice
(not including any allocations received in the 2009 First Allocation or the 2010 Second
Allocation or amounts forfeited under section 4.g. or 4.i. of this Notice) to exceed the
Published Volume Cap Limit (as defined in the next sentence) in effect for the period
that includes the submission date. The Published Volume Cap Limit for any period is

12
the greater of: (1) 20% of the amount of available volume cap as of the first day of such
period (determined by the IRS based on available information, including allocation data
and reports of bonds issued); or (2) $100 million. The Published Volume Cap Limit for
the initial period beginning on the date of this Notice is $360,569,329 (20% of
$1,802,846,643). The IRS plans to publish updated Published Volume Cap Limits on
the IRS website at http://www.irs.gov/taxexemptbond/index.html
or at such other
location as the IRS may provide future public notice. Beginning no later than October 1,
2012, the IRS will publish these updates for successive two-month periods on or about
the first business day of each period. For purposes of this limitation, an Indian tribal
government includes the Indian tribal government, together with any political
subdivisions of the Indian tribal government, and any entities controlled by the Indian
tribal government. An Application that requests an allocation of volume cap in an
amount that would cause the Published Volume Cap Limit in effect on the date of
submission to be exceeded will be treated as incomplete until the day the Applicant
supplements the Application in a manner that complies with the requirements of the
Notice and does not cause such limit to be exceeded.
d. Available volume cap limitation
. The IRS will not make an allocation that would
cause the total amount of volume cap allocated (not including forfeited allocations) to
exceed the $2 billion statutory limit for Tribal Economic Development Bonds. In
general, if the total amount of volume cap requested in an Application meeting the
requirements of this Notice exceeds the amount of available volume cap on the
submission date (determined by the IRS based on available information, including
allocation data and reports of bonds issued), then the Applicant will have the opportunity

13
to receive a portion of the available volume cap. Further, if two or more Applications
meeting the requirements of this Notice are filed on the same submission date and the
amount of available volume cap on that date is less than the total amount of requested
volume cap under those Applications, then each Applicant will be given the opportunity
to receive a portion of the available volume cap in proportion to their requested amount
of volume cap. In any circumstance in which available volume cap is in an amount less
than the amount requested, the IRS will notify the Applicant and the Applicant will be
provided 30 days to notify the IRS (at the address specified in section 3.d. of this
Notice) of its decision to accept the allocation in the lesser amount or to delay the
allocation for up to 180 days from the submission date to determine if future forfeitures
of volume cap may allow the Applicant to receive the full amount requested. If the
Applicant decides to delay receiving its allocation, it will also notify the IRS of whether it
will accept a lesser allocation if forfeitures of volume cap during the delay period are
insufficient to allow the Applicant to receive the full amount requested. If the Applicant
does not notify the IRS of its decision within 30 days of such IRS’ notice to the
Applicant, the Application will be treated as withdrawn. In any circumstance in which an
allocation of volume cap may be in an amount less than the amount requested, the IRS
may require the Applicant to supplement the Application to demonstrate that the
requirements of this Notice are satisfied if based on an Application for the reduced
allocation.
e. Section 17 corporations, subdivisions of Indian tribal governments, and pool
bond issuers.

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(1) For purposes of issuing proposed Tribal Economic Development Bonds, an
Applicant that receives an allocation may assign the allocation to an Indian tribal
corporation organized under section 17 of the Indian Reorganization Act of 1934, 25
U.S.C. section 477 (2012) (a Section 17 Corporation),
1
or to a subdivision of the Indian
tribal government that satisfies the requirements of § 7871(d) to be treated as a political
subdivision of a State, provided the assignment and use of the allocation conforms in all
respects (other than with respect to the issuer of the bonds) to the Application of the
assigning Applicant.
(2) An Applicant that receives an allocation may assign the allocation to a pool
bond issuer to issue the proposed bonds provided that the proceeds of the proposed
bonds are then loaned to the Applicant and provided that the pool bond issuer is itself
an Indian tribal government, a subdivision of an Indian tribal government that satisfies
the requirements of § 7871(d) for treatment as a political subdivision of a State, or a
Section 17 Corporation. Pooled Tribal Economic Development Bonds will be subject to
the provisions of § 149(f).
(3) Any bonds issued by a subdivision of an Indian tribal government, a Section
17 Corporation, or a pool bond issuer will be treated for purposes of a volume cap
allocation as if they were bonds issued by Applicant. Allocations will not be made to a
pool bond issuer.

1
Federally-chartered corporations organized and controlled by Indian tribal governments under section
17 of the Indian Reorganization Act of 1934 are eligible Indian tribal governmental issuers of tax-exempt
bonds under § 7871 and eligible governmental users of proceeds of tax-exempt bonds for purposes of the
private business restrictions on governmental bonds under § 141. See
Treas. Reg. § 1.301.7701-1(a)(3)
(Section 17 Corporations are integral parts of Indian tribal governments and are not recognized as
separate entities apart from the Indian tribal governments for Federal tax purposes); Rev. Rul. 94-16,
1994-1 C.B. 19 (Section 17 Corporations are not separate taxable entities apart from the controlling
Indian tribes and are not subject to Federal income taxation).

15
(4) The allocation limit of section 4.c. of this Notice for any one Indian tribal
government applies to the Applicant without regard to how the proposed bonds are
issued (i.e., whether the issuer is a subdivision of an Indian tribal government, a Section
17 Corporation, or a pool bond issuer).
f. Confirmation of allocation
. The IRS will send the Applicant that receives a
volume cap allocation a letter confirming the allocation (allocation letter).
g. Expiration of allocation. Applicants have 180 days from the date of the
allocation letter to issue the proposed bonds. To the extent that the proposed bonds
are not issued within 180 days of the date of the allocation letter, the portion of such
allocation for which bonds have not been issued will be treated as forfeited and will be
available for reallocation.
h. Extensions and new Applications
. The IRS does not expect to grant
extensions to the expiration date of the volume cap allocation as set forth in section 4.g.
of this Notice. An Indian tribal government that is unable to issue the proposed bonds
within the 180-day period from the date of the allocation letter may reapply for an
allocation. The new Application must comply with this Notice, including by providing the
information described in section 3.k. of this Notice, and will be subject to the submission
provisions of section 4.b. and the applicable limits set forth in section 4 of this Notice.
i. Voluntary forfeiture
. If an Applicant determines that it does not intend to use an
allocation of volume cap to issue the proposed bonds (including circumstances in which
the Applicant determines to finance the project with financing other than the proposed
bonds), the Applicant should notify the IRS in writing at the address set forth in section
3.d. of this Notice of its intention to forfeit the allocation. The notice will permit the IRS

16
to treat the allocation as forfeited as of the date the IRS receives the notification, and
the forfeited amount will be available to reallocate.
SECTION 5. CONSENT TO DISCLOSURE OF ALLOCATION
To provide the public with information on how the volume cap has been allocated
and to facilitate oversight of the Tribal Economic Development Bond program, the IRS
intends to publish certain data regarding the results of the allocation process. The data
will be most useful to the public if it identifies the specific allocations awarded. Pursuant
to § 6103, consent is required for the IRS to disclose identifying information with respect
to Applicants awarded an allocation. Therefore, the IRS seeks the consent of
Applicants to the disclosure by the IRS of the name of the issuer, the type of project to
be financed by the Tribal Economic Development Bonds, the reservation on which the
project is to be located, the reasonably expected cost of the project, and the amount of
volume cap allocation awarded to that Applicant. To provide valid consent, the consent
must be in the form set forth in Appendix B. This consent to disclosure of certain
information about allocations, however, is optional for Applicants. An Applicant is not
required to consent to disclosure to receive an allocation. The IRS will not publish
identifying information on Applications that are not awarded an allocation of volume cap
or pending Applications but may publish an aggregate amount of allocations for which
no consent was received.
SECTION 6. INSUBSTANTIAL DEVIATIONS FROM INFORMATION IN
APPLICATION; EFFECTS OF OTHER CHANGES
a. Insubstantial deviations
. In general, an allocation of volume cap is valid for
purposes of § 7871(f)(1) if the proposed bonds are issued, and the proceeds of such

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bonds are allocated to expenditures, in a manner that does not substantially deviate
from the information submitted in the Application. For this purpose, whether a deviation
from the information submitted in the Application constitutes an insubstantial deviation is
determined based on all the facts and circumstances using criteria similar to those used
under § 5f.103-2(f)(2), as amended or supplemented from time to time, regarding
insubstantial deviations in the information required for public approval of tax-exempt
private activity bonds under § 147(f) of the Code. No further approval is necessary
from, and requests for approvals should not be submitted to, the IRS with respect to
such insubstantial deviations. Nevertheless, the Applicant must give the IRS notice of
the deviation. If the insubstantial deviation occurs before the submission of the Notice
of Issuance described in section 7.a. of this Notice, the Notice of Issuance must include
a description of the insubstantial deviation. If the insubstantial deviation occurs after the
submission of the Notice of Issuance, the Applicant must submit a supplement to the
Notice of Issuance which describes the insubstantial deviation. The supplement should
contain a copy of the Notice of Issuance as well as the details of the deviation and
should be sent to the same address as the Notice of Issuance.
b. Substantial deviations
--In general. (1) Other than as described in section
6.b.(2) below, an allocation of volume cap under an Application is invalid for purposes of
§ 7871(f) if there is a change relating to the issuance of the proposed bonds or the
allocation of the proceeds of such bonds to expenditures that substantially deviates
from the information submitted in the Application. In the event of such a change prior to
the issuance of its proposed bonds, the Applicant may notify the IRS that it does not
intend to use the original allocation of bond volume cap as described in section 4.i. of

18
this Notice and submit a new Application reflecting the modified information. The new
Application must comply with this Notice, including by providing the information
described in section 3.k. of this Notice, and will be subject to the submission provisions
of section 4.b. and the applicable allocation limits in section 4 of this Notice.
(2) Certain post-issuance deviations
. A substantial deviation that occurs after the
proposed bonds are issued and prior to the allocation of gross proceeds of such bonds
to expenditures under the general rule set forth in § 1.148-6(d)(1)(iii) will not invalidate
the allocation of volume cap under the Application if the Applicant submits a supplement
to the Notice of Issuance (as defined in section 7.a. of this Notice) to the IRS. The
supplement must (1) be sent to the address set forth in section 7.a. of this Notice, (2)
describe the substantial deviation between the information submitted in the Application
and the actual information subsequent to the bond issuance, and (3) include a
certification that the Applicant has received an opinion from bond counsel to the effect
that the change will not cause the bonds to fail to meet all applicable requirements of §
7871(f) and the applicable requirements of §§ 103 and 141 and the regulations under
such sections.
SECTION 7. INFORMATION REPORTING
a. Notice of issuance
. Not later than 15 days after issuance of the proposed
bonds, the Applicant shall send to the IRS a notice of issuance (Notice of Issuance) of
such bonds, which shall include the following information: (1) the Applicant’s name and
taxpayer identification number; (2) the issue price of the bonds issued; (3) the issue
date of the bonds; and (4) a description of the project financed with the bonds. If the
Applicant fails to respond within 15 days to an IRS request for confirmation that either

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the Notice of Issuance has been submitted or that the Applicant has voluntarily forfeited
the allocation, the IRS, in its discretion, may treat allocations as forfeited and available
for reallocation. The Applicant shall send the Notice of Issuance to the IRS at the
following address: Internal Revenue Service, SE:T:GE:TEB:CPM, Attention: Mark
Helfer, 1122 Town & Country Commons, St. Louis, MO 63017. Further, in the case of
the issuance of any Tribal Economic Development Bonds that involves an insubstantial
deviation under section 6.a. of this Notice that occurs before submission of the Notice of
Issuance, the Notice of Issuance shall include a description of the insubstantial
deviation. For insubstantial deviations that occur after submission of the Notice of
Issuance, see section 6.a. of this Notice.
b. Regular information reporting
. Subject to updated IRS information reporting
forms or procedures, an issuer of Tribal Economic Development Bonds should complete
Part II of Form 8038-G by checking the box on Line 18 (Other), writing “Tribal Economic
Development Bonds” in the space provided for the bond description, and entering the
issue price of the Tribal Economic Development Bonds in the Issue Price column. For
purposes of this Notice, the term “issue” has the meaning used for tax-exempt bond
purposes in § 1.150-1(c).
SECTION 8. PAPERWORK REDUCTION ACT
The information collection contained in this Notice has been approved by the
Office of Management and Budget (OMB) in accordance with the Paperwork Reduction
Act (44 U.S.C. chapter 35) under control number 1545-2233. Under the Paperwork
Reduction Act, an agency may not conduct or sponsor and a person is not required to
respond to a collection of information unless it displays a valid OMB control number.

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Sections 3 and 7 of this Notice contain the collections of information. That
information is required in order to inform the IRS of an Applicant’s desire to receive an
allocation of volume cap for Tribal Economic Development Bonds and to determine the
amount of volume cap that may be allocated to each Applicant. The collections of
information are mandatory for any Applicant that wishes to receive an allocation of
volume cap for Tribal Economic Development Bonds. The likely respondents will be
eligible issuers of Tribal Economic Development Bonds.
We estimate the total number of respondents to be 143 and the total annual
responses to be 143. We estimate it will take 7 hours to comply. Estimates of the
annualized cost to respondents for the hour burdens shown are not available at this
time.
Books or records relating to a collection of information must be retained as long
as their contents may become material in the administration of any internal revenue law.
Generally, tax returns and return information are confidential, as required by § 6103.
SECTION 9. DRAFTING INFORMATION
The principal authors of this Notice are Debbie Cho of the IRS Office of Tax
Exempt Bonds and Timothy L. Jones of the office of Chief Counsel. However, other
personnel from the Treasury and the IRS participated in its development. For further
information regarding this Notice contact Timothy L. Jones at 202 622 3701 (not a toll-
free call). For further information about submitted Applications, contact Mark Helfer at
(636) 255-1201 (not a toll-free call).

1
APPENDIX
A

APPLICATION
FOR ALLOCATION OF
TRIBAL
ECONOMIC DEVELOPMENT BOND VOLUME CAP

Internal Revenue Service
SE:T:GE:TEB:CPM
Attention: Mark Helfer
1122 Town & Country Commons
St. Louis, MO 63017

Dear Sir or Madam:

The following constitutes the application (Application) of (Name) (Applicant) for allocation of
tribal economic development bond (Tribal Economic Development Bond) volume cap under §
7871(f) of the Internal Revenue Code (Code) (unless otherwise noted, section references herein
are to the Code).
1. Name of Applicant/issuer. _________________________________________________
Street Address ___________________________________________________________
City__________________________State_______________________Zip____________
Telephone Number _______________________ Fax Number _____________________
EIN ____________________________________________________________________
2. Status of issuer. (Select as appropriate)
The Applicant/issuer is a “qualified issuer” under § 7871(f) because it is --
(i) an Indian tribal entity that appears on the most recent list published by the
Department of the Interior in the Federal Register pursuant to the Federally
Recognized Indian Tribe List Act of 1994, Pub. L. 103-454, 108 Stat. 4791 (List),
as demonstrated by the attached documents included as Exhibit A.
(ii) an Indian tribal government that is acknowledged as a Federally
recognized Indian tribe, as stated in a letter from the Department of the Interior, as
demonstrated by the attached documents included as Exhibit A.
3. Description of the project. A description of the project to be financed (Project),
including information regarding the type and use of the Project and a certification that the
Project will qualify for Tribal Economic Development Bond financing under § 7871(f), is
set forth below or in attached Exhibit B.

2
________________________________________________________________________

________________________________________________________________________

________________________________________________________________________

If the Project is a jointly owned Project, please describe the other owners of the Project
and the Applicant’s ownership interest in the Project.
If the Application relates to multiple Projects, the Applicant must include separate
project-specific information in all relevant portions of the Application for each separate
project (for example, for each separate project, the Application must separately include a
plan of financing, describe the project including costs and location, and describe the
status of the project’s approval).
4. Pool issuances. Does the Applicant expect to have the Tribal Economic Development
Bonds issued by a pool issuer or an “on behalf of issuer”? ________________________

If the answer above is yes, please describe the pool issuer or “on behalf of issuer” and
provide a statement that the pool issuer is an Indian tribal government or that the “on
behalf of issuer” meets the requirements to be such an issuer under the rules applicable to
bonds issued under § 103.
Location of the Project.
Reservation where the Project will be located:___________________________________
Include in the attached Exhibit C, a certification that the Project will be located entirely
on the Applicant’s reservation. If the Tribal Economic Development Bonds will be
issued for a joint project please include in the attached Exhibit C a certification that the
Project will be located entirely within one or more of the reservations of at least one of
the Indian tribal governments receiving an allocation with respect to such Project.
5. Not used for gaming purposes.
Include in the attached Exhibit D a certification that no portion of the proceeds of any
bonds issued pursuant to the requested allocation will be used to finance any portion of a
building in which class II or class III gaming (as defined in section 4 of the Indian
Gaming Regulatory Act) is conducted or housed, or any other property actually used in
the conduct of such gaming.
6. Individual to contact for more information about the Project.
Individual Name and Title
Company Name

3
Street Address
City State Zip
Telephone Number
Fax Number
Email Address
(Include as appropriate) The contact person is not an authorized official or officer of the
Applicant and a properly executed Form 8821 (or Form 2848) is included with this
Application that authorizes the disclosure by the IRS of information that relates to this
Application and the Project(s) described above to the contact person.
7. Approvals. Include in the attached Exhibit E a certification that all required Federal,
State, local, and tribal approvals (regulatory and otherwise) for the Project, the proposed
Tribal Economic Development Bonds, and any other required financing for the Project
have been obtained or, if any approvals have not yet been obtained, a certification that the
Applicant reasonably expects to receive all required approvals in a timely manner
sufficient to permit issuance of the proposed Tribal Economic Development Bonds
within the 180-day period allowed for issuance of bonds under an allocation. In addition,
include in the attached Exhibit E which required approvals have not been obtained and
describe the Applicant’s plan and expected time frame for obtaining such approvals.
8. Plan of financing. Include in the attached Exhibit F a plan of financing for the Project
which includes: a reasonably detailed plan of financing which includes (1) the amount of
Tribal Economic Bonds expected to be issued and the amount of proceeds of such bonds
to be allocated to the project, (2) any reasonably expected other sources of financing for
the project together with a description of how such financing will be allocated to the
project, and (3) documentation from an independent third party who is knowledgeable
about the marketability of tax-exempt bonds evidencing that the proposed bonds are
reasonably expected to be marketable prior to expiration of the volume cap allocation set
forth in section 4.g. of the Notice. Documentation that may be used to meet this
requirement for the proposed bonds includes, among others, the following: a bond
purchase commitment letter from an investor; a credit quality assessment evidencing the
investment grade credit quality of the proposed Tribal Economic Development Bonds
from an independent organization that is in the business of assessing credit quality; a
credit enhancement commitment letter from a financial institution that will enable the
Tribal Economic Development Bonds to be investment grade credit quality; or a letter
from an underwriter or financial advisor to the effect that the sale of the proposed bonds
is likely to be successful in a timely manner before expiration of the volume cap for the
allocation; or similar documentation or a combination thereof.
9. Compliance with federal tax laws. Include in the attached Exhibit G a certification that
the Applicant reasonably expects that the proposed bonds will meet all applicable

4
requirements of § 7871(f) and that the Applicant has engaged bond counsel to render an
opinion to the effect that the proposed bonds will meet those requirements.
10. Certification of readiness to issue. Include in the attached Exhibit H a certification that
the Applicant reasonably expects to use the volume cap allocation by issuing Tribal
Economic Development Bonds prior to the expiration of the volume cap allocation.
11. Certain forfeitures. If the Applicant previously received an allocation of Tribal
Economic Development Bond volume cap (not including any allocations received in
allocations announced by the IRS on September 15, 2009 and February 9, 2010) that was
forfeited, then the Applicant must identify any such forfeited allocation and include an
explanation of the reasons for such prior forfeiture.
12. Reimbursements. (For reimbursements, include the following statement.) The
Applicant intends to use the proceeds of Tribal Economic Development Bonds to
reimburse costs of the Project in accordance with § 1.150-2. (In addition, the Applicant
must demonstrate that the requirements of § 1.150-2 will be met.)
13. Refundings. (For refundings or refinancings, include the following statement.) The
Applicant intends to use the proceeds of Tribal Economic Development Bonds to refund
or refinance prior debt in circumstances that would qualify for a refunding or refinancing
with tax-exempt bonds by a State or local government under § 103. In addition, the
Applicant must demonstrate that applicable requirements for such a refunding or
refinancing issue will be met.
14. Dollar amount of allocation requested for the Project. The Applicant hereby requests
a Tribal Economic Development Bond allocation in the amount of $
15. Assignment of allocations to another issuer. (If the Applicant expects to assign its
allocation to another qualified issuer of Tribal Economic Development Bonds as
authority for the Tribal Economic Development Bond issuer to issue bonds for the project
on behalf of the Applicant, the Applicant should provide the following statement.)
The Applicant expects to assign the requested allocation for Tribal Economic
Development Bonds volume cap to a qualified issuer of Tribal Economic
Development Bonds as authority for the Tribal Economic Development Bond
issuer to issue bonds for the project on behalf of the Applicant. Applicant agrees
to obtain a written commitment from the assignee Tribal Economic Development
Bond issuer that it is a qualified issuer of Tribal Economic Development Bonds
and that it will issue Tribal Economic Development Bonds for the project within
the time frame specified in the Application for the Applicant’s bonds.

5
16. Penalty of perjury statement and signatures.
I hereby certify that I am an authorized officer or official of the Applicant, that I am duly
authorized to execute legal documents on behalf of the Applicant in connection with
incurring debt, and that I am duly authorized to execute legal documents on behalf of the
Applicant in making this Application. Under penalties of perjury, I declare that (i) I have
knowledge of the relevant facts and circumstances relating to this Application and the
Project(s), (ii) I have examined this Application and the supporting documents, and (iii)
to the best of my knowledge and belief, all of the facts contained in this Application and
the supporting documents are true, correct and complete.

By:
Name:

Title:

Date:

6
Exhibit A
D
OCUMENTS REGARDING ISSUER STATUS AS AN INDIAN TRIBAL GOVERNMENT
(RESPONSE TO QUESTION 2 OF THE APPLICATION)
(Attached hereto)

7
Exhibit B
D
ESCRIPTION OF THE PROJECT
(RESPONSE TO QUESTION 3 OF THE APPLICATION)
(Attached hereto)

8
Exhibit C
P
ROJECT LOCATION ON INDIAN TRIBAL GOVERNMENT RESERVATION
(RESPONSE TO QUESTION 5 OF THE APPLICATION)

9
E
XHIBIT D
STATEMENT WITH RESPECT TO GAMING
(RESPONSE TO QUESTION 6 OF THE APPLICATION)

10
Exhibit E
A
PPROVALS
(RESPONSE TO QUESTION 8 OF THE APPLICATION)
(Attached hereto)

11
Exhibit F
P
LAN OF FINANCING
(RESPONSE TO QUESTION 9 OF THE APPLICATION)
(Attached hereto)

12
E
XHIBIT G
COMPLIANCE WITH FEDERAL TAX LAWS
(RESPONSE TO QUESTION 10 OF THE APPLICATION)
(Attached hereto)

13
E
XHIBIT H
STATEMENT OF READINESS TO ISSUE
(RESPONSE TO QUESTION 11 OF THE APPLICATION)

I hereby certify that I am an authorized officer or official of the Applicant, that I am duly
authorized to execute legal documents on behalf of the Applicant in connection with
incurring debt, and that I am duly authorized to execute legal documents on behalf of the
Applicant in making this Application. I certify that the Applicant reasonably expects to issue
the Tribal Economic Development Bonds pursuant to the allocation of volume cap for those
bonds to be received pursuant to the Application prior to the expiration date of the volume
cap allocation.

By: ____________________________________

Name: ____________________________________

Title: ____________________________________

Date: ____________________________________

1
APPENDIX B

CONSENT TO PUBLIC DISCLOSURE
OF CERTAIN TRIBAL ECONOMIC DEVELOPMENT BOND
APPLICATION INFORMATION

In the event that the Application of [(Insert name of Applicant here):
____________________________] (Applicant) for an allocation of authority to issue
tribal economic development bonds (Tribal Economic Development Bonds) under §
7871(f) of the Internal Revenue Code is approved, the undersigned authorized
representative of the Applicant hereby consents to the disclosure by the Internal
Revenue Service through publication of a Notice in the Internal Revenue Bulletin or
other public release of the name of Applicant (issuer), the type of project to be financed
by the Tribal Economic Development Bonds, the reservation on which the project is to
be located, the reasonably expected cost of the project, and the amount of the
allocation, if any, of volume cap authority to issue Tribal Economic Development Bonds
awarded to the Applicant. The undersigned understands that this information might be
published, broadcast, discussed or otherwise disseminated in the public record.

This authorization shall become effective upon the execution hereof. Except to the
extent disclosure is authorized herein, the returns and return information of the
undersigned taxpayer are confidential and are protected by law under the Internal
Revenue Code.

I certify that I have the authority to execute this consent to disclose on behalf of the
taxpayer named below.

Date: __________________ Signature: _________________________

Print name: _________________________

Title: _________________________

Name of Applicant-Taxpayer: ___________________________________

Taxpayer Identification Number: _________________________________

Taxpayer’s Address: ____________________________________________
____________________________________________
____________________________________________

Note: Treasury Regulations require that the Internal Revenue Service must receive this
consent within 60 days after it is signed and dated.