| | Internal Revenue Bulletin - July 7, 2003 - Qualified New York Liberty Bond Questions and Answers |
 | | Section 1.150-2 applies to Liberty Bonds in the same manner as exempt facility bonds, except that all issuers of Liberty Bonds are treated as having adopted an official intent (as defined in § 1.150-2(c)) that satisfies the requirements of § 1.150-2(e) with respect to expenditures paid after September 11, 2001, and before June 23, 2003. |
 | | Liberty Bonds may be issued after December 31, 2004, to refund outstanding Liberty Bonds originally issued before January 1, 2005, to the extent (a) the amount of the refunding bonds does not exceed the outstanding amount of the refunded bonds, and (b) the refunding is not an advance refunding. |
 | | Liberty Bonds may be issued on behalf of the State of New York or any political subdivision thereof if the issuance satisfies the requirements for determining whether a bond issued on behalf of a State or political subdivision constitutes an obligation of that State or political subdivision for purposes of section 103. |
| www.irs.gov /irb/2003-27_IRB/ar14.html (670 words) |