The remedial action rules of Sec. 1.142-2 apply to the rules in section 147 for qualified private activity bonds that permit use of proceeds to acquire land for environmental purposes (section 147(c)(3)), permit use of proceeds for certain rehabilitations (section 147(d) (2) and (3)), prohibit use of proceeds to finance skyboxes, airplanes, gambling establishments and similar facilities (section 147(e)), and require public approval (section 147(f)), for this purpose treating those private activity bonds subject to the rules under section 147 as exempt facility bonds and the qualifying purposes for those bonds as exempt facilities. [T.D. 8712, 62 FR 2304, Jan. 16, 1997] Sec. 1.147(b)-1 Bond maturity limitation-treatment of working capital.
Section 147(b) does not apply to proceeds of a private activity bond issue used to finance working capital expenditures. [T.D. 8476, 58 FR 33515, June 18, 1993]