(a) In general. For purposes of Sec. Sec. 1.141-0 through 1.141-16, the following definitions and rules apply: the definitions in this section, the definitions in Sec. 1.150-1, the definition of placed in service under Sec. 1.150-2(c), the definition of grant under Sec. 1.148-6(d)(4)(iii), the definition of reasonably required reserve or replacement fund in Sec. 1.148-2(f), and the following definitions under Sec. 1.148-1: bond year, commingled fund, fixed yield issue, higher yielding investments, investment, investment proceeds, issue price, issuer, nonpurpose investment, purpose investment, qualified guarantee, qualified hedge, reasonable expectations or reasonableness, rebate amount, replacement proceeds, sale proceeds, variable yield issue, and yield.
(b) Certain general definitions.
Common areas means portions of a facility that are equally available to all users of a facility on the same basis for uses that are incidental to the primary use of the facility. For example, hallways and elevators generally are treated as common areas if they are used by the different lessees of a facility in connection with the primary use of that facility.
Consistently applied means applied uniformly to account for proceeds and other amounts.
Deliberate action is defined in Sec. 1.141-2(d)(3).
Discrete portion means a portion of a facility that consists of any separate and discrete portion of a facility to which use is limited, other than common areas. A floor of a building and a portion of a building separated by walls, partitions, or other physical barriers are examples of a discrete portion.
Disposition is defined in Sec. 1.141-12(c)(1).
Disposition proceeds is defined in Sec. 1.141-12(c)(1).
Essential governmental function is defined in Sec. 1.141-5(d)(4)(ii).
Financed means constructed, reconstructed, or acquired with proceeds of an issue.
Governmental bond has the same meaning as in Sec. 1.150-1(b), except that, for purposes of Sec. 1.141-13, governmental bond is defined in Sec. 1.141-13(b)(2)(iv).
Governmental person means a state or local governmental unit as defined in Sec. 1.103-1 or any instrumentality thereof. It does not include the United States or any agency or instrumentality thereof.
Hazardous waste remediation bonds is defined in Sec. 1.141-4(f)(1).
Measurement period is defined in Sec. 1.141-3(g)(2).
Nongovernmental person means a person other than a governmental person.
Output facility means electric and gas generation, transmission, distribution, and related facilities, and water collection, storage, and distribution facilities.
Private business tests means the private business use test and the private security or payment test of section 141(b).
Proceeds means the sale proceeds of an issue (other than those sale proceeds used to retire bonds of the issue that are not deposited in a reasonably required reserve or replacement fund). Proceeds also include any investment proceeds from investments that accrue during the project period (net of rebate amounts attributable to the project period). Disposition proceeds of an issue are treated as proceeds to the extent provided in Sec. 1.141-12. The Commissioner may treat any replaced amounts as proceeds.
Project period means the period beginning on the issue date and ending on the date that the project is placed in service. In the case of a multipurpose issue, the issuer may elect to treat the project period for the entire issue as ending on either the expiration of the temporary period described in Sec. 1.148-2(e)(2) or the end of the fifth bond year after the issue date.
Public utility property means public utility property as defined in section 168(i)(10).
Qualified bond means a qualified bond as defined in section 141(e).
Renewal option means a provision under which either party has a legally enforceable right to renew the contract. Thus, for example, a provision under which a contract is automatically renewed for 1-year periods absent cancellation by either party is not a renewal option (even if it is expected to be renewed).
Replaced amounts means replacement proceeds other than amounts that are treated as replacement proceeds solely because they are sinking funds or pledged funds.
Weighted average maturity is determined under section 147(b).
Weighted average reasonably expected economic life is determined under section 147(b). The reasonably expected economic life of property may be determined by reference to the class life of the property under section 168.
(c) Elections. Elections must be made in writing on or before the issue date and retained as part of the bond documents, and, once made, may not be revoked without the permission of the Commissioner.
(d) Related parties. Except as otherwise provided, all related parties are treated as one person and any reference to ``person'' includes any related party. [T.D. 8712, 62 FR 2284, Jan. 16, 1997, as amended by T.D. 9234, 70 FR 75032, Dec. 19, 2005]