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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
Line 12b. This line is for IRS use only. or (ii) because of a significant Line 24. Enter the amount of the
Do not make an entry. modification described in Regulations proceeds that will be used to pay bond
section 1.1001-3 or other applicable issuance costs, including fees for
Line 13. Check the box if the issuer authority, complete line 20b, trustees and bond counsel. If no bond
has elected, in the bond indenture or Reissuance, by writing a description of proceeds have been used to pay bond
related document, to pay to the United the original type of issue (for example, issuance costs, enter zero. Do not leave
States the amount described in section tax-exempt governmental bonds, this line blank.
143(g)(3)(D). qualified 501(c)(3) bonds, Build America
Line 14. Enter the issue price if the bonds, qualified energy conservation Line 25. Enter the amount of the
bond issue is an exempt issue of $10 bonds, exempt facility bonds, qualified proceeds that will be used to pay fees
million or less for which an election small issue bonds, etc.) in the space for credit enhancement that are taken
under section 144(a)(4) has been made provided and entering the amount of into account in determining the yield on
by the issuer at or before the time of bonds treated as reissued in the issue the issue for purposes of section 148(h)
issuance on the bonds or in its records. price column. (for example, bond insurance premiums
and certain fees for letters of credit).
See section 144(a). Check the box if the Line 20c. Enter the issue price only if
$10 million small issue exemption none of the lines above apply and you Line 26. Enter the amount of the
applies. are required to file an information return proceeds that will be allocated to such a
Line 17. Attach a schedule listing the for a private activity bond. Enter a fund.
name and EIN for each section 501(c) description of the bond type. Line 27. Enter the amount of the
(3) organization benefiting from these Part III—Description of Bonds proceeds that will be used to pay
qualified hospital bonds. principal, interest, or call premium on
Line 21. For column (a), the final any tax-exempt bonds, including
Line 18. Enter the total amount of maturity date is the last date the issuer proceeds that will be used to fund an
qualified nonhospital bonds described must redeem the entire issue. escrow account for this purpose.
in section 145(b)(2) that are a part of
this issue. For each section 501(c)(3) For column (b), see Issue price under Line 28. Enter the amount of the
organization benefiting from these Definitions, earlier. proceeds that will be used to pay
qualified nonhospital bonds, attach a For column (c), the stated principal, interest, or call premium on
schedule listing: redemption price at maturity of the any taxable bonds, including proceeds
entire issue is the sum of the stated that will be used to fund an escrow
1. The name of the organization;
redemption prices at maturity of each account for this purpose.
2. Its EIN; bond issued as part of the issue.
Part V—Description of Property
3. The amount of this issue of bonds For column (d), the weighted average
benefiting the organization; and maturity is the sum of the products of Financed
the issue price of each maturity and the Line 31. Enter the amount of
4. If the box for line 18 is not checked, number of years to maturity (determined nonrefunding proceeds used to finance
the amount of all other nonhospital separately for each maturity and by real and depreciable personal property
bonds outstanding as of the date of taking into account mandatory and if the bonds are qualified 501(c)(3)
this issue that benefit the redemptions), divided by the issue price bonds, the proceeds used to refund
organization. of the entire issue (from line 21, column taxable bonds used to finance real and
(b)). depreciable property. If the amounts are
Note. The amount in item 4 above plus not available at the time of issuance,
line 18 cannot exceed $150 million with For column (e), the yield, as defined
respect to bonds issued (a) prior to in section 148(h), is the discount rate make a reasonable proration between
August 6, 1997, and (b) after August 5, that, when used to figure the present the land, buildings, and equipment.
1997, if used for noncapital value of all payments of principal and
expenditures. The $150 million limit interest to be paid on the bond, Note. Under section 147(c), a private
does not apply to bonds issued after produces an amount equal to the activity bond is not a qualified bond if
August 5, 1997, if 95% or more of the purchase price, including accrued 25% or more of the proceeds are used
net proceeds are used solely for capital interest. See Regulations section for the acquisition of land or if any of the
expenditures incurred after that date. 1.148-4 for specific rules to figure the proceeds are used to acquire farm land
yield on an issue. If the issue is a (other than an amount of proceeds not
Line 19. Enter the issue price if the variable rate issue, write “VR” as the in excess of $450,000 to be used by a
bonds are used to acquire yield of the issue. For other than first-time farmer). An exception to this
nongovernmental output property, variable rate issues, carry the yield out general rule is for land acquired for
which is property used by a to four decimal places (for example, certain environmental purposes. See
nongovernmental person in connection 5.3125%). section 147(c)(3). Also, a bond is not a
with an output facility (such as an qualified bond if the proceeds are used
electric or gas power project). Part IV—Uses of Proceeds of for the acquisition of used property
Issue (other than land), except in the case of
Line 20a. For IRS use only. Do not certain rehabilitations. See section
make an entry. Line 22. Enter the amount of proceeds 147(d).
Line 20b. If the Form 8038 is filed that will be used to pay interest on the
because the bonds are treated as issue accruing prior to the date of issue. For items that do not readily fit within
reissued (i) pursuant to Regulations For definition of date of issue, see these categories 31a, b, c, or d, enter the
section 1.141-12 or other applicable instructions, line 7. amount of those proceeds in category
31e, Other, and briefly describe them on
authority concerning remedial actions, the line.
-4- Instructions for Form 8038 (Rev. 10-2021)
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