1.148-6 (d)(5) Expenditures for reimbursement purposes.

In allocating gross proceeds of issues of reimbursement bonds (as defined in section 1.150-2)) to certain expenditures, section 1.150-2 applies. In allocating gross proceeds to an expenditure to reimburse a previously paid working capital expenditure, paragraph (d)(3) of this section applies. Thus, if the expenditure is described in paragraph (d)(3)(ii) of this section or there are no available amounts on the date a working capital expenditure is made and there are no other available amounts on the date of the reimbursement of that expenditure, gross proceeds are allocated to the working capital expenditure as of the date of the reimbursement.