A construction issue is treated as meeting the rebate requirement for available construction proceeds if those proceeds are allocated to expenditures for governmental purposes of the issue in accordance with the following schedule (the 2-YEAR EXPENDITURE SCHEDULE), measured from the issue date --
(i) At least 10 percent within 6 months (the FIRST SPENDING PERIOD);
(ii) At least 45 percent within 1 year (the SECOND SPENDING PERIOD);
(iii) At least 75 percent within 18 months (the THIRD SPENDING PERIOD); and
(iv) 100 percent within 2 years (the FOURTH SPENDING PERIOD).