1.148-7 (i)(1) Definition in general.

AVAILABLE CONSTRUCTION PROCEEDS has the meaning used in section 148(f)(4)(C)(vi). For purposes of this definition, earnings include earnings on any tax-exempt bond. Pre-issuance accrued interest and earnings thereon may be disregarded. Amounts that are not gross proceeds as a result of the application of the universal cap under section 1.148-6(b)(2) are not available construction proceeds.