(1) In general.
Except as provided in this section, the change of use provisions of sections 150(b)(3) through (5), and 150(c) apply even if the issuer takes a remedial action described in sections 1.142-2, 1.144-2, or 1.145-2.
(2) Exceptions --
(i) Redemption.
If nonqualified bonds are redeemed within 90 days of a deliberate action under section 1.145-2(a) or within 90 days of the date on which a failure to properly use proceeds occurs under section 1.142-2 or section 1.144-2, sections 150(b)(3) through (5) do not apply during the period between that date and the date on which the nonqualified bonds are redeemed.
(ii) Alternative qualifying use of facility.
If a bond-financed facility is used for an alternative qualifying use under sections 1.145-2 and 1.141-12(f), sections 150(b)(3) and (5) do not apply because of the alternative use.
(iii) Alternative use of disposition proceeds.
If disposition proceeds are used for a qualifying purpose under sections 1.145-2 and 1.141-12(e), 1.142-2(c)(4), or 1.144-2, sections 150(b)(3) through (5) do not apply because of the deliberate action that gave rise to the disposition proceeds after the date on which all of the disposition proceeds have been expended on the qualifying purpose. If all of the disposition proceeds are so expended within 90 days of the date of the deliberate action, however, sections 150(b)(3) through (5) do not apply because of the deliberate action.