January 16, 2014
Fifty Years of 63-20 Financing: Revisiting an Alternative Development Tool for Washington State Agencies and Municipalities
Introduction. Nonprofit corporations may issue tax-exempt bonds “on behalf” of state and municipal entities by following the requirements outlined in Revenue Procedure 82-26 of the U.S. Treasury (the “Revenue Procedure”). These bonds are commonly called “63-20 bonds,” a reference to Revenue Ruling 63-20, which is an early ruling updated by the Revenue Procedure.
