1(1) The Division shall annually calculate the arbitrage rebate liability for each non-housing bond issue delivered since August 31, 1986. The State Agency or Local Government for which the Division has issued bonds shall be notified within ten (10) calendar days of the calculation of a rebate liability for each issue of bonds outstanding.
55(2) Each State Agency or Local Government for which the Division has issued bonds is responsible for the source of funds to secure the payment of any arbitrage rebate liability on an issue of bonds. The State Agency or Local Government shall forward to the Division a check payable to the Internal Revenue Service within forty-five (45) calendar days of notification of rebate liability by the Division or wire transfer of sufficient funds every five years to satisfy the arbitrage rebate liability owing to the Internal Revenue Service, as calculated by the Division. If the Division agrees in writing prior to the payment of any arbitrage rebate liability, the State Agency or Local Government may pay the arbitrage liability directly to the Internal Revenue Service. A copy of the Form 8038-T and the rebate check shall be verified against the rebate calculations by the Division prior to sending the Form 8038-T and check to the Internal Revenue Service.
