(1) In general.
If the issue of which the bond is a part is an issue of private activity bonds, the issuer must comply with the following requirements --
(i) Not later than the 15th day of the second calendar month after the close of the calendar quarter in which the issue is issued, the issuer must file with the Internal Revenue Service a completed information reporting form prescribed for this purpose;
(ii) If any bond that is part of the issue is taken into account under section 146 (relating to volume cap on private activity bonds), the state certification requirement of paragraph (b)(2) of this section must be satisfied; and
(iii) If any bond that is part of the issue is a qualified mortgage bond or qualified veterans‘ mortgage bond (within the meaning of section 143(a) or (b) or section 103A(c)(1) or (3) as in effect on the day before enactment of the Tax Reform Act of 1986), the issuer must submit the annual report containing information on the borrowers of the original proceeds of the issue as required under section 1.103A-2(k)(2)(ii) and (k)(3) through (k)(6).
(2) State certification with respect to volume cap --
(i) In general.
If an issue is subject to the volume cap under section 146, a state official designated by state law (if there is no such official, then the governor or the governor’s delegate) must certify that the issue meets the requirements of section 146, and a copy of this certification must be attached to the information reporting form filed with respect to the issue. In the case of any constitutional home rule city (as defined in section 146(d)(3)(C)), the preceding sentence is applied by substituting “city” for “state” and “chief executive officer” for “governor.”
(ii) Certification.
The certifying official need not perform an independent investigation in order to certify that the issue meets the requirements of section 146. For example, if the certifying official receives an affidavit that was executed by an officer of the issuer who is responsible for issuing the bonds and that sets forth, in brief and summary terms, the facts necessary to determine that the issue meets the requirements of section 146 and if the certifying official has compared the information in that affidavit to other readily available information with respect to that issuer (e.g., previous affidavits and certifications for other private activity bonds issued by that issuer), the certifying official may rely on the affidavit.