# Arbitrage Restrictions Applicable to Tax-Exempt Bonds Issued by State and Local Governments
> **IRS** · Final regulations. · Published 2003-12-11 · Effective 2004-02-09 · 68 FR 69020
## Document
- **Document number:** 03-30635
- **Category:** other
- **Sub-agency:** IRS
- **Federal Register citation:** 68 FR 69020
- **CFR reference:** 26 CFR 1
- **Publication date:** 2003-12-11
- **Effective date:** 2004-02-09
- **Treasury docket:** TD 9097
## Abstract

This document contains final regulations on the arbitrage restrictions applicable to tax-exempt bonds issued by state and local governments. The regulations affect issuers of tax-exempt bonds and provide a safe harbor for qualified administrative costs for broker's commissions and similar fees incurred in connection with the acquisition of guaranteed investment contracts or investments purchased for a yield restricted defeasance escrow.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2003/12/11/03-30635/arbitrage-restrictions-applicable-to-tax-exempt-bonds-issued-by-state-and-local-governments)
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