As a qualified 501(c)(3) organization, the University is eligible to participate in the issuance of tax-exempt bonds (TEBs) to finance its capital projects. These projects include educational facilities, student housing, and general infrastructure improvements for the University. For TEBs to maintain their tax-exempt status, the IRS has established strict rules and regulations for issuers and conduit borrowers to follow. Issuers of TEBs or conduit borrowers are required to comply with rules governing the use of bond proceeds (e.g., for permitted purposes and tax-exempt projects only), arbitrage rebate and yield restriction compliance, private-business use compliance, disclosure requirements, and recordkeeping. Treasury Services is responsible for administering all debt compliance related activities.