For arbitrage purposes, a 3 yer temporary period of unrestricted investment will be available f the bond issuer has the reasonable expectation at the time of issuance that it will enter into a binding obligation within 6 moths to spend the lesser of $100,000.00 or two and a half percent of the project cost, that it will spend 85% of the proceeds within 3 years of the date of issuance and that it will proceed with the project with due diligence to completion.
a) True
b) False
