Friday Breakout Sessions
1. BABS and Tax Credit Bonds
This session will review the various new types of borrowings authorized by the American Recovery and Reinvestment Act, including Build America Bonds and various tax credit bonds.
2. Arbitrage
This session will discuss general arbitrage concepts, arbitrage rebate requirements through the use of the 6-month, 18-month, 2-year and small issuer exceptions.
3. Refunding / Reissuance
This session will describe the basic legal and tax aspects of current and advance
refundings. It also will discuss the basics of the tax concept of a reissuance.
4. Private Activity Bonds
This session will focus on the rules relating to (a) characterization of the use of bond proceeds and bond-financed property as "private business use" under the Internal Revenue Code, including the private activity bond regulations and related revenue procedures. The session also will briefly discuss the “private payment or security test” and the “private loan financing test.”
5. Letters of Credit and Bond Insurance
This session will address (a) municipal bond insurance, including a description of policies, premiums, credit ratings and disclosure concerns, and (b) letters of credit, including types of letters of credit, reimbursement agreements, pricing, credit ratings and disclosure issues. This session will also discuss developments in the credit enhancement marketplace.
6. Underwriter’s Counsel
This session will address the responsibilities and role of underwriter’s counsel, including what bond lawyers need to know about the mechanics of underwriting and operational rules promulgated by regulatory authorities. This session will also examine disclosure issues and recent SEC interpretive releases.
7. Engagement Letters and Opinions (Ethics Credit)
This session will review current practice, NABL’s existing guidance and Model
Rules of Professional Conduct guidance regarding engagement letters and bond opinions. The form, content and scope of opinions typically rendered by various counsel will be examined. This session is anticipated to qualify for CLE ethics credit.
8. What Every Issuer (and its Counsel) Should Know About Issuing Bonds
This session will provide an overview of the issuer’s responsibilities and concerns, including legislative findings, review of offering documents, reinvestment of bond proceeds and record-keeping requirements. This session will be especially informative for those who are NOT bond lawyers, although anyone may attend.
9. Qualified 501(c)(3) Bonds
This session will describe the basic rules applicable to the issuance of 501(c)(3) obligations, including ownership and use requirements and issues specific to hospital, residential housing and religiously-affiliated school financings, as well as commonly used financing structures.
10. Conflicts of Interest and Ethical Issues (Ethics Credit)
This session will address, in an interactive format, ethical and practice issues related to legal representations, delivery of opinions and termination of client engagements, including discussion of applicable model rules of professional conduct, in the context of municipal financings. This session is anticipated to qualify for CLE ethics credit.
11. Qualified Small Issue and Exempt Facilities
This session will provide an overview of the rules applicable to qualified small issue obligations, including qualifying projects, prohibited and restricted uses and maximum amounts, and the rules relating to the qualified exempt facility bonds.