"Meet the Regulators" Teleconference Postponed
The “Meet the Regulators” Teleconference that was scheduled for December 10 has been postponed. We will reschedule the teleconference in early January 2014. All current registrants will be notified of the new date and time when it is selected and automatically registered. We apologize for the inconvenience.
Municipal Law Committee Changed to General Law and Practice Committee
The NABL Board voted unanimously at its November meeting to rename the Municipal Law Committee to the NABL “General Law and Practice Committee”. As noted by Tyler Smith, the 2013-14 Board liaison to the committee, “We are excited about this name change. It promotes well the goals and undertakings of the committee as well as its breadth of projects”. Click here for more details.
NABL Letter to Treasury on TAM
The National Association of Bond Lawyers (NABL) has submitted to the U.S. Department of the Treasury and the Internal Revenue Service (IRS) a submission expressing its belief that the recent TAM on political subdivisions is contrary to established legal authority. NABL requests "guidance on whether an issuer with a limited number of property owners, electors, or taxpayers is a political subdivision for purposes of section 103 of the Internal Revenue Code.” In the memorandum, NABL states that the TAM “has had an immediate chilling effect on the issuance of tax-exempt bonds by such issuers throughout the country and has raised questions in the market about outstanding bonds of such issuers, which may result in a loss in value of those bonds for current holders.”
Read more in the Weekly Wrap.
This Week's Focus: Debt Limit – Looking Ahead
The last edition of the Weekly Wrap, on November 22, looked at what might happen with SLGS as the federal government approached the February 8, 2014, reinstatement of the debt limit. That edition is available here. The market reaction to the August 2011 and October 2013 debt limit crises was fairly muted. There apparently was some reluctance on the part of investors to put their money at risk until the debt ceiling was lifted, particularly in 2011 as reported by the Bond Buyer (“Players Hold Back Over Debt-Ceiling Fears” July 26, 2011), but overall there was not much of a reaction. A posting this week on the Tax Policy Center’s blog, Tax Vox, makes the case that the market reaction this time could be different (“Why the Next Debt Limit Debacle Might be Worse”, Ben Harris, December 3, 2013). If so, market disruptions might affect pricings and closings in February and early March.
Read more here
Don't Delay, Renew Your NABL Membership Today
Renew your NABL membership before January 24, 2014, to be included in the printed membership directory. Click here if you have any questions about your renewal. Log in to renew your membership online.
Have a colleague who is not a NABL member, but should be?
As you renew your membership for 2014, reach out to someone you know who will also benefit from a NABL membership. Invite your colleagues to learn more about the benefits of membership by sharing this one-page information sheet.
Last night Rep. Paul Ryan (R-WI) and Sen. Patty Murray (D-WA), chairs of the House and Senate…
HOWARD ZUCKER Hawkins Delafield & Wood LLP New York, NY
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