NABL URGES AGGREGATE TREATMENT OF PARTNERSHIPS
NABL has submitted comments to the Treasury and the IRS regarding treating a partnership of private businesses and governmental persons (or section 501(c)(3) organizations for qualified 501(c)(3) bonds) as an aggregate of its partners where there is a fixed allocation of all partnership items for the entire measurement period for the bonds or the entire period that the person is a partner. NABL believes that the policies of I.R.C. §§ 141 and 145 are not in any way impaired by permitting aggregate treatment of public-private partnerships in cases where the attributes of ownership in the partnership are fixed for at least as long as any tax-advantaged bonds will remain outstanding. The comments were prepared by an ad hoc task force led by Matthias Edrich of Greenberg Traurig and approved by NABL’s Board of Directors. These comments supplement NABL’s submissions to the Department of the Treasury and the Internal Revenue Service on December 22, 2006, and February 15, 2008, relating to the proposed allocation and accounting regulations published in the Internal Revenue Bulletin on October 30, 2006 (REG-140379-02; REG-142599-02). To view the September 17, 2014 comments, click here.
NABL RELEASES PAPER ON 501(c)(3) BOND OPINIONS
On Tuesday, August 26, NABL released The 501(c)(3) Opinion in Qualified 501(c)(3) Bond Transactions. This paper fills a gap in the published commentary on legal opinions typically rendered by borrower’s counsel and relied upon by bond counsel in qualified 501(c)(3) bond transactions as to the status of the borrower as an organization described in Section 501(c)(3) of the Internal Revenue Code. The paper is an educational resource regarding the 501(c)(3) opinion, presenting the background of qualified 501(c)(3) bond transactions and requirements for Section 501(c)(3) organizations in general, discussing the purpose and common formulations of the 501(c)(3) opinion, and providing commentary regarding the opinion language and due diligence that may be undertaken by counsel rendering and relying upon the 501(c)(3) opinion. It was prepared by a special NABL committee chaired by E. Tyler Smith of Haynsworth Sinkler Boyd, P.A.
NABL AWARDS COMMITTEE ANNOUNCES 2014 RECIPIENTS
The 2014 Awards Committee, chaired by NABL President-Elect, Antonio Martini, announced three recipients of NABL’s prestigious awards. The Friel Medal will be awarded to Frederic A. Weber, Norton Rose Fulbright, Houston, TX. The Kiel Awards will be presented to two recipients this year, Kristin H.R. Franceschi of DLA Piper, Baltimore, MD, and Perry E. Israel of the Law Office of Perry Israel, in Sacramento, CA.
To view more information about the recipients, click here.
NABL RELEASES PAPER ON GENERAL OBLIGATION BONDS
On August 12, 2014, NABL released the General Obligation Bonds: State Law, Bankruptcy and Disclosure Considerations. NABL prepared the paper to assist its members and other public finance market participants in identifying and evaluating various issues involving general obligation bonds. The paper examines the characteristics of general obligation bonds, state law remedies, municipal bankruptcy, and disclosure considerations. To read more click here...
NOMINATING COMMITTEE RELEASES SLATE OF OFFICERS AND DIRECTORS
The 2014 Nominating Committee released the slate of officers and directors nominated for the 2014-2015 NABL Board of Directors. The election will be held at the 2014 Annual Meeting on Wednesday, September 17 at the Fairmont Chicago. The meeting will be held in conjunction with the 39th Annual Bond Attorneys' Workshop. All NABL members are invited to attend the Annual Meeting. The full Nominating Committee Report is available here.
BAW HOTEL UPDATE
The Fairmont and Swissotel are nearing or have reached capacity, although room availability tends to fluctuation due to reservation modifications.
If you are unable to secure a reservation at the Fairmont or Swissotel, the following hotels have availabilty over the conference dates: Sheraton Chicago, and the Renaissance Chicago Downtown.
To register for the Worksop and for more information, visit the BAW website.
SEC Issues More Muni Advisor FAQs
The SEC Office of Municipal Securities today issued an updated…
On August 5, 2014, NABL released a paper on considerations for issuers and obligated persons on the…
NABL Releases Paper on GO Bonds
The National Association of Bond Lawyers (“NABL”)…
The National Association of Bond Lawyers (“NABL”) released today The 501(c)(3) Opinion…
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