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NABL Submits Additional Comments on Form 990

On June 16, 2008, NABL submitted comments with respect to IR 2008-60, relating to Draft Instructions for 2008 Form 990. These comments are in addition to the comments submitted by NABL on September 11, 2007, regarding the Discussion Draft of Redesigned Form 990 for Tax-Exempt Organizations (IR 2007-117). The comment letter and cover letter can be found here.

NABL Submits Draft Guidance on Auction Rate Bond Conversion

On February 4, 2008, NABL submitted a draft guidance document to the Department of the Treasury that addresses interest rate conversions of auction rate bonds. The draft guidance can be found on the NABL web site here.

Bond Case Briefs Case of the Week

Do bond attorneys owe a duty to the body politic? No, said an Oregon court. A taxpayer asserted that his county's bond issue, on which the law firm rendered a favorable opinion, obligated the county unconstitutionally to lend its credit to a private entity. His damages claim against the firm has failed, as the firm's duty ran only to its client, the county, or to any intended beneficiaries of the relationship, of which the taxpayer was not one. Nor did the taxpayer have standing to seek declaratory relief as to validity of the county's obligation. DeMartino v. Marion County (5/14/08) http://159.121.112.45/A132655.htm

To view bond lawyer liability caselaw on this website, select topics Bonds--All Cases+Ethics, Malpractice (Lawyers)

Posted by C. Carlson 8/7/08

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The National Association of Bond Lawyers (NABL) exists to promote the integrity of the municipal market by advancing the understanding of and compliance with the law affecting public finance. A professional association incorporated in 1979, NABL has more than 3,000 members and is headquartered in Chicago.

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