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Fundamentals of Municipal Bond Law Seminar
April 18-20, 2012
Orlando, FL

37th Bond Attorneys’ Workshop
October 24-26, 2012
Sheraton Chicago Hotel & Towers
Chicago, IL



NABL News March 2012

In This Issue


During March 8-9, a powerhouse lineup of speakers and over 370 attendees brought together senior voices from across the industry to educate NABL members at the 10th Annual Tax & Securities Law Institute in Savannah, GA. Experienced tax and securities lawyers, government officials and employees, and financial professionals offered their knowledge about major tax and securities issues, helping set the vision for the coming year and the years beyond.

"I was very pleased with the outcome of the conference on a number of levels: the outstanding turnout, the high quality of the program and the spectacular conference setting. The diversity of the panel topics and caliber of the faculty was well received by attendees and reaffirmed why TLSI is a must event for all seasoned public finance practitioners. We introduced some new themes, such as municipal bankruptcy, focused on some hot topics, such as the emergence of direct purchases as a popular financing vehicle, and explored the future of public finance at the General Session. All of these elements contributed to the overall success of this year's TLSI," said Mike Botelho, TSLI Chair.

“I believe the success of the 10th Annual TSLI is directly attributable to the contributions of all the participants. The purposeful coming together of industry participants, government representatives and practitioners to discuss matters of mutual interest and importance is what makes NABL the relevant and vibrant organization it is,” added Michela Daliana, TSLI Vice Chair.

The 11th Annual Tax & Securities Law Institute will be held March 14-15, 2013 at The Palace Hotel in San Francisco, CA.


William J. (Bill) Daly will join the National Association of Bond Lawyers (NABL) as the Director of Governmental Affairs beginning March 19, 2012. "NABL is extremely pleased that Bill will be joining the staff to serve as our Director of Governmental Affairs,” said Kristin Franceschi, President of NABL. “His vast experience will permit us to leverage the efforts of our volunteers to promote the integrity of the municipal securities market through our comment projects and other efforts."

Bill has a wide range of experience in the municipal bond market and legislative and policy matters in both the public and private sectors.

“I'm looking forward to joining the great folks at NABL and appreciate the opportunity to work with them and with the rest of bond community," commented Bill.

Bill served as Deputy Director and then Director of the New York City Federal Affairs Office, from 2002 – 2010, where he conducted NYC’s legislative and regulatory advocacy on taxes, municipal finance, pensions, employee benefits, immigration, and homeland security. In addition, he led the development of NYC’s federal priorities in concert with NYC agencies. Most recently, Bill was the Senior Vice President, Government Relations, with the Bond Dealers of America (BDA). At BDA, Bill scrutinized legislative and regulatory proposals for effect on municipal market and developed positions and strategies to present the members’ views to the Federal government and worked with other organizations to advance the members’ goals. Most notably, Bill represented the BDA on the NABL-led comprehensive pension disclosure project. Bill received a B.A. degree from the University of Connecticut, a J.D. degree from Boston University and a Master of Laws in Taxation from Georgetown University Law Center. Bill can be reached after March 19 at, bdaly@nabl.org or (202) 503-3300.


The National Association of Bond Lawyers submitted comments to the Municipal Securities Rulemaking Board (the “MSRB”) Notice 2012-04 – Request for Comment on Draft Interpretive Notice Concerning the Application of MSRB Rule G-17 to Bondholder Consents by Underwriters of Municipal Bonds (the “Request for Comment”), requesting comments on an accompanying draft interpretive notice concerning MSRB Rule G-17 (the “Draft Notice”).

The comments were prepared by an ad hoc subcommittee of the NABL Municipal Law Committee comprised of Fredric A. Weber, Fulbright & Jaworski L.L.P.; Dee P. Wisor, Sherman & Howard L.L.C.; E. Tyler Smith, Haynsworth Sinkler Boyd, P.A.; Kimberly A. Casey, Kutak Rock LLP; Joseph (Jodie) E. Smith, Maynard, Cooper & Gale, P.C.; Timothy J. Reimers, Polsinelli Shughart; John J. Wagner, Kutak Rock LLP; Peter L. Dame, Akerman Senterfitt; and William H. McBride, Hunton & Williams LLP.

The comments, also approved by the NABL Board of Directors, are available on the NABL web site library under Comment Letters/Position Statements here


In its inaugural year, NABL is pleased to announce that five applicants for the 2012 Fundamentals of Municipal Bond Law Seminar Law Student Scholarship Program have been selected as recipients. 2012 recipients include:

Nathan Canova, Drake Law School, Des Moines, IA; Jered Davidson, University of Oklahoma College of Law, Norman, OK; Laura Kurtz, Widener University School of Law, Harrisburg, PA; Michael Logan, University at Buffalo Law School, SUNY, Buffalo, NY; and Karla Turner, Vanderbilt University Law School, Nashville, TN.

"The Education Committee was impressed with the large number, the high quality and the geographic diversity of the scholarship applicants in this first year of the program. It showed us that once again NABL has found another way to promote education and serve the public finance community," said Deanna Gregory, Chair of NABL’s Education Committee and a member of the Selection Committee.

The 2012 Fundamentals of Municipal Bond Law Seminar is designed for attorneys, paralegals, government officials and employees, financial consultants and other municipal finance professionals and market participants seeking a basic knowledge of municipal bond law and related municipal finance issues. Open to both members and non-members, the seminar is being held April 18-20, 2012 at the Hyatt Regency Grand Cypress in Orlando, Florida. Click here for seminar details.

Each of the five recipients will receive waiver of the enrollment fee to the seminar, complimentary hotel lodging and reimbursement of travel expenses. Seminar Details.


April 18-20, 2012 – Hyatt Regency Grand Cypress, Orlando, FL

The Fundamentals of Municipal Bond Law Seminar will take place on April 18-20 at the Hyatt Grand Cypress, Orlando, Florida. To register for the Seminar please go to NABL’s seminar page, or download a copy of the registration brochure.

This years’ Seminar offers three General Sessions, each designed to provide you with a solid foundation and understanding of the key components of a municipal bond practice. First, a General Securities Law Session will provide an in-depth overview of the applicable securities laws with which every municipal bond practitioner should be familiar. Second, a two-part General Tax Law Session will provide an in-depth overview of the federal tax law applicable to tax-exempt municipal bonds. Third, a Basic Structuring & Financial Aspects of a Municipal Bond Transaction Session has been designed to provide attendees with a solid foundation of practical skills and techniques, as well as an understanding of the basic structural elements and financial aspects of a municipal bond finance transaction.

New this year, the Seminar is offering a Q&A Mix & Mingle Round Table Event that affords attendees the opportunity to participate in a variety of informal round table discussions with our distinguished faculty. Attendees will have direct access to the faculty during this session and are invited to ask questions.

In addition to three General Sessions and the Q&A Mix & Mingle Round Table Event, the Seminar offers attendees the opportunity to attend six breakout sessions. Attendees will select from fifteen breakout topics designed to build upon the materials taught in the General Session.

Mr. Ben Watkins, Director of the State of Florida Division of Bond Finance since July 1995, will be our premier speaker at the luncheon on Thursday, April 19. You won’t want to miss this opportunity to hear Mr. Watkins discuss the relevant state of public finance in Florida, and across the country.

The Hyatt Regency Grand Cypress is the official hotel of the Seminar. Please call (888) 421-1442 and identify yourself as being with the National Association of Bond Lawyers or visit the Hyatt's website to reserve your guestroom online. If you plan to extend your reservation before or after the Seminar, please do so right away, as guestrooms are limited. The reservation cut-off date is March 23, 2012. The group rate is $195 single/double occupancy per night and is offered based upon availability. Rates are subject to a $10 daily resort fee as well as an occupancy tax, currently at 12.5%. A non-refundable deposit equal to one night’s stay is required to hold your reservation.


Tell us a little about yourself – your family, your hobbies, etc. . .
I am a partner in the Denver office of Kutak Rock LLP, specializing in 103 tax matters and tax controversy. I have lived in Denver for over 20 years and find it is a wonderful city to live, work and raise a family. Right now, my most favorite things include my 5 year old daughter who is in kindergarten and my 6 month old baby boy whose only care in the world is making sure we don't deprive him of milk. In terms of hobbies, I would say that I really enjoy running, triathlons, hiking and biking - just about anything outdoors. Well, more truthfully, with the new baby I hope to enjoy these things again soon!

What first interested you in law?
Some people grow up just knowing what they want to do. I grew up knowing that I wanted to be a lawyer. I can't say that I planned to be a tax lawyer. I think I envisioned having a much more glamorous type of law practice, but hey, new schools, hospitals and solid waste regulations are glamorous, right?

What is your law specialization within public finance?
I specialize in 103 tax matters and tax controversy.

What was the best career advice anyone ever gave you?
I am sure someone told me that it is much easier to be an effective attorney if you enjoy what you are doing. I don't know if that is the best career advice anyone gave me, but I do think it is very relevant and important career advice if you want to lead a happy and balanced life while practicing law.

How (and when) were you first introduced to NABL?
I volunteered to be on the NABL Fundamentals faculty quite a few years ago, and was honored thereafter to be selected to serve as the NABL Fundamentals Vice-Chair in 2011 and Chair in 2012. I have also taught at NABL's Bond Attorney Workshop and participated in a variety of NABL sponsored research and drafting projects.

How has membership in NABL been of value to you and your practice?
NABL is an incredible resource for all attorneys working in the municipal finance field. Not only is it a great resource, the organization operates to foster a unique camaraderie among the municipal finance attorneys.

As 2012 Fundamentals Chair, what are you most excited about at this year’s Seminar?
Every year, I am amazed by the caliber and number of private practitioners who volunteer their time to teach the basics of municipal finance at NABL Fundamentals. One of the comments we routinely receive by participants each year is that they would like more opportunities to network with their colleagues. So, this year I am very excited to share that we have responded - Not only have we added a second cocktail party, we have also added a "Q&A Mix & Mingle" session to bring all of the faculty and participants together in a round table format to discuss tax and securities law issues. In addition, NABL has started a scholarship program for law students interested in public finance to attend the Seminar. Many qualified candidates applied and we are very excited to welcome the recipients as part of our program this year. I am sure that all participants will really enjoy this year's seminar.


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