NABL Announces 2016 Award Recipients

The National Association of Bond Lawyers has announced two recipients of NABL’s prestigious awards. The Bernard P. Friel Medal recognizes distinguished service in the field of public finance. The Friel Medal will be awarded to John J. Cross III, The U.S. Department of the Treasury, Washington, DC. The Frederick O. Kiel Distinguished Service Award recognizes extraordinary service to NABL over an extended period of time. The Kiel Award will be presented to Scott R. Lilienthal of Hogan Lovells US LLP, Washington, DC.

The awards will be presented during NABL’s Annual Membership Meeting at the 41st Bond Attorneys’ Workshop, October 19, 2016 at the Fairmont Chicago.  The 2016 NABL Awards Committee was composed of: Chair, Clifford M. Gerber (Norton Rose Fulbright, LLP, San Francisco, CA); Vice-Chair, Kenneth R. Artin (Bryant Miller Olive P.A., Orlando, FL); Antonio D. Martini (Hinkley Allen, Boston, MA); Linda B. Schakel (Ballard Spahr LLP, Washington, DC); and William A. Holby (King & Spalding LLP, Atlanta, GA).  Read more

SEC Announces MCDC Issuer Enforcement Actions

On Wednesday, August 24, 2016 the Securities and Exchange Commission (SEC) announced enforcement actions against 71 issuers for violations in municipal bond offerings. The cases are the first brought against issuers under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative since the deadline for issuers to self-report on December 1, 2014.

The SEC's press release announcing the enforcement actions is available here. The orders are available here


IRS Issues New Management Contract Safe Harbors

The IRS has released Rev. Proc. 2016-44, which provides revised management contract safe harbors under which a private management contract does not result in impermissible private business use of projects financed with tax-exempt bonds. Rev. Proc. 2016-44 will be published in Internal Revenue Bulletin Number 2016-36, dated September 6, 2016.

These revised safe harbors give State and local governments the ability to enter into management contracts with private entities to manage or operate tax-exempt bond financed projects with more flexibility for incentives in reasonable compensation arrangements and longer terms of up to 30 years (subject to an economic life limit). The revised safe harbors remove the previous requirements for prescribed percentages of fixed compensation for management contracts for different time periods.