IRS Provides Updated Management Contract Safe Harbors

The Internal Revenue Service (IRS) has released Revenue Procedure 2017-13, which provides updated safe harbor provisions for management contracts.  The revenue procedure modifies and supersedes Rev. Proc. 2016-44, 2016-36 IRB 316.  Rev. Proc. 2017-13 will be published in IRB 2017-06 on February 6, 2017. IRS Revenue Procedure 2017-13 can be found here


Now Accepting Applications for the Frederic L. Ballard, Jr. Memorial Scholarship Program

NABL is proud to announce that it is once again accepting applications for The Frederic L. Ballard, Jr. Memorial Scholarship Program. Now in its sixth year, the scholarship program will offer up to five qualified law school students the opportunity to attend the 2017 Fundamentals of Municipal Bond Law Seminar taking place on April 19 - 21 in Denver, CO. Do you know a promising law student or great summer intern that would be perfect for this program? Please encourage them to apply or send us their names and we will follow up. Consider also sharing information on NABL's student membership. Completed applications are due no later than March 10, 2017. If you have any specific questions about this scholarship, please contact Linda Wyman at 202-503-3300.

S&P Rates Previously Unrated Assured Guarantee Bonds

Assured Guarantee announced on January 13, 2017 that S&P Global Ratings has applied a rating of stable (AA) to certain bonds insured by Assured Guarantee Corp. that had not been previously rated by S&P and where the bonds had a rating by Moody's below Aa or no rating by Moody's. The ratings apply to 312 credits. Assured Guarantee has also requested that Moody's withdraw Assured's financial strength rating. Issuers may be under an obligation to report this change to the MSRB's EMMA system within 10 days of the change. A list of the affected bonds is available here. Assured Guarantee's press release is available here.

What's in Store for 2017? Find Out at TSLI!

Times are a-changin' for the municipal bond industry as we enter the new year and are heading towards the start of a new administration. What will the Trump administration hold for securities law and tax law? How will the management contract rules work?  Will there be changes in disclosure required? Hear in depth discussions on these topics and more by registering for TSLI, taking place on March 9-10, 2017 at the Omni Shoreham in Washington, D.C. 

For more information download the TSLI brochure or visit the TSLI website . Register online today, or download the registration form