Direct Pay Bond

A Taxable Bond that offers a federal Interest subsidy to the Issuer in lieu of the Interest being excludable from federal income tax.

Dive Deeper on Tax Issues

Learn more about how various aspects of tax law intersect with municipal securities.

See Also


U.S. Capitol during the holiday season.
U.S. Capitol during the holiday season.
  • News

A Busy December: What We’re Tracking

Congress may have punted its funding problems into next year, but members still face a long to-do list before this holiday season.

Aerial View of Chicago Lake Shore Dr at sunrise in Autumn – October 2019
  • Webinars
  • CLE Eligible

The Workshop 2023: Session Bundle

All recorded sessions from our 2023 annual conference held in Chicago, IL from October 18 – 22. [[Purchase or Registration Required]]

  • Webinars

Update from D.C. (October 2023)

An October 19, 2023 update on NABL’s recent advocacy efforts, a recap of recent legislative and regulatory activity that we are tracking, and some discussion on what may be in…

  • Webinars
  • CLE Eligible

Current Topics in Energy Finance

Review of current trends in energy finance, including a discussion by panelists of some of the priorities, objectives, and goals that are impacting the development and financing of energy and…

  • Webinars
  • CLE Eligible

Demystifying Incentives in the Inflation Reduction Act (IRA)

The Inflation Reduction Act (IRA) is the most significant legislation in U.S. history to ever address climate change, clean energy and sustainability. But you may be surprised to know that…

  • Webinars
  • CLE Eligible

Ethics: Conflicts, Competence, & Confidentiality

Discussion on the latest trends in public finance practitioners’ potential exposure to professional liability with a focus on areas relating to conflicts, confidence, and confidentiality.

Hudson Yards Rail Yards

Start with the Bond Basics

Hundreds of Terms and Concepts

Escrow Fund

Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.