NABL leadership will discuss opportunities to get involved with the Association. Find out what to expect as a Workshop attendee and how to make the most out of your next few days in Chicago.

NABL members will vote for the new slate of officers and directors. NABL’s prestigious Bernard P. Friel Medal, Frederick O. Kiel Distinguished Service Awards will also be presented at this time.

Current tax issues will be discussed in this session. In particular, the panel will address the proposed arbitrage regulations, with a special focus on the provisions of Prop. Treas. Reg. 1.148-6 regarding allocations. The panel may also address spaceports, securitization of developer reimbursement agreements, creation of entities described in section 501(c)(3) of the Code by for-profit entities for the purpose of acquiring existing businesses, in-the-money interest rate swaps and yield calculations for commercial paper. To address any late-breaking topics, the specific topics are subject to change.

Presenter(s): Tina Kyle, Taylor Klavan, Eorl Carlson, Stefano Taverna

An overview of current SEC priorities at the agency and a reflection on the impact of policy shifts on SEC enforcement cases. Panelists will discuss practical considerations relating to SEC investigations and review recent SEC enforcement cases and trends and how both may impact disclosure considerations.

Presenter(s): Brian Garzione

An introduction to New Markets Tax Credit (NMTC) terminology, an intermediate review of common NMTC structures, an overview of a NMTC exit and a discussion of potential issues related to using tax-exempt bonds as leverage for NMTC transactions.

Presenter(s): Aileen Thomas, Joseph “Jodie” Smith, Andrew Rubin, Tyler Inda

This panel will discuss the latest federal securities law issues facing the municipal bond market, with a focus on how lawyers may assist their clients in addressing these issues.

Presenter(s): Alice Ostdiek

This panel will primarily address current issues relating to IRS examinations of tax advantaged bonds, including strategies before closing, post issuance, before an examination, and during an examination. IRS appeals, voluntary closing agreements, letter ruling requests, and return filing will also be addressed. This session is expected to include IRS personnel. A separate practitioner-only panel will also be held.

Presenter(s): Carol Lew, Kristin Franceschi, Darrell Smelcer

A discussion of structuring and legal considerations that arise with respect to commercial bank products and in private placement bond issues and bank loans.

Presenter(s): Amy Condaras

Join us for a walk to start the morning! This is a great opportunity for casual networking among attendees.

More attorneys (and clients!) are using AI to address legal questions and documents. The AI industry has created AI products specially designed for the legal industry and use is becoming common and, for some clients, expected. Topics include navigating the potential issues with using AI in your practice, understanding your ethical responsibilities when AI is involved, and also how to manage clients using generally available AI platforms as your co-counsel, with or without your knowledge.

Presenter(s): Kimberly Min, Randy Cuarto

Panelists will explore the role of issuer’s counsel with a particular focus on the perspective of the in-house issuer’s counsel. How can issuer’s counsel help clients set themselves up for success in their transactions? How should issuer’s counsel interact with the other legal and financial professionals involved in the bond issue? How does the issuer’s counsel make sure that its client is protected as much as possible while achieving the issuer’s goals for the financing? What is the role of issuer’s counsel after bonds are issued, and how can the issuer’s counsel help the issuer achieve post-issuance compliance? How does the role change if issuer’s counsel is outside or internal counsel?

Presenter(s): Erin Law, Camille Evans, Christa Freeman

This panel will primarily address current issues relating to IRS examinations of tax advantaged bonds, including strategies before closing, post issuance, before an examination, and during an examination. IRS appeals, voluntary closing agreements, letter ruling requests, and return filing will also be addressed. This session of the panel is a practitioner-only panel; a separate session is expected to include IRS personnel.

Presenter(s): Carol Lew, Kristin Franceschi, Darrell Smelcer

Reviews the basic principles of the private activity bond tests as well as addresses issues frequently encountered in the identification and allocation of private business use of bond-financed property. The panelists and the audience will have the opportunity to issue spot and discuss potential private activity issues during the discussion of hypotheticals addressing both pre- and post-issuance events.

Presenter(s): Jennifer Capasso Mendonça, Christie Martin, Victoria Ozimek, Elizabeth Walker

This panel will discuss the range of housing development strategies in an environment with rising costs and volatile interest rates.

Presenter(s): Sisera Daniel, Josh Anzel, Allison Schwartzman

Addresses the legal and administrative concerns of the Indenture Trustee from its initial appointment through final maturity, including documentation, issues in internal administration, and administering its duties. Panelists plan to discuss the legal issues faced by the Trustee relating to deal structure, back-end administrative hurdles and the real-world issues which can make or break a transaction after the deal closes.

Presenter(s): David Fernandez, Robert Beinfield, Seth Crone

Drawing upon anecdotes from their experiences with defaulted transactions in healthcare, higher education, senior living and other sectors, panel members will address the phases of a distressed transaction from the initial indications of default through to an exit strategy. Our panelists will also highlight best practices related to the creation of liens and perfection of collateral as well as recent legal precedent that impacts the pledge of security in a bankruptcy context.

Presenter(s): Poonam Patidar, Jessica Zaiger, Ryan Sprinkle

After years of low interest rates, the market has moved to an environment where issuers are now able to earn positive arbitrage. Panelists discuss the regulatory requirements of earning positive arbitrage and how to navigate unforeseen investment earnings above the bond yield.

Presenter(s): William Vietti, Scott Lilienthal, Teow Lim Goh, Sandee Stallings

Provides an update on the federal government’s actions against DEI since last year’s panel discussion. Building on that update, the panelists will also examine DEI through three distinct lenses that increasingly shape day-to-day deal work: as mandate, market force and memory.

Presenter(s): Latrice Baptiste

A discussion of practical considerations regarding the delivery of the unqualified opinion of bond counsel, with an emphasis on federal tax issues and challenges presented by current market structures and trends.

Presenter(s): Dan Semmens, Brian Teaff, Sarah Breitmeyer

This panel will begin with a brief review of what charter schools are and why they exist, then take a deeper dive into how charter school bonds are issued in various jurisdictions, credit quality issues as they impact the charter school market, including challenges currently facing the sector, and case law developments at the Federal and state levels. Finally, we will highlight alternative forms of tax-exempt and taxable financing methods currently available to charter schools.

Presenter(s): Janet Vaughan Robertson, Andrew Egan, Kareem Spratling, Amanda Stephens

A review of the latest developments in the world of single family housing bonds. Whether you are involved with single family matters once a week or once a year, you will want to participate in this lively discussion with some of the nation’s most active practitioners and advisors in single family housing. In addition, the panel will offer coverage of federal legislative efforts, impacts and analysis. The panel will also discuss the effects of current single family financing structures, any regulatory developments impacting lending programs and other “hot topics” relating to single family bonds.

Presenter(s): Ryan Boatright, Albert Luong

This panel will focus on recent developments and discuss and analyze a variety of tax issues through a discussion of refunding and reissuance trends. The panel is designed to appeal to attendees with a working knowledge of the applicable federal tax rules pertaining to refunding and reissuance transactions.

Presenter(s): Katrina Desmond, John Hutchinson, Matthew Peckosh, Brent Feller

An examination of the latest trends, opportunities and challenges in 501(c)(3) health care financing. The primary focuses are expected to include: recent developments in primary and secondary market disclosure; recent developments in mergers and affiliations; structural particularities for health care credits; the continued evolution of emerging and re-emerging financing products; and maintenance of and challenges to the tax-exempt status of health care systems.

Presenter(s): Brandon Pond, Nancy Burke, Robyn Helmlinger, Matt McCabe

A discussion of contemporary topics and emerging issues relating to the duties, responsibilities, and potential liability for underwriters in public offerings of municipal securities and the role of counsel in representing underwriters acting in different capacities, such as syndicate/book running managers, sole managers, and syndicate members, with particular consideration on balancing the perspectives of broker-dealers’ in-house counsel.

Presenter(s): Stephen Adnopoz

Join NABL’s Governmental Affairs Committee (GAC) Chair, Latasha Thomas, and Chief Policy Officer, Brian Egan, for an informal discussion on our advocacy efforts as we prepare for the 120th Congress.

Investment bankers will give attendees a behind-the-scenes look at the structure and organization of a desk, the various professionals working there, and the roles they play in the sale of municipal bonds. Attendees will leave with a better understanding of the process of underwriting a typical transaction as well as issues unique to the desk such as marketing, pricing, and trading.

Presenter(s): Sarah Smith, Stephanie Lom, James “Jock” Wright

Focuses on issues that arise for qualified 501(c)(3) bonds, as defined under Section 145 of the Internal Revenue Code. Such issues that may be covered include: tips and tricks for post issuance tax compliance for qualified 501(c)(3) bonds; acquisition financing issues; ownership issues; remedial action considerations for qualified 501(c)(3) bonds; and any other emergent issues that may arise with respect to tax-exempt qualified 501(c)(3) bonds.

Presenter(s): Dana Lach, Catherine Allen, Sean Glynn

A high-level overview of the process for public-private partnership (P3) transactions. It will also discuss legal, commercial, and financial issues that are often negotiated during a P3 transaction, including structuring and tax issues. Hot topics will also be discussed, including the latest federal developments and recent key transactions.

Presenter(s): Nicholas Vallorano, Helen Pinkston-Pope, Tom Budescu, Vanessa Albert Lowry, Joseph Saverino

Current trends in utility finance, including a discussion by the panelists of some of the priorities, objectives and goals that are impacting the development and financing of utility projects.

Presenter(s): Terance Walsh

Provides both a foundational refresher and an intermediate-level examination of the legal framework, structural considerations, and practical challenges that arise in tax-exempt lease transactions. Following a discussion of federal and state law issues relating to non-appropriation lease financings, the panel will examine structural and transactional issues commonly encountered in tax-exempt lease financings and practical solutions to addressing these issues.

Presenter(s): Jason Schurke, Nathan Canova, Troy Grasinger