• Public Finance to the Rescue: Economic Recovery Act

The Economic Recovery Act introduces new kinds of bonds, expands existing authority, and increases incentives for investing.  

• Public Finance: Build America Bonds - An Introduction

On February 17, 2009, President Obama signed the widely anticipated economic stimulus legislation formally known as the American Recovery and Reinvestment Act of 2009 (the Act). The Act encourages more activity in the public finance sector by, among other things, introducing new types of bonds.

• Frequently Asked Questions: Finance and Manufacturing Facilities with Tax Exempt Bonds

This document provides general information about financing with tax-exempt small issue manufacturing bonds under Section 144(a)(12) of the Internal Revenue Code (the Code). Each financing is unique, and the applicable federal and state laws are complex and varied.

• IRS Issues Much-Anticipated Guidance on Build America Bonds

Among the new kinds of taxable bonds introduced by the American Recovery and Reinvestment Act of 2009 (ARRA) are Build America Bonds (BABs). BABs are tax credit bonds with a twist: in lieu of allowing investors to receive the tax credits, issuers may elect to receive direct federal subsidy payments as of each interest payment date to offset a portion of their interest expense.

On April 3, 2009, the Internal Revenue Service (IRS) issued Notice 2009-26 to provide interim guidance on the method for electing to issue BABs and the procedures issuers must follow to receive direct federal subsidy payments and report information on BABs. The following information is intended to serve as a general overview of the interim guidance and does not constitute an exhaustive discussion or legal advice.

• Impact of Recent Amendments to Rule 15c2-12 and Approval of MSRB’s EMMA System

The Securities and Exchange Commission (“SEC”) originally adopted Rule 15c2-12 (the “Rule”) in 1989, as a means to improve the dissemination of information in connection with primary offerings of municipal securities. On December 5, 2008, the SEC (i) adopted amendments to the Rule and (ii) issued its order granting approval of the proposed rule changes submitted by the Municipal Securities Rulemaking Board (“MSRB”) in connection with their Electronic Municipal Market Access (“EMMA”) system (http://emma.msrb.org/).

• Financing Solid Waste Disposal Facilities with Tax-Exempt Bonds

This document provides general information about financing solid waste disposal facilities with exempt facility bonds under Section 142(a)(6) of the Internal Revenue Code (the Code). Each financing is unique, and the applicable federal and state laws are complex and varied. Accordingly, the answers below are not intended to provide an exhaustive discussion of the topic and do not constitute legal advice.

• Financing Sewage Facilities with Tax-Exempt Bonds

This document provides general information about financing sewage facilities with exempt facility bonds under Section 142(a)(5) of the Internal Revenue Code (the Code). Each financing is unique, and the applicable federal and state laws are complex and varied. Accordingly, the answers below are not intended to provide an exhaustive discussion of the topic and do not constitute legal advice.