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Alternatives to Tax-Exempt Advance Refundings



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Description: In December 2017, former President Donald Trump signed into law the Tax Cuts and Jobs Act. Among the many provisions of the act was a provision that eliminated the tax exemption for municipal bonds that advance refunded another series of bonds. Prior to its passage, issuers had the ability to issue such bonds on a tax-exempt basis, and did so for a variety of reasons, including to achieve debt service savings. With the loss of tax-exempt status for advance refunding bonds issued after the passage of the act, issuers and their advisers have searched for alternatives to the traditional tax-exempt advance refunding model.
 
In this webinar, we explore some of the alternatives that issuers have applied to achieve the same or similar benefits that would be achieved with a traditional tax-exempt advance refunding. First, we discuss the use of “forward delivery” bonds, where the bonds are sold, but not delivered to investors until a much later date in the future; second, we consider so-called “Cinderella” bonds, which are issued taxable but later convert to tax-exempt; and finally, “tenders and exchanges,” where issuers, often in conjunction with a current issuance, make an offer to investors to acquire their outstanding bonds, either for purchase or exchange.
 
 
Presenter Bios
 
Tim is a public finance and tax attorney at McNees in Harrisburg, PA. He is a member of the Public Finance & Government Services Group and also practices in the Corporate & Tax and Public-Private Partnerships, and Craft Breweries and Distilleries Groups.
As an attorney Tim has spent his entire legal career advising clients in matters related to state, local and federal taxation. He advises banks and financial institutions, governmental issuers, school districts and nonprofits on the structuring of taxable and tax-exempt revenue bond and general obligation bond financings for a variety of capital projects, including manufacturing facilities, hospitals and other health care facilities, parking facilities, schools and higher education institutions and water and sewer projects. Tim also represents governmental issuers in connection with IRS examinations of their tax-exempt bonds. He also provides legal advice to clients in connection with the sale or long-term lease of public assets in the context of public-private and public-public partnerships.
 
Tim also works with craft breweries and distilleries, advising both startup and well-established businesses on a variety of issues relating to formation, tax planning, capitalization, securities, and mergers and acquisitions.
 
Tim is a member of the Board of Directors of the Pennsylvania Association of Bond Lawyers, and writes extensively on matters of interest to the tax-exempt bond community. He regularly speaks on topics of municipal finance and tax law at seminars sponsored by various state organizations, including the Pennsylvania State Association of Boroughs, the Pennsylvania Municipal Authorities Association, and the Pennsylvania Bar Institute.
 
Frannie is a Member of the Public Finance & Government Services Practice Group, a team of accomplished lawyers from various practice areas providing comprehensive, responsive advice regarding the complex legal issues and challenges faced by state agencies, political subdivisions, school districts, municipalities, and authorities.
 
Focusing her practice on public finance as well as nonprofit and corporate law, Frannie also practices in the Corporate & Tax and Charitable and Non-Profit Groups.
 
 
Frannie has extensive experience serving as bond, borrower, institution and underwriter’s counsel to issuers, colleges, universities, schools, health care institutions, state agencies and investment banking firms. The services that she has provided include:
 
  • Advised clients with the issuance, offering, structuring, remarketing and restructuring of tax-exempt and taxable municipal securities and other debt instruments;
  • Counseled clients on corporate policies, best practices and corporate governance;
  • Served as outside general counsel to numerous nonprofit organizations, including colleges, universities, charter schools and foundations, advising them on fiduciary duties, contract issues, compliance concerns and general corporate reviews;
  • Ensured contracts, policies and procedures are implemented and effective.
 



Practice Areas: Banking & Finance Law, Business Organizations & Contracts, Tax Law
Online Media Type: Audio
Production Date: 05/11/2022
Level: Intermediate
Category: Standard
Duration: 1 Hours, 7 Minutes
Online Format: On Demand

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Credit Eligibility:
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Total Credits: 1
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Status: Reciprocal Credit Available
Expiration: 05/10/2025
Training Type: Online

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Speakers:
Timothy J. Horstmann Esq - McNees Wallace & Nurick LLC.
Martha (Frannie) Reilly, Esq - McNees Wallace & Nurick LLC.
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.


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