Chair: Mark O. Norell, Ballard Spahr LLP, New York, NY
Legislative, Treasury and Internal Revenue Service Update.
This panel will discuss: (i) an update on the “new” Office of Tax Exempt Bonds; (ii) the status of the Final Reissuance Regulations; (iii) the proposed regulations addressing reference rates other than Interbank Offered Rates; (iv) Indian River County v. U.S. Department of Transportation (Dec. 20, 2019), (v) the Internal Revenue Service Business Plan items for 2019-2020; and (vi) the Internal Revenue Service Audit Plan (Fiscal Year 2020 Compliance Program).
Moderator: Mark O. Norell, Ballard Spahr LLP, New York, NY
Panelists: Adam C. Harden, Norton Rose Fulbright US LLP, San Antonio, TX; Michela Daliana, Hawkins Delafield & Wood LLP, New York, NY
Repeal of Advance Refundings and the Rise of Taxable Municipal Bonds.
Given the increasing popularity of taxable municipal bonds, this panel will provide a discussion on issues that arise with regard to refunding taxable bonds with tax-exempt bonds and issuing taxable bonds to refund tax-exempt bonds, with issues to include (a) reimbursement considerations related to taxable new money debt, (b) allocations related to taxable debt used to finance projects eligible for tax-exempt financings and projects ineligible for tax-exempt financings, (c) refunding Build America Bonds, (d) universal cap considerations, and (d) original issue discount considerations for taxable bonds.
Moderator: Marybeth Orsini, Ballard Spahr LLP, Baltimore, MD
Panelists: Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA; Neil Kaplan, Hawkins Delafield & Wood LLP, New York, NY; Mark O. Norell, Ballard Spahr LLP, New York, NY
What Does Cinderella Look Like?
This panel will focus on one or more Cinderella structures, including a direct lending transaction that starts with a taxable rate and either grants an option to the issuer to convert to a tax-exempt rate or requires the parties to agree in the future to convert.
Moderator: David J. Cholst, Chapman and Cutler LLP, Chicago, IL
Panelists: Mark O. Norell, Ballard Spahr LLP, New York, NY; Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA
Tax Exempt Financings and Partnerships.
This panel will consist of a discussion relating to financing projects owned or otherwise used by partnerships in which at least one partner is a for profit entity. It will compare and contrast how the regulations under sections 141 and 145 work when bond-financed assets are contributed to a partnership or acquired by a partnership and when improvements to partnership assets are financed. The interaction between the partnership-specific rules and the more general rules about qualified equity and eligible mixed-use projects will be explored in detail.
Moderator: Chas Cardall, Orrick Herrington & Sutcliffe LLP, San Francisco, CA
Panelists: Andrea Ball, Orrick Herrington & Sutcliffe LLP, Washington, DC; Michela Daliana, Hawkins Delafield & Wood LLP, New York, NY