Bond Financing

News & Analysis as of

IRS Issues New Guidelines for Qualified Management Contracts for Facilities Financed with Tax Exempt Bonds

Health care providers with facilities financed with tax exempt bonds need to be aware of recent changes to the IRS rules for qualified management contracts. On August 22, 2016, the IRS issued Rev. Proc. 2016-44 which...more

IRS Clarifies New Management Contract Safe Harbors

In August, 2016, the IRS issued Revenue Procedure 2016-44, the first comprehensive revision of its management contract safe harbors since Revenue Procedure 97-13. Rev. Proc. 2016-44 built upon and amplified principles laid...more

Management Contracts Safe Harbors Revisited – IRS Releases Updated Guidance (Again)

Demonstrating the “user-friendly” side of the IRS, on January 17, 2017, the IRS released Revenue Procedure 2017-13 (“Rev. Proc. 2017-13”) (available here) to address many (but not all) of the comments received on the rather...more

Let's Talk Municipal Finance – An Introduction

This is the first in a series of posts discussing financing alternatives available to municipalities and certain other governmental entities, such as school, water, and sewer districts. Municipalities and other...more

The Bond Bandwagon

Are you ready to jump on the tax-exempt bond bandwagon? Over the last eight years, the landscape of tax-exempt bond financing has changed and more and more bonds are being sold directly to banks across the nation....more

IRS Eases Safe Harbor Conditions Under Which a Contract with a Hospital Will Not Result in Private Business Use of Tax-Exempt...

Under federal income tax law, the tax-exempt status of a bond is jeopardized if the proceeds of the bond are used for a private business use. Because hospital facilities are often financed with tax-exempt bonds, hospital...more

Corporate E-Note - October 2016

On November 30, 2016, Burr's Women in Business is sponsoring a panel discussion on "Cybersecurity: Are You At Risk?" at Five Rivers Delta Resource Center in Spanish Fort, Alabama. The panelists include Ed Castile, Deputy...more

Banking & Financial Services E-Note - October 2016

Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who agrees to...more

IRS Releases New Management Contract Safe Harbors For Bond-Financed Property

On August 22, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-44 (2016-44) and then modified 2016-44 on September 2, 2016. This revenue procedure was a response from the IRS to a longstanding request...more

Client Alert: New Safe Harbors for Management Contracts of Tax-Exempt Financed Facilities

The Internal Revenue Service on August 22, 2016 released Revenue Procedure 2016-44 which revises the safe harbor guidelines for management contracts of service providers for tax-exempt financed facilities, under which the...more

IRS Issues New Management Contract Safe Harbors

Almost 20 years ago, the IRS released Rev. Proc. 97-13, outlining multiple safe harbors under which a management contract would not result in private business use of bond-financed proceeds. These safe harbors, while helpful,...more

California Health Care District Financing Techniques

Across the nation, the delivery of health care services is undergoing a period of transformation. Much of this change is being driven by The Affordable Care Act signed into law in 2010. Many hospital facilities in...more

Maryland Purple Line Concessionaire Achieves Financial Close – Time to Build!

Financing for the Maryland Purple Line closed on Friday, June 17 – marking an important milestone for the Maryland Transit Administration’s (and Maryland Department of Transportation’s) plan to deliver a transit solution to...more

Construction E-Note - June 2016

In a Q&A published on May 13, 2016 by the Orlando Business Journal, Peter Vilmos provides insight on Orlando’s biggest construction challenges and offers solutions to the various issues facing the industry. Among those...more

The Rise of Social Impact Bonds

The social impact bond or pay for success program (“PFS program”) is an alternative private financing model used to test social impact programs before governments step up to finance such programs. In these programs the...more

Upsetting the Outer Continental Shelf Ecosystem through Overbonding

At a time when the Bureau of Safety and Environmental Enforcement’s (“BSEE”) Well Control Rule has shifted focus away from its sister agency’s regulatory maneuvering, the Bureau of Ocean Energy Management (“BOEM”) is changing...more

Miles Apart

Supplemental Budget Bills - Divergent legislative priorities are reflected in the House and Senate budget bills. With respect to the projected $900 million surplus in the General Fund, House Republicans allocate the full...more

New Michigan Law Allows Drainage Districts to Issue Term Bonds

Michigan drainage districts can issue term bonds for their projects under a new law signed by Gov. Rick Snyder on March 1....more

Electric Utility Securitizations—Plant Closings

Given the significant number of nuclear plants (approaching 20) and coal-fired plants (approaching 400) that have been recently closed or designated for closing, or are at risk of closing, utilities not already considering...more

Where We Stand on Issue Price for Tax-Exempt Bonds

The U.S. Treasury Department and the Internal Revenue Service (IRS) held a public hearing on the definition of issue price for tax-exempt bonds on October 28, 2015. The hearing is another step in the process of changing what...more

IRS Releases Final Regulations Facilitating P3s and Mixed-Use Developments, and Remedial Actions

On October 26, 2015, the Internal Revenue Service released final allocation and accounting regulations (the Final Regulations) under Section 141 of the Internal Revenue Code of 1986, as amended (the Code) related to...more

At Long Last – Allocation and Accounting Rules

Good things come to those who wait. The tax-exempt bond industry has waited 18 years for a missing reserved section of the private activity bond regulations, the allocation and accounting regulations, Treas. Reg. Section...more

China: NDRC Abolishes Pre-approval Requirement for Offshore Bond Offerings and Loans

NDRC’s easing of restrictions will likely facilitate Chinese companies’ entrance into international debt capital and loan markets. Introduction - On 14 September 2015, China’s National Development and Reform...more

Department of Labor Reissues Rules on Fiduciaries Investing in “Economically Targeted Investments”

The Department of Labor (DOL) has clarified the fiduciary implications of an employee benefit plan investing in so-called “socially responsible investments,” sometimes referred to as “impact investments” or “economically...more

Weekly Update Newsletter - October 2015

GOVERNMENT CONTRACTS - Notice Establishing a Minimum Wage for Contractors - The Department of Labor, Office of the Secretary, published a new notice correcting its September 16, 2015 notice by publishing Appendix A...more

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