The U.S. Department of Commerce on June 26, 2023, announced funding for each state, U.S. territory and the District of Columbia for high-speed internet infrastructure development through the Broadband Equity Access and...more
Facilities owned by nonprofits and government entities are frequently financed with tax-exempt bonds and managed by for-profit management companies. To avoid tainting the tax-exempt status of the interest payable on...more
More than 30 million Americans still lack access to reliable high-speed internet. The need for reliable and affordable internet access has become increasingly important as the economy becomes more dependent on internet...more
The Columbus Regional Energy Special Improvement District closed the State of Ohio’s first tax-exempt 501(c)(3) PACE financing on August 24, 2021. A first-of-its-kind financing, PACE special assessments were used as security...more
This installment of our National P3 Update focuses on transportation. While the transportation sector has dominated the U.S. P3 market over the last decade, the sector has experienced stagnation since the financial close of...more
In 1978, responding to attempts by issuers and borrowers to set aside funds for investment above the yield on outstanding tax-exempt bonds, the IRS published regulations seeking to shut down the practice of establishing...more
In a recently released private letter ruling (Private Letter Ruling 201847001, or the “Ruling”), the IRS approved the use of a “floating equity” allocation method for exempt facility bonds issued to finance renovations to an...more
The United States Congressional Budget Office (“CBO”) issued an October 2018 report titled: Federal Support for Financing State and Local Transportation and Water Infrastructure (“Report”) - The CBO Report outlines the...more
State and local governments and 501(c)(3) organizations have been given very flexible guidance by the IRS for longer-term private management of tax-exempt bond financed projects to facilitate general operations and major...more
Some recent events, taken together, provide evidence that policy-makers in the United States are growing more comfortable with public-private partnerships as a vehicle for project delivery, in particular with respect to the...more