Partner Michael Bailey was quoted in The Bond Buyer article, “Treasury Finalizes PaB rRG, Proposed Re-Issuance Reg,” about two long-awaited regulatory steps that will impact the municipal market. The Treasury Department and the Internal Revenue Service published final public notice requirements for issuing private activity bonds and a proposed regulation clarifying when tax-exempt bonds require re-issuance. The final regulations simplify the public notice and approval requirements for PAB issuance. They do not, however, drop the requirement for a public hearing in certain circumstances.
Bailey said the regulations were a welcome development. “They were, in many ways, responsive to the comments,” said Bailey, who is a board member of the National Association of Bond Lawyers. The NABL had requested that the public notice requirement be reduced to seven days.
