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Love Me Tender [Bonds] – An Overview

The famous song, Love Me Tender, by Elvis Presley, includes lyrics such as “We’ll never part” and about being together “ ’Til the end of time.”  In contrast to Elvis’ wish, the issuer of tax-exempt bonds that makes a tender offer is hoping the exact opposite happens to the relationship between the bondholder and tax-exempt … Continue Reading

Keep Your Paws Off My Positive Arbitrage – “With the Same Power Comes More Responsibility”

The time has come, friends. The Rebate Series ends with this post. At least for a little while. So far we’ve covered the basics of arbitrage and rebate and two key timing-based spending exceptions: the 6-Month Exception and the 18-Month Exception. This party bus now comes to a halt with the Two-Year Spending Exception, the … Continue Reading

Keep Your Paws Off My Positive Arbitrage – “With Great Power Comes Some Responsibility”

Our previous post kicked off our Rebate Series by introducing core concepts and terms. However, for every rule there is an exception. And, as you will learn shortly, for every exception there is an exception to that exception (except when there is not). The next two episodes will focus on the so-called timing exceptions. In … Continue Reading

Keep Your Paws Off My Positive Arbitrage

Reader’s Note: As this is my first post on The Public Finance Tax Blog™ let me provide a necessary introduction. My name is Natalie, an associate with the Public Finance Tax Group here at Squire Patton Boggs. A little bit about me: I have the superhuman ability of not getting mosquito bites; I hate when … Continue Reading

Abusive Arbitrage Devices – It’s Time to Get Reacquainted

(Episode 3 – What Happens to the Arbitrage Sinners and the Arbitrage Saints?) As you may remember, in Episode 1 we discussed some background regarding the prohibition against abusive arbitrage devices and the policy behind that prohibition – to encourage investment of tax-exempt bond proceeds in long-lived, tangible assets, while discouraging the generation of arbitrage … Continue Reading

Abusive Arbitrage Devices – It’s Time to Get Reacquainted

(Episode 2 – Overburdening (Generally) Not Allowed) As you may remember, in the first episode, we discussed how the federal government’s primary goal in subsidizing tax-exempt bonds is to encourage investment by issuers in long-lived, tangible assets. We also discussed how the federal government has tried to keep issuers on the intended path by preventing … Continue Reading
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