The Workshop 2023

Join us for the NABL Newcomer Session at this year’s Annual Meeting! Whether you’re a first-time attendee or a recent member, this welcoming and informative session is designed to help you make the most of your experience.

Discover the ins and outs of our association, network with fellow newcomers, and gain valuable insights on navigating the event. Our seasoned members and friendly staff will be on hand to answer questions, share tips, and provide guidance on how to maximize your time at the conference.

Don’t miss this opportunity to kickstart your Annual Meeting journey, forge meaningful connections, and ensure you’re fully equipped to take full advantage of all the exciting opportunities this event has to offer. We look forward to meeting you and helping you make the most of your NABL experience!

Juliet H. Huang, The Workshop Chair
Chapman and Cutler LLP

This year’s gathering promises to be celebratory as we come together to recognize new leadership and celebrate remarkable achievements within our community.

We will welcome the incoming 2023-2024 NABL President, Carol J. McCoog of Hawkins Delafield & Wood LLP, as she shares her visionary ideas and goals for the year ahead. Her wealth of experience and dedication to our mission will inspire us all as we embark on this new chapter together.

As always, this gathering will be an excellent opportunity to foster camaraderie, exchange knowledge, and strengthen professional relationships among our members. We encourage you to actively engage in the event’s various discussions and networking opportunities, which can lead to invaluable connections and collaborations within our niche.

Juliet H. Huang, Panel Chair
Chapman and Cutler LLP

Panelists

Doug Baldessari, Baker Tilly
Timothy Farkas, Ameresco, Inc.
Charles S. Henck, Ballard Spahr LLP
Neal Skiver, LVL Finance LLC

The Inflation Reduction Act (IRA) is the most significant legislation in U.S. history to ever address climate change, clean energy and sustainability.  But you may be surprised to know that it contains a lot more than just incentives for solar and wind.  Read the full description here.

Todd L. Cooper, Panel Chair
Locke Lord, LLP

James (Lee) Birchall, Panel Chair
Bradley Arant Boult Cummings LLP

Kostas A. Poulakidas, Panel Chair
Taft Stettinius & Hollister LLP

Barbara J. League, Panel Chair
Orrick, Herrington & Sutcliffe LLP

Panelists:

Alison J. Benge, Pacifica Law Group
Scott R. Lilienthal, Hogan Lovells US LLP

This panel will discuss current federal tax issues, including any recently released notices, rulings, regulations and/or other guidance. In order to address any late-breaking topics, the specific topics are subject to change. However, the panel expects to address the recent hotel management private letter contract ruling with the insights of someone who worked on the ruling request.

Daniel M. Deaton, Panel Chair
Nixon Peabody LLP

Panelists:

David Cohen, RBC Capital Markets
Dave Sanchez, Office of Municipal Securities at the Securities Exchange Commission

This panel will include practitioners and securities regulators discussing the most pressing federal securities law issues facing the municipal bond market, with a focus on how to implement practical and effective solutions to address these issues.  While the final topics will be developed based on current events, expect to hear updates about (1) current disclosure challenges facing the market, and (2) climate change risk and opportunity disclosure.

Adam R. Baird, Panel Chair
Kutak Rock, LLP

Panelists:

David J. Cholst, Chapman and Cutler LLP
Laurie Scott, Integrity Public Finance Consulting LLC
David A. Sutton, Raymond James Financial, Inc.

This panel session is intended to be an intermediate-level discussion for the newer practitioner or a refresher for those in need of a reminder of the various arbitrage issues applicable to tax-exempt municipal bonds.  The panel will address topics related to the identification of gross proceeds, a summary and review of various temporary periods and spending exceptions to rebate and common pitfalls related to these exceptions. It will address common arbitrage and rebate concepts encountered in structuring transactions and post-issuance compliance matters, including addressing issues related to rebate compliance and computations.

Brent L. Feller, Panel Chair
Chapman and Cutler LLP

Panelists:

Stefano Taverna, McCall, Parkhurst & Horton LLP
Lauren Mack, Reyes Kurson

In this session, tax law practitioners will discuss the tax law issues that may arise in bank direct placements and bank loans.  Issues that will be discussed include tax issues that may arise for obligations that moved from an IBOR rate to SOFR pursuant to the Adjustable Interest Rate (LIBOR) Act, determining issue price in a direct placement, reissuance issues that may arise in the direct purchase context, tax issues that may arise in connection with bank covenants, contingent interest analysis, draw-down bonds, and bank-qualified bonds.  The bank qualification discussion will focus on issues relating to refundings and deemed designations, timing of designations, the impact of premium, aggregation rules, and opinion practice.

Bill D. Burns, Panel Chair Gilmore & Bell, P.C.

Panelists:

Randy J. Curato, ALAS, Inc.
Mark A. Webster, Aon
Kimberly J. Min, Whiteford Taylor & Preston LLP

This panel will include public finance practitioners and legal practice liability insurer representatives discussing the latest trends in public finance practitioners’ potential exposure to professional liability.  The panel will feature a practical discussion of how exposure to liability can be reduced and how losses may be prevented, as well as interactive questions regarding the application of the model rules to public finance transactions.  Legal malpractice carrier personnel will offer unique perspectives on liability scenarios.  The panel will use ethical and risk management implications of the potential incorporation of artificial intelligence tools into a public finance legal practice to explore conflicts, competence, and confidentiality issues facing lawyers practicing today.

Nathan Canova, Panel Chair
Dorsey & Whitney LLP

Panelists:

Harsha A. Sekar, Michael Best & Friedrich LLP
Alan Woolever, Gilmore & Bell, P.C.

This panel will cover intermediate and advanced topics in tax-exempt leasing, including topics in state law and federal securities and tax law. Commercial financial disclosure laws regulate some lessors and are now in effect in a handful of states, with new legislation introduced in several more states. Panelists will highlight the new laws, their impact on lease transactions, and national efforts to create uniform disclosure laws.

Panelists will also take a deep dive into the federal securities laws of lease financing and discuss the framework for analyzing leases, including a general discussion of the Howey and Reves tests, and a series of SEC no-action letters directly applicable to lease financing structures. Finally, the panel will cover fundamental, but advanced, tax topics routinely at issue in tax-exempt leasing transactions, such as distinguishing true leases from capital leases, properly completing the IRS Form 8038-G (Line 20), and dealing with escrow extensions and qualified stated interest original issue discount.

William A Milford, Panel Chair
Bryant Miller Olive, P.A.

Panelists:

Johnny W. Hutchinson, Nixon Peabody
Katrina Desmond, Miller Canfield
John F. Stanley, Orrick, Herrington & Sutcliff LLP

This panel will focus on recent developments and discuss and analyze a variety of tax issues through a discussion of refunding and reissuance trends. Potential discussion topics include (i) forgotten refunding considerations in a positive arbitrage environment, (ii) tax considerations in tender and exchange transactions, and (iii) best practices for analyzing common reissuance fact patterns. The panel is designed to appeal to attendees with a working knowledge of the applicable federal tax rules pertaining to refunding and reissuance transactions.

Jessica Zaiger, Panel Chair
Polsinelli

Panelists:

Nancy A. Burke, Chapman and Cutler LLP
Bryon G. Farnsworth, Norton Rose Fulbright
Robyn L. Helmlinger, Orrick Herrington & Sutcliff LLP

This panel will examine non-tax issues for financings of 501(c)(3) healthcare providers, with the panel addressing hot topics in healthcare finance. The primary focuses are expected to be structural uniquenesses for healthcare credits; recent developments in light of financial and operating performance headwinds facing healthcare providers (including ongoing challenges to the nonprofit status of healthcare providers); and the continued evolution and increased use of different and re-emerging financing products amidst market turmoil (including the banking crisis).

Steve T. Park, Panel Chair
Ballard Spahr LLP

Panelists:

Helen H. Pinkston-Pope, Georgia Department of Transportation
Joseph R. Saverino, Chapman and Cutler LLP
Lauren Wilson, KPMG US

This panel will provide a high-level overview of the P3 process. It will also discuss legal, commercial, and financial issues that are often negotiated during a P3 transaction including structuring and tax issues. Hot topics will also be discussed including new types of P3 projects.

Neil J. Kaplan, Panel Chair
Hawkins Delafield & Wood LLP

Panelists:

Michael J. Andreana, Pullman & Comley LLC
Martye Kendrick, Greenberg Traurig, LLP
Vanessa Lowry, Greenberg Traurig, LLP
Luisella Perri, Foley & Lardner LLP

This panel will address issues complex issues encountered from time to time in the identification and allocation of private business use of bond-financed property. The panelists and the audience will have the opportunity to issue spots and take a deep dive into the private activity bond rules during the discussion of hypotheticals addressing both pre and post-issuance events. The panel is meant for 103 tax lawyers with 5 years or more of experience.

Karen M. Jordan, Panel Chair
Dentons US LLP

Panelists:

Latrice M. Baptiste, Chapman and Cutler LLP
David Hodapp, RBC Capital Markets
Ernesto Lanza, Municipal Securities Rulemaking Board
Leslie Norwood, Managing Municipal Securities, SIFMA

This panel will review the duties, responsibilities, and potential liability for underwriters in public offerings of municipal securities and the role of underwriter’s counsel in representing underwriters. The panel will also include a discussion of best practices in evaluating and documenting the transaction from the outset through closing.

Allison Dyer, Panel Chair
Holland & Knight LLP

Panelists:

Diana Uchiyama, JD, PsyD, CAADC, Lawyers’ Assistance Program, Illinois State Bar

Christine P. Anderson, Attorney Registration & Disciplinary Commission of the Supreme Court of IL

This panel will explore mental health and substance misuse issues affecting practicing lawyers.  It’s no secret that lawyer stress and depression levels and substance misuse have increased astronomically and continue to rise.  During this presentation we will review the current statistics on these issues, how they may impact your practice, various approaches that law firms have taken to address these issues, and attempt to provide practical tips on managing stress. Topics of discussion will include examining the ABA Model Rules of Professional Conduct that may be impacted by these issues and practical tips on managing stress for the individual practitioner.

Brian M. Egan, Moderator
National Association of Bond Lawyers

Panelists:

Michael (Mike) Busada, Butler Snow LLP
Latasha Thomas, Clark Hill PLC

Join our Governmental Affairs Committee on Thursday afternoon for an update on NABL’s advocacy efforts this year, a recap of recent legislative and regulatory activity that we are tracking, and some discussion on what may be in store for the final months of the year.

Taylor L. Klavan, Panel Chair
Squire Patton Boggs (US) LLP

Panelists:

Brian Organ, Hawkins Delafield & Wood LLP
Edwin Oswald, Orrick, Herrington & Sutcliffe LLP
Elizabeth M. Walker, Hall, Render, Killian, Heath & Lyman P.C.,

This panel will focus on issues that arise for tax-exempt qualified 501(c)(3) bonds, as defined under Section 145 of the Internal Revenue Code.  Such issues covered will include those that arise from:

(1) leases of the bond-financed facilities from the
501(c)(3) organization to other entities;

(2) leasehold interest ownership issues; and

(3) working capital expenditures financed with proceeds of such tax-exempt qualified 501(c)(3) bonds and the $150 million test for non-hospital financings.

Rod Kanter, Panel Chair
Bradley Arant Boult Cummings LLP

Panelists:

Ken R. Artin, Bryant Miller Olive
Ann D Fillingham, Dykema Gossett PLLC
Poonam Patidar, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

This panel will focus on three phases of a “deal gone bad”. The first phase, the default and mobilization stage, includes issues such as the standard for notice to the public market under Rule 15c2-12, the effect of cross-default provisions and “most favored lender” provisions, and mobilization efforts by the bond trustee and other creditors.

The second phase, the workout phase, includes issues such as the trustee’s duties under the prudent creditor standard, communication strategies for informing bondholders, the use and effect of waivers and forbearance agreements, bond document provisions for control of remedies, and reissuance issues.

The third phase, bankruptcy, will focus on eligibility for Chapter 9, some key differences between Chapter 9 and Chapter 11, and practical aspects of navigating through bankruptcy for the issuer or borrower and the creditors. With respect to the third phase, the panel will address new rulings that could impact significantly how revenues and other funds pledged to a transaction and generated post-petition are treated in the Chapter 9 context.

Elizabeth M. Columbo, Chair
Nixon Peabody LLP

Panelists:

Mason Baker, Utah Associated Municipal Power Systems
James C. Burr, Chapman and Cutler LLP, Salt Lake City, Utah
Christopher Fink, Bank of America Securities, Inc.
Chris Lover, Goldman Sachs PFM

This panel will explore current trends in energy finance, including a discussion by the panelists of some of the priorities, objectives, and goals that are impacting the development and financing of energy and specifically renewable energy projects by municipal issuers.

We will focus on the impact of the Inflation Reduction Act (IRA), which makes federal cash subsidies available to local governments for the construction of renewable energy projects, and provide some examples of the potential cost savings that can be realized for these projects as a result of the IRA. This panel will also discuss some of the challenges that exist as power supply markets transition to cleaner energy sources, including a discussion of the challenges of building new nuclear generation. Finally, this panel will discuss the use of prepayment transactions as another tool that some municipal utilities are using to help manage the costs of providing electricity and to avoid increasing rates.

Adam R. Baird, Panel Chair
Kutak Rock, LLP

Panelists:

David J. Cholst, Chapman and Cutler LLP
David A. Sutton, Raymond James Financial, Inc.
Laurie Scott, Integrity Public Finance Consulting LLC

This panel session is intended to be a higher-level discussion of arbitrage issues applicable to tax-exempt municipal bonds and the structuring of various transactions.  The panel will also focus on investment considerations and investment-related issues and opportunities arising in a higher yield environment, including strategies and approaches to investing without violating yield-restriction rules, as well as for minimizing any rebate or yield reduction payment liability through permitted elections made on the issue date or other permitted structuring tools.

Ed Fierro, Panel Chair
Bracewell LLP

Panelists:

Brian Fagel, U.S. Securities and Exchange Commission
Meghan Ferguson, FINRA
Drew R. Kintzinger, Hunton Andrews Kurth LLP

This panel will examine recent and notable SEC and FINRA Enforcement actions and provide an overview of the priorities of the SEC’s Public Finance Abuse Unit and FINRA.  The panel will also provide an overview of the investigation process for the SEC and FINRA.   

Latasha R. Thomas, Panel Chair
Clark Hill PLC

Panelists:

Steven Washington, Chapman and Cutler LLP
Richard H. Chapman, Clark Hill PLC

Learn about the latest diversity, equity, and inclusion research, trends, and tactics to interrupt implicit bias.

Join your fellow attendees and members of Muni Pride at this reception celebrating our gathering of public finance professionals and advancing pride in the #muniverse.

We’re welcoming Chicago MuniPride Members to the NABL Diversity Reception. This event will provide opportunities to network with public finance professionals from across the country. The reception is open to all registered Workshop attendees and there is no charge for local MuniPride members to attend, however, pre-registration is required.

Please register for the reception here.

Neil J. Kaplan, Panel Chair
Hawkins Delafield & Wood LLP

Brian Teaff, Chair
Bracewell LLP

Jon P. Jurich, Panel Chair
Pacifica Law Group LLP

Karen M. Jordan, Panel Chair
Dentons US LLP

Todd L. Cooper, Panel Chair
Locke Lord, LLP

Everett Martinez, Panel Chair Denver International Airport – City & County of Denver Dept of Aviation

Katherine A. Gale, Panel Chair        
Chapman and Cutler LLP