Refunded Bonds and Arbitrage Rebate Compliance

Historically there are many piles of paper documents on the conference table for various parties to sign and authorize a debt issue at closing. Among those documents is one called the “Non-Arbitrage Certificate,” “Certificate As To Use of Proceeds,” “Arbitrage Tax Certificate” or something similarly titled. Within this document, the issuer agrees to take whatever actions are needed to maintain the issue’s tax-exempt status and agrees to post-issuance compliance, including...



More Jurisdictions Issuing Green Bonds

State and local interest in green bonds has expanded over recent years. A recent example is the Upper Mohawk Regional Water Finance Authority (Washington), which recently received a GB1 green bond assessment from Moody's Investors Service for $8.78 million of water system revenue bonds, according to Bond Buyer. It's the first GBA rating Moody's has issued in the United States. The rating--ranging from GB1 for excellent to GB5 for poor--"is designed to help investors determine if green bond...