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NABL U Presents: The Institute 2021

A CLE Program for Veterans of the Industry
When
3/3/2021 11:00 AM - 3/5/2021 3:45 PM
Where
Zoom Webinar Platform All Session Times Are in EST
To add CLE information click on the + symbol.

Program

   

A. Opening General Session

 
Opening Session: Ethics - Municipal Finance and Working in the New Normal
This session will discuss how the pandemic has changed the way we practice as public finance practitioners, from providing competent representation and maintaining client confidentiality in the world of remote working, virtual meetings, and remote open public meetings; managing the work of others while working remotely; and upholding rules of professional conduct while working from a distance.
Track
A. Opening General Session
Time
11:00 AM - 12:15 PM
3/3/2021 11:00 AM

B. Breakout Session 1

 
The session will address all aspects of working capital financings and the associated considerations undertaken by tax counsel. The session will include discussion on short-term, long-term, and extraordinary working capital financings, as well as an in-depth analysis of which amounts constitute available amounts.
Track
B. Breakout Session 1
Time
12:45 PM - 2:00 PM
3/3/2021 12:45 PM

This panel will discuss SEC Rule 15c2-12 and how municipal securities issuers, underwriters, municipal advisors and counsel have adjusted and implemented the amendments to the Rule. Discuss Q&A publication and other industry trends related to ongoing disclosure, including drafting the undertaking and diligencing compliance with listed events 15 and 16.
Track
B. Breakout Session 1
Time
12:45 PM - 2:00 PM
3/3/2021 12:45 PM

C. Breakout Session 2

 
This panel will focus on the rules for calculating and measuring private business use. Discussions will address common situations for which application of the rules has proven challenging, such as measuring private business use in new money and refunding situations, measuring the amount of nonqualified bonds in remedial action scenarios, applying multipurpose issue allocations and separate issue elections in calculations and curing private business use issues through combining new money with refunding bonds.
Track
C. Breakout Session 2
Time
2:30 PM - 3:45 PM
3/3/2021 2:30 PM

This session will discuss electronic disclosure by state and local municipal bond issuers - use of websites, social media, and other electronic communications that may be considered speaking to the market. This panel will discuss the NABL publication "Practical Considerations in Electronic Disclosure by State and Municipal Bond Issuers" in light of 2020 guidance from the SEC regarding secondary market communications.
Track
C. Breakout Session 2
Time
2:30 PM - 3:45 PM
3/3/2021 2:30 PM

D. Breakout Session 3

 
Issues to be discussed include the basic mechanics to a forward delivery (what it is and how it works), documentation pitfalls and things to look out for, identifying tax issues, disclosing information about the purchase agreement and associated risks.
Track
D. Breakout Session 3
Time
4:15 PM - 5:45 PM
3/3/2021 4:15 PM

E. Breakout Session 4

 
This panel will discuss industry trends and best practices relating to risk disclosure and other considerations such as COVID impacts and response, cybersecurity, climate change, calamity, and bankruptcy (why are these risks, drafting meaningful risk disclosure, due diligence, and other considerations).
Track
E. Breakout Session 4
Time
12:30 PM - 1:45 PM
3/4/2021 12:30 PM

This session will primarily address the phaseout of LIBOR and related reissuance and refunding implications. Current and proposed regulations as well as NABL comments to the proposed regulations will be discussed. Additional refunding and reissuance advanced topics will be addressed if time permits.
Track
E. Breakout Session 4
Time
12:30 PM - 1:45 PM
3/4/2021 12:30 PM

F. Small Session Discussions (Breakout Sessions 5/7)

 
This panel will address the ins and outs of drafting meaningful written disclosure policies and procedures related to initial, voluntary and ongoing disclosure, including timing, content (one size fits all or tailored policies), and best practices. This session will also discuss matters related to adopting a materiality standard for financial obligations under Rule 15c2-12 and other considerations.

Please select only ONE small session from this list of four. Space is limited and will be filled on a first-come, first-served basis.
Track
F. Small Session Discussions (Breakout Sessions 5/7)
Time
2:15 PM - 3:30 PM
3/4/2021 2:15 PM

Structuring of Financings for Airports, Docks and Wharves and other Exempt Facilities
This session will involve discussion of the applicable rules concerning financing airports, docks and wharves and surface freight transfer facilities and general issues under Section 142 and 147 that apply to these types of facilities.

Please select only ONE small session from this list of four. Space is limited and will be filled on a first-come, first-served basis.
Track
F. Small Session Discussions (Breakout Sessions 5/7)
Time
2:15 PM - 3:30 PM
3/4/2021 2:15 PM

This panel will discuss the nature of the lien in the context of municipal bonds, discuss how the lien would be treated in the event of a payment default and bankruptcy, explore how the lien could be made stronger and address disclosure issues and risks.

Please select only ONE small session from this list of four. Space is limited and will be filled on a first-come, first-served basis.
Track
F. Small Session Discussions (Breakout Sessions 5/7)
Time
11:00 AM - 12:15 PM
3/5/2021 11:00 AM

Current Trends in Management Contracts, Research Agreements, and Naming Rights
This session will involve a discussion of the applicable rules governing management contracts, research agreements, and naming rights rules. The discussion will focus on current trends in these areas, working through specific examples and document provisions.

Please select only ONE small session from this list of four. Space is limited and will be filled on a first-come, first-served basis.
Track
F. Small Session Discussions (Breakout Sessions 5/7)
Time
11:00 AM - 12:15 PM
3/5/2021 11:00 AM

G. Breakout Session 6

 
Tax Audits; VCAP; and Ruling Requests - Practical Considerations (Closed Session - Practitioners Only)
This panel will cover recent tax audit experiences and practical issues encountered in VCAP and ruling requests. The discussion will focus on practice tips instead of IRS organizational and hierarchical matters. The panel will discuss how to submit a PLR and review considerations in requesting a particular form of guidance.
Track
G. Breakout Session 6
Time
4:00 PM - 5:15 PM
3/4/2021 4:00 PM

Understanding the Roles of Disclosure Counsel and Underwriter's Counsel
Roles may overlap when it comes to disclosure due diligence and expectations, but each role is distinct and has unique characteristics. This panel will compare and contrast the roles of underwriter's counsel and disclosure counsel, including due diligence responsibilities, working with in house counsel, working with guidelines for outside counsel, client expectations, industry trends, and certain components of NABL's Model Letter of Underwriter's Counsel Second Edition and certain components of NABL's Model Letter of Disclosure Counsel.
Track
G. Breakout Session 6
Time
4:00 PM - 5:15 PM
3/4/2021 4:00 PM

H. Breakout Session 8

 
Taxable Municipal Bonds - Documentation, Tax and Disclosure Issues
This session will address the pronounced increase since 2020 in the issuance of taxable bonds by states and municipalities as well as 501c3 borrowers, including tax, securities, disclosure and market issues. Tax issues include complications relating to taxable refundings of tax-exempt bonds, structuring taxable bonds to be able to be refunded tax-exempt, and potential UBIT issues for 501c3 issuers. Disclosure issues to discuss include short form vs. long form taxable bond disclosure and other considerations.
Track
H. Breakout Session 8
Time
12:45 PM - 2:15 PM
3/5/2021 12:45 PM

I. Breakout Session 9

 
Post election deep dive into current and proposed legislation impacting municipal finance. (CLE is not offered for this session.)
Track
I. Breakout Session 9
Time
2:45 PM - 3:45 PM
3/5/2021 2:45 PM

J. Networking Receptions

 
Track
J. Networking Receptions
Time
6:00 PM - 7:00 PM
3/3/2021 6:00 PM

Open to all Institute attendees
Track
J. Networking Receptions
Time
5:30 PM - 7:00 PM
3/4/2021 5:30 PM