The Bond Buyer | February.12.2013
This article, about the Internal Revenue Service's (“IRS”) plans to revamp the tribal economic development bond program, quotes public finance partner Townsend Hyatt.
Hyatt stated that the new IRS guidelines adopted last summer were "a step in the right direction towards making sure TED bond allocations go toward viable projects," and that Orrick is working on several refinancings that will likely include some TED bond components.
"By all accounts, there hasn't been a rush of TED bond applications yet," he said. "Nonetheless, we've seen renewed interest from tribal borrowers in TED bonds or TED loans since the process reopened. However, the new 180-day forfeiture rule means that tribes are waiting until later in the deal structuring process before applying for TED bond allocations."