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Positive Arbitrage is Back

This webinar is complimentary for MGFOA Members.

Interest rates are at levels we have not seen in more than 15 years. The upward trend in interest rates that began in mid-2022 makes earning positive arbitrage more likely for bonds issued today and even for bonds issued in the low-rate environment from 2018 to 2021. Get an overview of arbitrage rebate requirements with a focus on when rebate calculations should be prepared and exceptions to the rebate requirement including the small issuer and spending exceptions. Understand how the yield restriction analysis for unspent proceeds for new money issues at the end of the 3-year temporary period applies separately from the arbitrage rebate requirements. Discuss what makes a debt service fund a bona fide debt service fund for purposes of both yield restriction and rebate. Learn about the requirement that Bond proceeds be invested in fair market value investments, as well as when rebate payments must be paid to the IRS and the costs and consequences of a late rebate payment.

Presenters:

Katrina Desmond, Miller Canfield Law Firm
Sarah Hart, MILAF+/PFM Asset Management, LLC 

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