Build America Bonds
Presented: Friday, December 4, 2009 - 1:00 PM-2:00 PM ET
Available anytime through our webinar library (see below)
The American Recovery and Reinvestment Act (ARRA) of 2009 creates the new Build America Bond program, which authorizes state and local governments to issue Build America Bonds (BABs) as taxable bonds in 2009 and 2010 to finance any capital expenditures for which they otherwise could issue tax-exempt governmental bonds.
There are three types of BABs that provide issuers with either a direct subsidy or provide investors with a tax credit. Through one type of BAB, state and local governments receive a direct federal subsidy payment for a portion of their borrowing costs on Build America Bonds equal to 35 percent of the total coupon interest paid to investors.
Karen Keeler, ESC Board member representing financing companies, is focused on the financing of energy performance contracting transactions. She has been active in the financial industry for over 15 years and has been responsible for the successful origination of over $1 billion in lease and bond financings supporting energy efficiency projects. In addition, Ms. Keeler has been involved in the development of performance contracting legislation in several states and is an active member of NAESCO and the Energy Services Coalition.
Lona J. Valentine practices tax and financial analysis, providing guidance on a variety of topics including: arbitrage rebate, federal tax law research in the tax-exempt bond and charitable organization areas, and has worked on a wide variety of municipal financing transactions. Ms. Valentine has served as a panelist for a tax due diligence and documentation workshop at the annual National Association of Bond Lawyers' Bond Attorneys Workshop. In addition, she is frequently called on to speak at various seminars on IRS arbitrage rebate compliance. She is the author of "Restructuring of Advance Refunding Escrows: An Opportunity for Savings" (2004). Prior to the practice of law, Ms. Valentine served as a Certified Internal Auditor for a large publicly traded corporation.