The IRS has announced plans to send a questionnaire to all entities that issued Direct Pay Build America Bonds (BABs) in 2009.  Direct Pay means the issuer receives the 35% interest subsidy from Federal Government.  The IRS has stated its intent with the questionnaire is to"evaluate the post-issuance and record retention policies, procedures and practices of issuers" of BABs.

A copy of the questionnaire can be found below and additional information is on the IRS's website at the following link: IRS Launches Compliance Check on Direct Pay Build America Bonds.

If you receive this questionnaire, feel free to contact us and we can step you through the responses.

Many local public bond issuers recently had their ratings changed (see the earlier post on Moody's rating scale recalibration).  Several steps are required for disclosure:

1. First, check the Moody's website to see if your ratings changed.
2. Second, prepare a disclosure form for the rating change.
3. Upload the form to EMMA, the secondary market disclosure website.

Contact one of our team members for help with any of the items above.

Moody's recently recalibrated its municipal ratings to its Global Scale Rating resulting in upward shifts for many local public bond issuers.  A link to their announcement can be found here, with more detail about the Global Scale Ratings here.