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DESCRIPTION:Interest rates are at levels we have not seen in more than 15 y
 ears.  The upward trend in interest rates that began in mid-2022 makes ear
 ning positive arbitrage more likely for Bonds issued today and\, surprise!
 \, even for Bonds issued in the low rate environment from 2018 to 2021.  T
 his session will provide an overview of the arbitrage rebate requirements 
 with a focus on (i) when rebate calculations should be prepared\, (ii) spe
 nding exceptions to the rebate requirement in the current interest rate en
 vironment\, (iii) yield restriction analysis for unspent proceeds for new 
 money issues at the end of the 3-year temporary period\; (iv) what is a bo
 na fide debt service fund\, (v) fair market value of investments and yield
  burning\, and (vi) when rebate payments must be paid to the IRS and the c
 osts and consequences of a late rebate payment.\nLearning Objectives:  Par
 ticipants completing this session will be able to:\n\nDetermine key dates 
 relevant to compliance\, including rebate computation dates for each bond 
 issue\;\nLearn the benefit of meeting one of the spending exceptions to th
 e rebate requirement\;\nBecome aware of the yield restriction requirement 
 for (i) unspent proceeds for a new money issue at the 3-year temporary per
 iod and (ii) a non-bona fide debt service fund\;\nUnderstand the importanc
 e of purchasing investments at fair market value and why yield burning is 
 prohibited\; and \nUnderstand the importance of making timely rebate payme
 nts.\n\nSpeakers:  Samantha Duke\, Senior Rebate Manager\, Ice Miller LLP 
 and Michael Steinbrook\, Director\, PFM Asset Management LLC\nIntended Aud
 ience: Finance ProfessionalsDelivery Method: Internet BasedProgram Level: 
 OverviewPrerequisites: No prerequisites required Advanced Preparation: No 
 advanced preparation requiredField of Study: Finance -TechnicalNASBA CPE: 
 Earn About 1.5 CPE credit
DTEND:20230504T141500
DTSTAMP:20260426T223237
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SUMMARY:Positive Arbitrage is Back!  Arbitrage Rebate Compliance and Strate
 gies for Bonds in the Current Interest Rate Environment
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