Tribal Leaders Meet in California To Discuss Munis, Impact of IRS

Saskal, Rich
January 2005
Bond Buyer;1/21/2005, Vol. 351 Issue 32054, p1
Trade Publication
This article reports that hundreds of Indian tribal leaders and public finance professionals gathered at a conference here this week to discuss, among other things, tax-exempt borrowing by Native American issuers. Uncertainty over just how narrow those limits are--along with the U.S. Internal Revenue Service (IRS) audits challenging the use of conduit financing to skirt those restrictions--have cast a pall on the market for tribal bonds by scaring off investors. Perry Israel, co-chair of Orrick Herrington & Sntcliffe LLP's tribal finance group, said the IRS has clouded the issue without shining any light on it.


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