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Underwriter briefs board on IRS rules; $15M calendar‑year exception may shape timing of bond sale
Summary
Piper Sandler adviser Tim Oswald told the Dallas Center‑Grimes board that IRS arbitrage and calendar‑year rules could make a smaller bond sale before year‑end advantageous and explained the spending tests that apply to larger issues.
Tim Oswald of Piper Sandler advised the Dallas Center‑Grimes School Board on bond‑sale timing and federal arbitrage rules, saying the district should weigh whether to sell up to $15 million this calendar year to qualify for a three‑year spending exception while architects finalize projected construction cash flows.
“In the eyes of the IRS, a year is January 1 to December 31,” Oswald told the board, noting that arbitrage rules measure earnings on bond proceeds…
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