WASHINGTON - Bond lawyers have mixed views about new "replacement" rules that are designed to prevent states and localities from issuing tax-exempt bonds for projects that could have been paid for with other funds that are being kept free for investment.

The rules are part of the new arbitrage regulations that were published on June 14 and that generally took effect for bonds issued after June 30.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.