By Travis Gibbs, Mitchell Rapaport, Bruce Serchuk and Carla Young ( April 20, 2018, 9:48 PM EDT) -- On April 11, 2018, the Internal Revenue Service released Revenue Procedure 2018-26, which contains new "remedial actions" that can be used by issuers of tax-exempt bonds, Build America Bonds and other tax-advantaged bonds to cure impermissible use of bond-financed projects. The guidance is also intended to facilitate public-private partnerships, or P3s, and other transactions that involve the long-term lease of existing facilities financed with outstanding tax-exempt bonds by providing an alternative remedial action that eliminates the need for a potentially costly defeasance of outstanding bonds....
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