By Rebecca Harrigal, Vanessa Albert Lowry and Linda D'Onofrio (June 14, 2019, 4:24 PM EDT) -- While the advance refunding of tax-advantaged bonds remains a thing of the past, the Internal Revenue Service issued guidance on May 22, Notice 2019-39[1], expanding the realm of current refundings[2] to permit the current refunding of all existing and future tax-exempt bond programs that impose bond volume cap, issuance time deadlines or both, for which the statute under which such programs operate does not address the permissibility of current refunding bonds. Under the notice, an issuer may now refund bonds issued under these programs without obtaining additional volume cap for the refunding bonds and may issue the refunding bonds after the deadline has passed for issuing bonds under the program....