The first piece is a two pager suitable for those with only superficial knowledge or interest in this issue. The second, which comes from NABL, is a longer piece which includes the draft legislation. Our interest is injecting the small borrower exception into the conversation of infrastructure, tax reform cleanup, tax corrections, or even standalone bills. The larger public finance community has embraced this issue with us but advance refunding is understandably the number one issue. We would like this to be a tagalong issue as well as considered on its own merits. In the two years of ARRA this liberalization( $10 million to 30 mill cap and applied to borrowers not just issuers), which we now seek to be made permanent, resulted in thousands of beneficial transactions by small local governments and nonprofits. It is an important tool in your offerings to those institutions whose borrowings are of no interest to the public market and would prefer the advantage in bank loans of tax exempt rates.
I hope you use these materials in your upcoming meetings, to send to those who you have met, and as an excuse to reengage. Please let me know about your contacts and, of course, please let Martin Walke and me know if you have any questions or comments.