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Frequently Asked Questions

How do I send the funds to NLAF for the initial investment? 

How do I withdraw from my NLAF account? 

How do I invest my Bond proceeds with NLAF? 

What are my options for transferring funds electronically? 

How do I get an account balance? 

Can I obtain account information online? 

What is arbitrage? 

What are the arbitrage spending requirements for the 6-,18-, and 24-Month Exceptions? 

Can I fill out my registration forms online? 

How do we change our wire instructions or authorized representatives for an account? 

Q. How do I send the funds to NLAF for the initial investment? 

A: Before wiring funds, you must complete and have signed all necessary documentation to open a NLAF account. Review How To Open an Account. When account is opened, please notify us of the amount to be sent and the name of the bank sending the funds. Funds should be wired to NLAF before 12:00 noon Eastern Time.
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Q: How do I withdraw from my NLAF account? 

A: An Investor may withdraw funds from any account by either (i) initiating a requisition for a wire transfer or ACH transfer on-line, (ii) telephoning  (1-877-667-3523), or (iii) writing a check to a third party (if they have a NLAF checking account).
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Q: How do I invest my Bond proceeds with NLAF? 

A: Contact a NLAF fund representative. Before closing date, return completed registration forms with bond documents (Official Statement, Non-Arbitrage Certificate, Closing Memorandum, Trust Indenture, Resolution) via mail or fax to Client Services (1-877-667-3523). Funds should be wired to NLAF before 12:00 noon Eastern Time. Please notify us of the amount to be sent and the name of the bank sending the funds.
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Q. What are my options for transferring funds electronically? 

A: There are two options for electronic funds transfer available to NLAF Investors:

Same Day Wire Transfer – Funds can be transferred by wire to or from a NLAF account. For incoming transfers, you must instruct your financial institution to send the funds to NLAF. For outgoing transfers, the NLAF Client Services Team will initiate the transfer. In either case, NLAF must be notified by 12:00 noon Eastern Time in order for the funds to transfer/credit the same day. NLAF has no service charge or fee for this service.

Next Day Transfer – Next Day Transfer utilizes the Federal Reserve’s Automated Clearing House (ACH) system. Funds are transferred overnight and are available in the designated account the next business day. Requests to transfer funds must be received by NLAF via phone, fax, or online account access by 2:30 p.m. Eastern Time. The Next Day Transfer Form must be completed in advance and takes approximately ten (10) business days to process.
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Q. How can I check my account balance? 

A. View your account information online or contact a NLAF representative at 1-877-667-3523.
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Q. Can I obtain account information online? 

A. Account information is available through the Account Access link on this website. If you are a first time user, please submit an Online Account Access Form. Once received by the Fund, please allow two business days for setup and then you may begin accessing your account information.
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Q. What is arbitrage? 

A: Arbitrage is the profit from investing tax-exempt debt financing proceeds in higher yielding taxable securities. These excess earnings must be rebated to the federal government unless certain requirements are met. For further information on arbitrage, click here to go to Resources.
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Q. What are the arbitrage spending requirements for the 6-,18-, and 24-Month Exceptions? 

A: In order to qualify for exemption from rebate under the 6-month spending exception, all gross proceeds and investment earnings thereon must be spent within 6 months of the issue date.

The 18-month exception requires that all proceeds and investment earnings thereon be spent as follows:

  • 15% within 6 months of the issue date
  • 60% within 12 months of the issue date
  • 100% (less "reasonable retainage") within 18 months of the issue date

The 24-month exception applies only to construction issues, and requires that all Available Construction Proceeds be spent as follows:

  • 10% within 6 months of issue date
  • 45% within 12 months of issue date
  • 75% within 18 months of issue date
  • 100% (less "reasonable retainage") within 24 months of issue date
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Q. Can I fill out my registration forms online? 

A: Yes, you can complete the registration forms online in order to expedite the information delivery. However, you must print the completed forms and have appropriate individuals sign the forms and forward original documents to NLAF by mail. Mail Originals to: NLAF Client Services • c/o PFM Asset Management LLC • PO Box 11760 • Harrisburg, PA 17108-1760

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Q. How do we change our wire instructions or authorized representatives for an account? 

A: You will need to provide us with written notification of the change. You may complete the registration form for these updates. Please note on the form that this is an update and to amend our current instructions.
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This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Fund's investment objectives, risks, charges and expenses before investing in the Fund. This and other information about the Fund is available in the Fund's current Information Statement, which should be read carefully before investing. A copy of the Fund's Information Statement may be obtained by calling 1-877-667-3523 or is available on the Fund's website at www.nlafpool.org. While the Fund seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Fund are distributed by PFM Fund Distributors, Inc., member  Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. 

 

 

 

 

 

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