Direct bank loans have become increasingly popular in the muni market since 2009 as an alternative to publicly offered bond issues. Bank loans can be structured with fixed or variable rates and do not need credit enhancement. As a result, many issuers have been using direct bank loans to replace debt with expiring letters of credit. The result, of course, is increasing scrutiny to assure that both issuers and investors are properly protected. In our May, 2013 edition of Investing in Georgia, we reported on the work of the municipal market's Bank Loan Disclosure Task Force, which had released a report providing guidance to municipal bond issuers and their financial advisors and legal counsel in determining whether to disclose the incurrence of debt in the form of bank loans. This month, the Government Finance Officers Association (GFOA), through its Debt Committee, is joining the parade, announcing that it is developing a new "best practice" paper for issuers on bank loans. GFOA intends to provide guidance to its members about "questions you need to ask, the risks involved, rewards, etc." according to a GFOA consultant. Be on the lookout for further reports on this GFOA "best practice" when it comes out early this fall.