The Government Finance Officers Association’s federal liaison center is warning some members against using interest rate swaps and derivatives as alternatives to advance refundings. In a recently published alert, GFOA noted that the tax law changes enacted in December prohibit the use of tax-exempt advance refundings as of Jan. 1, 2018. As a result, issuers are looking for alternatives. “Issuers should work with their advisors to understand potential new risks and other considerations that may accompany these alternatives,” GFOA said in the alert, adding it, “cautions many entities against entering into swap or derivative agreements.”