David Y. Bannard

David Y. Bannard

Foley & Lardner LLP

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Shining a Brighter Light on Massachusetts Public Records - HB 4333

If, as Justice Louis Brandeis famously said, “sunlight is said to be the best of disinfectants,” Massachusetts public records have just received a substantial splash of bleach. On June 3, 2016, Governor Charlie Baker signed...more

6/9/2016 - Amended Legislation Fees Government Entities Governor Baker New Legislation Public Records Records Request

Developing a Business Case for Renewable Energy at Airports

The Airport Cooperative Research Program (ACRP) recently released Report 151: Developing a Business Case for Renewable Energy at Airports (the Report). Foley partner David Bannard is a co-author of the Report, assisting lead...more

4/26/2016 - Airports Electricity Costs Energy Policy Energy Projects Financing Power Purchase Agreements Renewable Energy Request for Proposals Sustainable Projects

Part 2: Shelf Registration Extended Offering Period

Our first post in this series examined the regulatory and contractual considerations for municipal securities issuers and conduit borrowers using shelf registration. Now we examine the equally important considerations for...more

3/15/2016 - Due Diligence Financial Adviser Investment Banks Municipal Bonds Municipal Securities Issuers Municipal Securities Market Offerings Underwriting

Shelf Registration Extended Offering Period: Ready for the Municipal Marketplace?

Recently, a significant municipal issuer entered the market with its first sale under a $1 billion borrowing program that will use an offering statement style novel to the municipal market. For years, issuers of traditional...more

3/11/2016 - Disclosure Requirements Hospitals Municipal Bonds Municipal Securities Issuers Municipal Securities Market Offering Statements Tax-Exempt Bonds TEFRA

New IRS Regulations for Mixed-Use Projects Financed With Tax-Exempt Bonds Have Particular Importance for Nonprofit Health Care...

On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have particular...more

11/6/2015 - 501(c)(3) Final Rules Healthcare Facilities IRS Mixed-Use Zoning Tax-Exempt Bonds

New IRS Regulations for Mixed-Use Projects Financed With Tax-Exempt Bonds Have Practical Importance

On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have significant...more

10/28/2015 - 501(c)(3) Borrowers Carve Out Provisions Final Rules Government Bonds Internal Revenue Code (IRC) IRS Mixed-Use Zoning Public Private Partnerships (P3s) Recordkeeping Requirements Remedial Actions Safe Harbors State and Local Government Tax Exempt Entities Tax Planning Tax-Exempt Bonds U.S. Treasury

SEC Turns Up the Heat on Issuer Officials

Two recent SEC enforcement actions demonstrate that the Securities and Exchange Commission remains intently focused on the municipal market and, in particular, on officials participating in financings that fail to accurately...more

3/11/2015 - Bond Financing Bonds Disclosure Requirements Enforcement Actions Material Disclosures Municipal Bonds Municipalities SEC

IRS Releases Favorable Private Business Use Rules for Facilities Financed With Tax-Exempt Bonds

On October 24, 2014, the IRS released Notice 2014-67, which establishes more favorable safe harbors for types of service contracts and other arrangements using property financed with tax-exempt bonds. The Notice also provides...more

10/29/2014 - Bonds IRS Safe Harbors Service Contracts Tax Exemptions Tax-Exempt Bonds

The MCDC Initiative and Recent Modifications: Window for Issuers and Obligated Persons Now Closes on December 1, 2014, While...

As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more

8/6/2014 - Deadlines Disclosure Requirements EMMA Enforcement MCDC Municipal Bonds Municipal Securities Issuers Municipalities SEC Underwriting

SEC's MCDC Initiative - The Clock is Ticking

Not-for-profit health care providers that have borrowed on a tax-exempt basis within the last five years should be aware of the Securities and Exchange Commission’s (SEC) Municipalities Continuing Disclosure Cooperation...more

7/15/2014 - Compliance MCDC Non-Profits SEC Tax Exemptions

The MCDC Initiative: Window Closes on September 10, 2014

As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more

6/9/2014 - Compliance Disclosure Requirements Enforcement Enforcement Actions False Statements SEC

The SEC’s Municipal Advisor Rule Will Prompt New Practices for Market Participants

A new rule will take effect on July 1, 2014 that regulates persons and firms that provide advice to municipal issuers and obligated parties regarding municipal financial products or the issuance of municipal securities....more

2/14/2014 - Compliance Dodd-Frank MSRB Municipal Advisers SEC

Where to Look: Governmental Sources of Funding for Emerging Companies

Young companies are always looking for sources of capital, but many are unaware of funding sources provided by governmental programs. These programs are typically targeted at specific sectors and are intended to create jobs...more

1/6/2014 - Emerging Growth Companies Funding Small Business Startups

City of Harrisburg Settles With SEC on Rule 10b-5 Violations

Recently, the SEC settled with the City of Harrisburg (City) over violations of Rule 10b-5 in connection with material misstatements and omissions made by the City in its public statements and financial information, during a...more

5/15/2013 - Disclosure Rule 10b-5 SEC Settlement

New SEC Chair: What It May Mean for the Municipal Securities Market

Participants in the municipal securities market should take particular interest in the appointment of Elisse B. Walter as chair of the SEC. Her close association with regulation of the municipal securities market makes it...more

12/18/2012 - Dodd-Frank Elisse B. Walter MSRB Municipal Securities Market SEC

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