The Department of Transportation's Build America Bureau is soliciting applications until May 10 for grants intended to help state and local governments assess whether any of their assets would be viable for monetization in a...more
Voters in California may cast ballots this November on a proposal to make substantial changes to the California Constitution involving taxation and related government powers.
Initiative 1935, the so-called “Taxpayer...more
The Financial Data Transparency Act of 2022 (Act) will change the way issuers and obligors of municipal securities report required disclosure information on the Municipal Securities Rulemaking Board’s Electronic Municipal...more
In an unprecedented move, the Securities and Exchange Commission (the “SEC”) recently filed litigation against one underwriter of municipal securities and announced settlements with three others. The litigation and...more
Historically, the ability of a governmental conduit issuer to issue bonds to facilitate a financing for a religious organization or a religiously affiliated school, university, senior housing facility or other nonprofit...more
7/7/2022
/ Carson v Makin ,
Constitutional Challenges ,
Educational Institutions ,
Espinoza v Montana Department of Revenue ,
Establishment Clause ,
First Amendment ,
Free Exercise Clause ,
No Aid Clause ,
Private Schools ,
Public Schools ,
Religious Schools ,
SCOTUS ,
Tuition
Historically, the ability of a governmental conduit issuer to issue bonds to facilitate a financing for a religious organization or a religiously affiliated school, university, senior housing facility or other nonprofit...more
7/9/2020
/ Compelling Governmental Interest ,
Constitutional Challenges ,
Espinoza v Montana Department of Revenue ,
Establishment Clause ,
Free Exercise Clause ,
No Aid Clause ,
Private Schools ,
Religious Discrimination ,
Religious Schools ,
Remand ,
Reversal ,
Scholarships ,
SCOTUS ,
State Aid ,
State Constitutions ,
Strict Scrutiny Standard ,
Tuition
On May 4, 2020, Securities and Exchange Commission Chairman Jay Clayton and Director of the Office of Municipal Securities Rebecca Olsen issued a statement encouraging municipal securities issuers and obligors (each referred...more
Overview -
Many issuers (including conduit borrowers) and others in the municipal market are facing unprecedented financial, operational and other challenges as a result of the spread of the Coronavirus Disease 2019...more
On February 10, 2020, an SEC advisory committee called the Fixed Income Market Structure Advisory Committee (FIMSAC) met and adopted a series of recommendations on the topic “Timeliness of Financial Disclosures in the...more
2/24/2020
/ Institutional Investors ,
MCDC ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Public Disclosure ,
Public Finance ,
Regulatory Oversight ,
Rulemaking Process ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The recently enacted reduction of the maximum federal corporate tax rate may trigger contractual provisions that provide for a significant increase in the interest rate on tax-exempt debt privately placed with a bank lender...more
In April 2017, the Road Repair and Accountability Act of 2017 was enacted in California (also known as California Senate Bill “SB1”). Key facts about SB1 are as follows...more
As the senior population continues to grow, so does the need for housing built specifically for seniors, such as multifamily senior apartments, continuing care retirement communities, independent living and assisted living...more
Local government issuers of bonds and any conduit borrowers of the proceeds of such bonds need to be aware of California Senate Bill 450 (Hertzberg), signed into law by the Governor on October 9, 2017....more
In Public Finance, questions on separation of church and state usually arise in the context of a conduit financing by a state or local governmental entity which benefits a religious organization. The religious organization...more
Across the nation, the delivery of health care services is undergoing a period of transformation. Much of this change is being driven by The Affordable Care Act signed into law in 2010.
Many hospital facilities in...more
Funding transportation infrastructure in California is becoming increasingly difficult, as diminished gasoline taxes and other state and federal funding sources continue to be insufficient to provide fully for burgeoning...more