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
As a result of the COVID-19 virus, local governments in California are facing sudden, unexpected, unprecedented, dramatic shortfalls or delays in a number of their core revenue streams, in some cases combined with...more
4/19/2020
/ Bonds ,
Capital Improvements ,
CARES Act ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Escrow Accounts ,
Leaseback ,
Loans ,
Property Tax ,
Public Finance ,
Public Private Partnerships (P3s) ,
Securitization
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
Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...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
For a number of years, the IRS Office of Tax-Exempt Bonds ("TEB") has expressed concerns about potential tax abuses that may exist in what it has characterized as "developer-driven deals" involving the use of tax-exempt...more
On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more