Thomas D. Colis

Thomas D. Colis

Miller Canfield

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Michigan Governor Signs Early Warning Legislation for Financially Distressed School Districts with Immediate Effect

On July 7, Michigan Governor Snyder signed into law a package of bills, all with immediate effect and most with a tie bar to at least one of the other bills in the package, creating an early warning system to identify the...more

7/10/2015 - New Legislation Public Schools Reporting Requirements School Districts State Funding State Treasurers

Michigan Governor Signs Law Eliminating February Regular Elections

Michigan Governor Snyder signed a series of bills on June 30, 2015 amending the Michigan Election Law. The legislation eliminates the regular election date on the fourth Tuesday in February, as well as the March election in...more

7/7/2015 - Election Laws

Legislature Passes Early Warning Bills for Financially Distressed School Districts

The Michigan Legislature recently passed a package of bills to create an early warning system to identify the potential for financial distress in local school districts, intermediate school districts (ISDs) and public school...more

6/26/2015 - Public Schools School Districts State Budgets

SEC Municipalities Continuing Disclosure Cooperation Initiative: Should A Bond Issuer Self-Report?

Municipal securities issuers have the opportunity to self-report material misstatements in official statements regarding prior compliance with continuing disclosure undertakings under a new initiative introduced by the...more

10/29/2014 - Compliance Enforcement Material Misstatements MCDC Municipalities SEC

New SEC Initiative Offers Municipal Issuers and Underwriters an Exit Strategy for Continuing Disclosure Violations

The U.S. Securities and Exchange Commission Enforcement Division recently announced a program intended to resolve violations of federal securities laws regarding continuing disclosures in bond offering documents. The program,...more

5/29/2014 - Compliance Disclosure Requirements Municipal Bonds SEC Self-Reporting Underwriting

New SEC Regulations of Municipal Advisors and Underwriters Take Effect in July

Last fall, the federal Securities Exchange Commission (SEC) issued new rules (Rule) regulating municipal advisors and underwriters, now scheduled to become effective July 1, 2014. In 2010, President Obama signed into...more

3/4/2014 - Dodd-Frank Municipal Advisers SEC

Proposed New MSRB Rule on Standards of Conduct for Municipal Advisors

On January 9, 2014 the Municipal Securities Rulemaking Board (MSRB) issued proposed Rule G-42 on the standards of conduct and duties of municipal advisors when engaging in municipal advisory activities other than making...more

3/4/2014 - Code of Conduct MSRB Rule G-42 SEC

Process and Form of Filing Annual Qualifying Statement Revised

Earlier this month, the Michigan Department of Treasury issued Bulletin 6 implementing revisions to the application form and method of filing for the annual Qualifying Statement. The Revised Municipal Finance Act, Public Act...more

5/23/2013 - Annual Filings Audits Municipalities

School Loan Revolving Fund Changes Act 437 of 2012

The long debated changes to the State law implementing the School Bond Qualification and Loan Act were enacted in December as part of the Legislature's lame duck session, and became effective on December 27, 2012, as Public...more

1/30/2013 - Lame Duck Session Loans

Open Meetings Act Now Requires Additional Notice for Special Meetings

On December 27, 2012, Governor Snyder signed into law HB 5459, which amends the Michigan Open Meetings Act to add several new notice requirements for public bodies holding rescheduled or special meetings....more

1/21/2013 - Notice Requirements Open Meetings Act

Retirement Program Bonds: New Tool for Michigan Municipalities

In October 2012, Governor Snyder signed into law SB 1129, designed to provide Michigan local governments with the ability to issue bonds or other municipal securities to pay all or part of the costs of their unfunded pension...more

12/5/2012 - Municipal Bonds Pensions Retirement

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