Public Finance Advisory: Related Case May Resolve Kentucky Case Regarding Constitutionality of State Municipal Bond Taxation by June 2007

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The U.S. Supreme Court has linked the outcome of the closely watched case of Davis v. Kentucky Dep't of Revenue of the Finance and Admin. Cabinet, 97 S.W.3d 557 (2006) to the outcome of a solid waste disposal case to be decided by the Court in the next few months. Although the exact impact of the Court's treatment of the Davis case as a "related case" to United Haulers v. Oneida-Herkimer Solid Waste Management Authority will not be known until the Court hands down its Oneida decision, it now appears likely that the Court will not grant full review of the Davis case, but will either affirm or reverse it simultaneously with the issuance of its Oneida decision or remand it to the Kentucky state court system for reconsideration in light of the principles to be articulated in Oneida. The outcome of the Davis case remains uncertain, but, as discussed in this Mintz Levin Advisory, supporters of the status quo in the municipal bond market may have reason to be optimistic in light of this development.

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