Mintz Levin - Public Finance Matters

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Enactment Imminent for Section 529A Tax-Exempt Savings Programs for Disabled Beneficiaries

On December 16, 2014 the U.S. Senate approved the Achieving a Better Life Experience (“ABLE”) legislation previously approved by the House, authorizing state-sponsored tax-exempt savings programs for disability-related expenses…more
| Finance & Banking, Taxation, Wills, Trusts, & Estate Planning

SEC Introduces “Control Person” Liability as Enforcement Action Weapon in Claim Against Municipal Officer for Misleading Bond Offering Document

The U.S. Securities and Exchange Commission recently settled the first securities fraud charges brought against a municipal official alleging “control person” status under the federal securities laws. The SEC’s settlement with…more
| Commercial Law & Contracts, Elections & Politics, Finance & Banking, Business Torts, Securities Law

IRS Provides Increased Flexibility on Management Contracts for Tax-Exempt Bond-Financed Property

On October 24, 2014, the Internal Revenue Service issued Notice 2014-67 (the “Notice”), which provides important guidance and increased flexibility for issuers and conduit borrowers of tax-exempt bonds regarding contracting with…more
| Commercial Law & Contracts, Finance & Banking, Health, Taxation, Nonprofit Law

Pennsylvania Amends Act 47 to Give the Commonwealth More Oversight and its Municipalities Less Time to Reorganize

Pennsylvania’s legislature recently approved House Bill No. 1773, an overhaul to its Municipalities Financial Recovery Act, commonly known as “Act 47.” HB 1773 was signed into law by Governor Tom Corbett on October 31, 2014…more
| Administrative Law, Bankruptcy, Finance & Banking, Taxation

Court Rules on Applicability of Make-Whole Premiums Upon Debt Acceleration

In the context of make-whole premiums, court decisions suggest that the applicability of the premium upon a refinancing in bankruptcy will be governed by the wording of the debt documents, and that if an automatic acceleration …more
| Bankruptcy, Civil Procedure, Commercial Law & Contracts, Finance & Banking

PREPA Bondholders Seek Summary Judgment Invalidating Puerto Rico’s Public Corporation Bankruptcy Legislation

On August 11, Franklin Funds and Oppenheimer Rochester Funds filed a second amended complaint, opposition to motion to dismiss and cross-motion for summary judgment in the litigation they previously filed in the United States…more
| Bankruptcy, Civil Procedure, Commercial Law & Contracts, Constitutional Law, Finance & Banking

Puerto Rico and PREPA Seek Dismissal of Bondholder Challenge to Territory’s Bankruptcy Statute

The Commonwealth of Puerto Rico and the Puerto Rico Electric Power Authority (PREPA) yesterday filed separate motions to dismiss the federal court complaint filed last month by some PREPA bondholders seeking to invalidate the…more
| Bankruptcy, Civil Procedure, Conflict of Laws, Constitutional Law, Finance & Banking

Be PREPAred: PREPA Bondholders Greet Puerto Rico’s Bankruptcy Legislation With Federal Lawsuit

On Saturday, June 28, Puerto Rico’s Governor Padilla signed into effect Puerto Rico’s new bankruptcy law for certain revenue bond issuers. Within 24 hours of the statute’s enactment, two mutual fund complexes owning…more
| Bankruptcy, Civil Procedure, Civil Remedies, Conflict of Laws, Elections & Politics

Puerto Rico Poised to Enact Bankruptcy-Like Legislation for Certain Revenue Bond Issuers

Puerto Rico’s Governor Alejandro Garcia Padilla today introduced debt restructuring legislation which, upon enactment, would provide a judicial debt relief process in Puerto Rico’s courts for certain public corporations,…more
| Bankruptcy, Finance & Banking

Municipal Bond Market Absorbs Puerto Rico Supreme Court’s Decision that Teacher Pension Reform Legislation is Unconstitutional Contract Impairment

The latest swerve in the rollercoaster that is Puerto Rico public finance occurred on April 11 with the release of the Puerto Rico Supreme Court’s ruling striking down as unconstitutional the bulk of the territory’s teacher…more
| Commercial Law & Contracts, Constitutional Law, Education, Labor & Employment Law, Finance & Banking

Legislative Trial Balloon for Puerto Rico Public Corporation Insolvency Process Attracts Bondholder Attention

Last Tuesday, Puerto Rico sold its much ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit insolvency…more
| Bankruptcy, Commercial Law & Contracts, Finance & Banking, Business Torts

Legal Highlights in Puerto Rico’s “Draft POS” for Upcoming General Obligation Bond Issue

Although Puerto Rico’s much-discussed sub-investment grade general obligation bond issue is not yet being marketed via an official preliminary official statement, it appears that a draft POS has been making the rounds. The…more
| Commercial Law & Contracts, Constitutional Law, Finance & Banking, Securities Law

Puerto Rico Senate Not in a New York State of Mind

As reported by the Wall Street Journal today and by other sources, the authorizing legislation for Puerto Rico’s much anticipated $3.5 billion non investment grade general obligation issue has become hung up in Puerto Rico’s…more
| Elections & Politics, Finance & Banking

SEC Approves Revised Semi-Annual Data Reporting Requirements for Section 529 Plan Underwriters

After initially putting the brakes on the MSRB’s attempt to use underwriters of Section 529 college savings plans as its data-gathering team, the SEC has pressed the accelerator and approved an amended MSRB Rule G-45 requiring…more
| Finance & Banking, Securities Law

Puerto Rico Bondholders Await Contract Impairment Ruling in Teacher Pension Reform Litigation

We previously discussed the Puerto Rico Supreme Court’s decision in the Hernandez case, in which by a 5-4 vote the court upheld the constitutionality under federal and Puerto Rico law of pension reform legislation affecting…more
| Civil Procedure, Commercial Law & Contracts, Labor & Employment Law, Finance & Banking
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