News & Analysis as of

Bonds Municipal Bonds

Conduit Financing With Tax-Exempt Bonds

The purpose of this pamphlet, part of our Public Finance Green Book Series, is to assist conduit issuers in identifying issues and setting up policies and procedures related to their tax-exempt bond programs and their...more

Reported Criminal Probes Regarding Bond Valuations Highlight the Importance of Valuation Procedures

According to recent news reports, the DOJ and the SEC are investigating the possible improper use of third-party broker quotes by hedge fund managers to value illiquid debt securities in their portfolios. Prosecutors are...more

Bond Fraud Trial Shows Need to Scrutinize Municipal Revenue Generation

Ramapo, N.Y., Town Supervisor Christopher St. Lawrence is in the middle of a multi-week trial on two dozen securities fraud charges stemming from municipal bond issuances and accounting practices in Ramapo, a Rockland County...more

Minibonds

by Miles & Stockbridge P.C. on

The City of Cambridge, Massachusetts recently sold $2,000,000 of community sourced-minibonds (the “Community Bonds”) to finance various capital projects, including school building renovations and street and sidewalk...more

Quarterly Investment Update - 4th Quarter 2016

by Perkins Coie on

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

Port Authority of New York and New Jersey to Settle SEC Disclosure Law Violations - Agrees to Admit Wrongdoing and Pay Penalty for...

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) announced on Jan. 10, 2017, that the Port Authority of New York and New Jersey (Port Authority) agreed to admit wrongdoing and pay a $400,000 penalty in connection with...more

SEC Scores First Muni Issuer's Admission of Wrongdoing

by Burr & Forman on

The Port Authority of New York and New Jersey has admitted wrongdoing and agreed to pay a $400,000 penalty to settle SEC charges that it failed to adequately disclose project risks to investors purchasing $2.3 billion in...more

Jury Finds Miami and Former Budget Director Guilty of Securities Fraud

by Holland & Knight LLP on

In the first federal jury trial by the U.S. Securities and Exchange Commission (SEC) against a municipality or its officers, jurors found that the City of Miami, Florida (Miami or the City) and its former budget director...more

Management Contracts & Private Business Use–IRS Releases Favorable Guidance

by Bracewell LLP on

Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts with private...more

SEC & MSRB’s Pay-to-Play Rule: “Governing Games - Mocking, Part 2”

by Burr & Forman on

This SRO gamesmanship is making a mockery of governing. The latest is the SEC’s position that it didn’t take any action on the new MSRB Rules extending pay-to-play prohibitions to municipal advisors, so it can’t be sued...more

California State Treasurer Sets His Sights on Curbing Pay-to-Play in the Municipal Bond Arena

by Dentons on

While it’s easy for mainstream news outlets to get caught up in the mid-summer drama of Vice-Presidential selections, national political party conventions, and the geopolitical repercussions of Brexit, we here at Pay to Play...more

Quarterly Investment Update - 2nd Quarter 2016

by Perkins Coie on

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Quarterly Investment Update – 3rd Quarter 2015

by Perkins Coie on

Stock Market Commentary - China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since...more

Stealth Appellants No Longer Have Standing To File An Appeal In A Florida Bond Validation Proceeding

by Locke Lord LLP on

For more than 60 years, challengers to Florida bond validations had an unusual option - they could quietly wait until the trial court delivered its final judgment validating the proposed bond issue, and, without appearing,...more

Recent Developments in China Bond Markets

by Dorsey & Whitney LLP on

Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more

The Cost of Water is Rising – Financing Tools and Strategies to Help Communities Pay

by Butler Snow LLP on

Across America, the cost of water is rising. Getting clean drinking water is not as easy as turning on the faucet. Not only is access to safe water a growing issue across America — it is an expensive one too. Local elected...more

New MSRB Rule Will Increase Available Information Regarding Trades of Municipal Securities

by Butler Snow LLP on

Last month, the Securities and Exchange Commission (the “SEC”) approved amendments by the Municipal Securities Rulemaking Board (the “MSRB”) to MSRB Rule G-14 regarding the reporting of trades of municipal securities. These...more

Supreme Court of GA Affirms Denial of Bond Issue for Lake Oconee Academy

by Butler Snow LLP on

In a 6-to-1 decision, the Supreme Court of Georgia upheld a Greene County Superior Court ruling denying the validation of revenue bonds to build additional facilities for Lake Oconee Academy (the “Academy”) in Greene County...more

SEC Turns Up the Heat on Issuer Officials

by Foley & Lardner LLP on

Two recent SEC enforcement actions demonstrate that the Securities and Exchange Commission remains intently focused on the municipal market and, in particular, on officials participating in financings that fail to accurately...more

Quarterly Investment Update – 4th Quarter 2014

by Perkins Coie on

Welcome 2015! We are coming off a solid economic performance in 2014 marked by improvements in hiring, wages and corporate investments. It has been a magnificent year for both the stock and bond markets, even with a...more

N.C. Court of Appeals: Limitations Period Does Not Apply to Local Government Enforcement of Subdivision Performance Bonds

A post-Great Recession treat, the North Carolina Court of Appeals affirmed today a ruling that the Town of Black Mountain is entitled to enforce subdivision performance bonds originally in the name of Buncombe County, after...more

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

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...more

The SEC's MCDC Initiative: Where To Go From Here

by Katten Muchin Rosenman LLP on

Issuers, underwriters and advisors in the municipal bond marketplace are facing unprecedented challenges from federal regulators in connection with both the issuance of bonds and ongoing post-issuance compliance. These...more

Draw down bonds and date of issuance: questions remain with IRS guidance

by Ballard Spahr LLP on

For many years multifamily housing apartment projects could be financed with tax-exempt drawn-down bonds and loans with all of the bonds issued pursuant to a draw-down loan being treated as part of a single issue. The date of...more

OCTA 91 Express Lanes Bonds Get 2 A's from S&P

by Nossaman LLP on

In an historic move, Standard & Poor’s upgraded the Orange County Transportation Agency SR91 Express Lanes Toll Revenue Bonds to “AA-”, making it one the highest rated managed lanes projects in the world. The bonds were...more

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