News & Analysis as of

Public Financing

Secretary Ben Carson Kicks Off Public Housing P3

This week, Miami-Dade County hosted Dr. Ben Carson, the Secretary of the United States Department of Housing and Urban Development, at the Liberty Square public-housing development, one of the oldest in the nation. The...more

Public Finance Update – SLGS Window Closing

by Bracewell LLP on

On March 8, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, March 15,...more

SEC Speaks 2017

by Morgan Lewis on

Commission staff highlight key developments and successes in the SEC enforcement program. As they do every year, senior officials from the US Securities and Exchange Commission (SEC or the Commission), including current...more

Will President Trump's Regulation Cuts Reduce Ongoing Disclosure for Bond-Financed Projects?

by Holland & Knight LLP on

President Donald Trump on Feb. 3, 2017, signed an executive order entitled "Core Principles for Regulating the United States Financial System," which directed the Treasury Secretary to consult with financial regulators,...more

Trump Infrastructure Planning

by Bryan Cave on

In her nomination hearing with the Senate Commerce Committee, Secretary of Transportation Elaine Chao fielded questions about President Trump’s infrastructure proposal. On the fundamental question of “where will the money...more

Let's Talk Municipal Finance – An Introduction

by PretiFlaherty on

This is the first in a series of posts discussing financing alternatives available to municipalities and certain other governmental entities, such as school, water, and sewer districts. Municipalities and other...more

Reminder: Comments to revised RAD forms due October 28th and RAD Report out for review

by Ballard Spahr LLP on

On September 28, 2016, HUD published a notice in the Federal Register to solicit comments to revised form documents used in the Rental Assistance Demonstration (“RAD”). This notice follows a 60-day comment period on...more

Rev. Proc. 2016-44: Greater Flexibility in IRS Safe Harbor for Management Contracts

by Jackson Walker on

Recently, the IRS released a safe harbor from private use of tax-exempt bond-financed facilities for management contracts that profoundly changes the safe harbors that have been in place under Rev. Proc. 97-13 for almost 20...more

New Management Contract Safe Harbors

by McCarter & English, LLP on

The Internal Revenue Service (the “IRS”) released Revenue Procedure 2016-44 (“Rev. Proc. 2016-44”) on August 22, 2016 to provide new safe harbors for management contracts to avoid characterization of such contracts as private...more

Maryland Purple Line Concessionaire Achieves Financial Close – Time to Build!

by Nossaman LLP on

Financing for the Maryland Purple Line closed on Friday, June 17 – marking an important milestone for the Maryland Transit Administration’s (and Maryland Department of Transportation’s) plan to deliver a transit solution to...more

Colorado Court Decision Creates Uncertainty for Development Using Metro District Public Financing

On April 21, 2016, the Colorado Court of Appeals issued a decision related to the Landmark project in Greenwood Village (Landmark Towers Association v. UMB Bank, hereinafter “Marin”). The decision calls into question the...more

A “FAIR” Chance for Infrastructure P3s in Obama Administration’s Final Budget Request - President Unveils Financing America’s...

by K&L Gates LLP on

In his final State of the Union address, President Obama acknowledged that “because it’s an election season, expectations for what we will achieve this year are low.” However, the Administration’s Fiscal Year 2017 budget...more

Infrastructure Investors: Is Your State Aiding You?

by Latham & Watkins LLP on

Investment in the infrastructure that keeps Europe running smoothly continues to be a big theme in European private equity. In every sector, from energy to sport, from transport to broadband, governments are increasingly...more

California Appellate Court Addresses Lease-Back Financing Plan to Fund Public Infrastructure Improvements

by Best Best & Krieger LLP on

Court Finds Plan Does Not Violate Requirement that Municipal Indebtedness be Approved by a Two-Thirds Vote of the Electorate - A lease-back financing plan the City of San Diego adopted to fund public infrastructure...more

IRS Issues Final Regulations Regarding Allocation of Bond Proceeds to Mixed-Use Projects; SLGS Window Reopens

by Bracewell LLP on

On October 26, 2015, the IRS released final regulations (the “Final Regulations”) regarding allocation and accounting rules for purposes of the private activity bond restrictions applicable to tax-exempt bonds issued by state...more

Foley Hoag Climate Update: September 2015

by Foley Hoag LLP on

After the last meeting of the Ad Hoc Working Group on the Durban Platform for Enhanced Action (“ADP”, 2nd session, 10th Part) which took place in Bonn earlier this month, the pace of climate talks for the adoption of a...more

Political Notes

Sertich Appointed to the Minnesota Stadium Facilities Authority - After the dust up with Stadium Authority member Duane Benson and Stadium Authority Chair Michele Kelm-Helgen, Governor Dayton appointed former IRRRB...more

Should Bond Lawyers Care About Chapter 9 of the Bankruptcy Code?

by Butler Snow LLP on

I have been practicing public finance law for almost thirteen years, and during the first half of that period, I never gave Chapter 9 of the Bankruptcy Code much thought, as prior to the financial crisis, municipal...more

Mello-Roos May Be Used to Fund Condemnation Action of Private Utility Provider

by Nossaman LLP on

Those of us living in newer neighborhoods are familiar with Mello-Roos – it shows up on our annual tax bills as a way to pay off bonds issued to finance various public improvements, such as schools, streets, and parks that...more

Renewable Structures: Choices and Challenges

Since the first wind deal utilizing a partnership in 2003 (also known as a “partnership flip,” a “pre-tax after-tax partnership,” or a “wind safe harbor partnership structure”), there has been a constant evolution of...more

Availability Payment or Toll Concession: Is there a hybrid approach?

by Nossaman LLP on

At the TRB P3 Subcommittee meeting on January 12, 2015, among the topics discussed is the growth in the U.S. P3 market of the availability payment approach and less use of toll concessions. Availability payment contracts...more

Rating Agency Developments

On January 7, Fitch revised its criteria for rating U.S. Public Finance Short-Term Debt. On January 7, DBRS released its methodology for surveillance of North American CMBS. On January 6, Fitch released its global criteria...more

Emerging Trends in Project Delivery: Design-Build-Maintain Contracting for Surface Transportation Projects

by Nossaman LLP on

In the modern U.S. history of public-private partnerships, the prevailing project delivery models have been the toll concession and the availability payment contract. In both cases, the private party raises equity and debt...more

Can You Discriminate Against a Company's Race? Fourth Circuit Says Yes, Grants Standing to Sue for Racial Discrimination

by Polsinelli on

Owners, contractors and other recipients of federal funds be aware: when construction or other federally-funded contracts sour, not only can contracting parties file lawsuits claiming breach of contract, but if the...more

Panama Canal Expansion Update: October 2014 Milestones

by Fowler White Burnett, P.A. on

The Panama Canal connects the Atlantic and Pacific Oceans and joins North and South America. It is one of the narrowest waterways in the world, yet thirteen to fourteen thousand ships brave the Panama Canal each year because...more

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