Public Financing

News & Analysis as of

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

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

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?

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

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?

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

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

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

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

New Pilot Program for Climate-Related Projects: Insurance for Energy Savings - The Mission of the Global Innovation Lab for...

"Insurance for Energy Savings" is one of four ideas selected on Oct. 20, 2014, for refinement, stress-testing and preparation of a pilot program by the Global Innovation Lab for Climate Finance. The Lab was launched in June...more

"Enhanced Infrastructure Financing Districts": New California Infrastructure Financing Law Passes Legislature

Enhanced Infrastructure Financing Districts will soon become a reality for many cities and counties looking for a mechanism to perform some functions previously done by redevelopment agencies. Senate Bill 628 (SB 628) passed...more

Indiana I-69 Section 5 Availability Payment Project Closes Financing

On July 23, 2014, the Indiana Finance Authority closed financing on its second availability payment P3 project, the I-69 Section 5 highway project, a 21-mile reconstruction project located outside of Bloomington Indiana, the...more

Rating Agency Developments

On June 18, Fitch released its criteria for analyzing multi-borrower U.S. CMBS transactions. On June 18, Fitch released its criteria for rating securitizations in emerging markets. On June 16, Fitch released its master...more

Water Resources Legislation Could Lead to Increase of U.S. Water P3s

President Obama recently signed into law the Water Resources and Reform Development Act of 2014 (WRRDA). The statute begins to address ways to fund the billions of dollars necessary to update the country’s drinking water...more

Federal Surface Transportation Reauthorization: The Road Ahead

With the expiry looming of the current federal authorization for US surface transportation funding, the Obama Administration recently submitted a bill to Congress (the “Grow America” Act) proposing a four-year reauthorization...more

Recent Fair Campaign Practices Act Developments

Two recent administrative law judge decisions reflect that a Colorado government may violate the Fair Campaign Practices Act ('FCPA") prohibition on spending public funds to urge voters to vote for or against a ballot...more

Four Teams Short-listed for the Maryland Purple Line P3

On January 8, 2014, the Maryland Department of Transportation and the Maryland Transit Administration announced that four teams were short-listed to submit proposals to design, build, construct, finance, operate and maintain...more

Public Private Partnerships: From Economic Development to Local-Serving Infrastructure Procurement

In This Presentation: Public Private Partnership Opportunities: - Public Assistance into Private Projects • Economic Development/Redevelopment • Land Use/Zoning • Real Estate Assets/Long Range Property...more

Commission Launches First State Aid Investigations Into Football Clubs

The European Commission opened the first in-depth investigation into alleged State aid for professional football clubs. This comes after the Commission launched investigations into the financing of arenas. It is likely that...more

The Lakers Beat the Who?

Seattle sports fans recently rejoiced when the Maloof family announced that they have (finally) agreed to sell their stake in the Sacramento Kings to a Seattle-based investment group that (spoiler alert) intends to move the...more

California By The Numbers

To ring in the new year, the California Legislative’s Analyst’s Office issued Cal Facts 2013. According to the LAO, this report is intended to provide “a broad overview of public finance and program trends in the state”....more

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