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Infrastructure Investment and Jobs Act: January 1, 2022, Brings Opportunities with Two Types of Tax Exempt Bonds and Program...

Executive Summary - On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (Public Law 117-58) (the “Act”). The Act provides for more than $550 billion in new infrastructure...more

Health Care Providers: Considerations with Green Bonds Issuance

As “Green Bond” designations become more prevalent in the public finance market, many health care providers are asking: Are Green Bonds Right for Me? Not all transactions are able to achieve designation as Green Bonds,...more

Build Back Better: Notable Infrastructure and Other Public Finance Provisions Make Progress in Congress

On Wednesday, September 15, 2021, the House Committee on Ways and Means advanced the infrastructure bill (also called the Build Back Better Act). Of particular interest to the public finance market are Subtitles F and G,...more

Updated Federal Response to the Coronavirus Pandemic – Establishing the Municipal Liquidity Fund

As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more

Issuers and Conduit Borrowers of Municipal Securities: Don’t Neglect Your Continuing Disclosure Obligations Under Rule 15c-2-12...

The U.S. Securities and Exchange Commission’s (the “SEC”) Rule 15c2-12 (the “Rule”) requires an underwriter in a primary offering of certain municipal securities to reasonably determine that an issuer or obligated person (as...more

SEC Chairman and OMS Director Issue Public Statement on Importance of Disclosure to Municipal Securities Market in Light of...

On May 4, 2020, the U.S. Securities and Exchange Commission (the “SEC”) released a Public Statement (the “Statement”) from Chairman Jay Clayton and Rebecca Olsen, Director of the SEC’s Office of Municipal Securities (“OMS”),...more

Federal Response to the Coronavirus Pandemic Municipal Liquidity Facility

As a result of tax and other revenue deferrals and other Coronavirus-related stressors affecting state and local governments, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) announced on April 9,...more

Managing the Commercial Impact of the Coronavirus: Implications for Commercial Paper Market

As the Coronavirus outbreak continues to develop and persist, issuers of commercial paper have been challenged to access liquidity markets. Market disruption has led to the inability of issuers to access the commercial paper...more

Senior Living: HUD 232 Program as an Alternative to Traditional Bond Financing

Senior living providers long have considered the bond market to be a primary vehicle for financing. However, not all transactions are a good fit for tax-exempt bonds. State law issuer considerations, transaction and borrower...more

SEC Adds Two New Events to Rule 15c2-12: Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

On August 20, 2018, the Securities and Exchange Commission (“SEC”) issued Release No. 34-83885 (the “Release”) adding two new events (the “New Events”) to the list of events that must be included in the continuing disclosure...more

The Phasing Out of LIBOR: Initial Reaction and Preparation

1. Background: Elimination of LIBOR by 2021 - As has been widely publicized, on July 27, 2017, the U.K. Financial Conduct Authority announced that LIBOR (London Interbank Offered Rate) the longtime global interest rate...more

The Ball is in the SEC’s Court: What Health Care Borrowers Can Do While Waiting on Changes to Rule 15c2-12

On March 1, 2017, the Securities and Exchange Commission (SEC) issued Release No. 34-80130 (the Release) proposing several amendments to its Rule 15c2-12 (the Rule) that would add two new events to the list of events that...more

The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more

Part 2: Shelf Registration Extended Offering Period

Our first post in this series examined the regulatory and contractual considerations for municipal securities issuers and conduit borrowers using shelf registration. Now we examine the equally important considerations for...more

Shelf Registration Extended Offering Period: Ready for the Municipal Marketplace?

Recently, a significant municipal issuer entered the market with its first sale under a $1 billion borrowing program that will use an offering statement style novel to the municipal market. For years, issuers of traditional...more

The MCDC Initiative and Recent Modifications: Window for Issuers and Obligated Persons Now Closes on December 1, 2014, While...

As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more

The MCDC Initiative: Window Closes on September 10, 2014

As highlighted in the SEC’s 2012 Municipal Market Report, the SEC has expressed significant concern that many issuers have not been complying with their obligation to file continuing disclosure documents and that federal...more

City of Harrisburg Settles With SEC on Rule 10b-5 Violations

Recently, the SEC settled with the City of Harrisburg (City) over violations of Rule 10b-5 in connection with material misstatements and omissions made by the City in its public statements and financial information, during a...more

New SEC Chair: What It May Mean for the Municipal Securities Market

Participants in the municipal securities market should take particular interest in the appointment of Elisse B. Walter as chair of the SEC. Her close association with regulation of the municipal securities market makes it...more

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