Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
On March 12, 2026, the Department of Treasury and the IRS released proposed regulations to update and clarify several provisions in the arbitrage regulations under Section 148 of the Internal Revenue Code. The proposed...more
In March 2026, the Internal Revenue Service (IRS) released proposed guidance aimed at clearing up lingering questions around arbitrage rules and the treatment of certain bond proceeds....more
Municipal issuers entered 2026 navigating a complex mix of policy priorities, market dynamics and operational risks. Three themes stand out across jurisdictions and sectors: accelerating the delivery of affordable housing...more
On January 20, 2026, the Texas Attorney General’s office issued a letter To All Bond Counsel (ABC Letter) prescribing a new certification requirement for Texas issuers. For all municipal bond transcripts submitted by issuers...more
A receivership is a court-supervised tool to stabilize operations of a distressed borrower, ring-fence pledged revenues, and drive recoveries for municipal bondholders when bankruptcy is not available or not desirable....more
Cryptocurrency is creeping into the municipal market. This is an unusual development for a market known for its prudent fiscal practices. It is actually quite astonishing....more
This guide is designed to help your municipal team determine what financing options are available once the decision has been made to borrow money for a city or village financing. Please refer to page 10 for a quick reference...more
The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. Its primary objective is to extend key provisions of the 2017 Tax Cuts and Jobs Act (TCJA), including individual and corporate tax cuts. Beyond tax...more
The One Big Beautiful Bill Act (the “OBBBA”) preserves the federal tax exemption for all municipal bonds, including both governmental purpose and qualified private activity bonds, which state and local governments rely on to...more
Tax-exempt municipal bonds avoided a potential worst-case scenario of elimination in the House-passed budget reconciliation bill — the One Big Beautiful Bill Act. The recently released tax language from the Senate Finance...more
The Mid-Atlantic Renewable Energy Coalition (MAREC Action) and Bricker Graydon invite you to join us for an engaging event exploring the future of energy policy in Kentucky. Discover how an “all of the above” energy strategy...more
The wildfires in Southern California earlier this year were another sobering reminder of the devastating impact of natural disasters on local communities, and Connecticut is certainly not immune....more
Don’t be fooled by the 90-day pause. It looks like high tariffs will be here to stay and we are in the midst of an all-out trade war with China, including a minimum 145% tariff....more
On April 1, 2025, the Securities and Exchange Commission filed a complaint three individuals for allegedly defrauding investors in a $284 million municipal bond offering intended to finance a sports complex and family...more
Frost Brown Todd’s (FBT) Public Finance Practice Group hosted its annual Public Finance 360° Seminar on Feb. 20, 2025. Webinar topics included a 2025 municipal bond market update, financial disclosure considerations, and tax...more
You may have heard recently about proposals for Congress to remove the exclusion from gross income of interest on state and local bonds, usually referred to as “repealing the tax exemption on municipal bonds.” This issue...more
President Trump has indicated that one of his key economic priorities is to extend the expiring provisions of the Tax Cuts and Jobs Act (TCJA). However, Congress still needs to resolve disagreements on the cost and funding of...more
On January 17, 2025, multiple news outlets and other sources reported the existence of a memorandum circulated by the U.S. House of Representatives Budget Committee to the House Republican Caucus (the “Memorandum”) containing...more
Legislation reintroduced by US Rep. Terri Sewell (D-AL) has the potential to significantly expand the use of tax-exempt municipal bonds while creating a new “direct pay” bond. The Local Infrastructure Financing Tools (LIFT)...more
Marlin Keith Andrews v. William S. Humber and Stifel, Nicolaus & Co., Inc., FINRA Case #22-01176 - The claimant asserted causes of action including failure to supervise, breach of fiduciary duty, respondeat superior,...more
Municipalities issuing general obligation promissory notes under section 67.12 (12) of the Wisconsin Statutes may now take advantage of a statutory maximum maturity date of 20 years. 2023 Wisconsin Act 128 (the “Act”) took...more
We are at the initial stages of a major paradigm shift that has significant implications for the municipal market over the next five to 10 years. A number of societal mega-trends will present material challenges for the...more
In an increasingly rare unanimous ruling, the Pennsylvania Supreme Court has affirmed the Pennsylvania Commonwealth Court’s holding that Ursinus College is not subject to prevailing wage requirements for a construction...more
High-frequency traders, private funds, decentralized exchange automated market makers, and even state pension plans should consider whether the expanded dealer definition triggers the need to register as a securities dealer...more
In today's evolving world of security and data privacy, K-12 schools, universities, local governments, and hospitals are increasingly finding themselves on the same list: vulnerable to the threat of a cyberattack....more