News & Analysis as of

Municipal Bonds Financial Statements

Cadwalader, Wickersham & Taft LLP

Chester, PA Chapter 9 Court Confirms Certain Municipal Financing Techniques, Raises Concerns About Others

On November 3, 2023, the Court in the Chapter 9 bankruptcy case of the City of Chester, Pennsylvania issued its ruling in an adversary proceeding challenging the perfection of the liens securing certain revenue bonds issued...more

Sherman & Howard L.L.C.

SEC Announces Antifraud Settlement Relating to School Board Audit

Sherman & Howard L.L.C. on

The Securities and Exchange Commission (SEC) announced the settlement of its fraud case against a New Orleans-based auditing firm and its principal. The firm and its principal were charged with violating antifraud securities...more

Faegre Drinker Biddle & Reath LLP

SEC Charges Texas School District and Former CFO with Fraud Related to Bond

On March 16, 2022, the Securities and Exchange Commission charged Crosby (Texas) Independent School District (Crosby) and its former Chief Financial Officer, Carla Merka, with misleading investors in a $20 million municipal...more

Foley & Lardner LLP

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

Foley & Lardner LLP on

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

Sherman & Howard L.L.C.

Two More Municipal Fraud Cases From the SEC

July 2013 was a big month for the Securities and Exchange Commission (the "SEC") in its quest to increase enforcement in the municipal market. On July 19, 2013, the SEC charged the City of Miami, Florida ("Miami"), and its...more

McNees Wallace & Nurick LLC

Senate Proposal Would Dramatically Change Process for DCED Approval of Municipal Debt

A bill has been introduced in the Pennsylvania Senate by Senator Mike Folmer (R-Lebanon) and others which would, among other things, dramatically change the process by which municipal financings are reviewed by the Department...more

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