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Foley & Lardner LLP

Changes to General Obligation Notes Borrowing in Wisconsin: Benefits to Municipalities

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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

ArentFox Schiff

Mega-Trends Impacting Municipal Market

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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

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

Goodwin

SEC Continues Scrutiny of Municipal Bond Offerings

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​​​​​​​The SEC recently brought fraud charges against Sterlington, Louisiana and its former mayor and separately against Rochester, New York and its former executives and Rochester’s municipal advisors and principals/owners...more

Bricker Graydon LLP

HB 140 brings changes to property tax levies and voted bond issues

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​​​​​​​Beginning with the May 2, 2023 election, House Bill (HB) 140, also known as the “Ballot Uniformity and Transparency Act,” will make sweeping changes to election procedures, affecting all new and renewal municipal...more

Orrick, Herrington & Sutcliffe LLP

The SEC's Proposed New Cybersecurity Disclosure Requirements for Public Companies: What Do They Mean for Municipal Issuers and...

Governmental entities have increasingly experienced cybersecurity incidents impacting their operations and finances over the last few years, with some breaches costing upwards of $40 million. Many issuers and borrowers of...more

Pullman & Comley, LLC

Extension for Issuance of 30-Year Municipal Bonds

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During the 2022 Legislative Session, the General Assembly passed, and the Governor signed into law, HB 5506, commonly referred to as the Implementer (the “New Law”).  For municipalities issuing bonds and refunding bonds,...more

McNees Wallace & Nurick LLC

Amendments to the MPC Clarify Municipal Bonding Requirements

Kicking off 2022, we can celebrate a win for builders and developers with the enactment of PA Senate Bill 208, which was signed into law by Governor Wolf on December 22, 2021....more

Pullman & Comley, LLC

Increased Investor & Rating Agency Interest in Cybersecurity and Climate Change Disclosure in Municipal Bond Issuances

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The topics of Cybersecurity and Climate Change disclosure are generating increased investor and rating agency interest in municipal bond issuances. The Securities and Exchange Commission (SEC) has expressed concerns about the...more

Butler Snow LLP

Recent Bipartisan Actions to Restore Tax-Exempt Advance Refundings and Authorize American Infrastructure Bonds

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The “Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act” (the “LOCAL Infrastructure Act”) and the “American Infrastructure Bonds Act of 2020” (the “AIBs Act”) were recently...more

Butler Snow LLP

COVID-19 and Secondary Market Disclosure

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Our thoughts are with you, your loved ones and organizations as we all navigate this public health crisis together. We are providing this alert to our public finance clients and other professionals regarding COVID-19 and its...more

Ballard Spahr LLP

COVID-19 Outbreak Creates Disclosure and Due Diligence Challenges

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Disclosure to municipal bond investors of material risks stemming from the coronavirus outbreak presents a serious concern in the municipal securities industry. This is particularly true in certain sectors, including bonds...more

Cadwalader, Wickersham & Taft LLP

Illinois Judge Holds That Courts Cannot Rule Retroactively on Validity of State Debt

On August 29, 2019, an Illinois court denied a petition by a political activist and a hedge fund seeking leave to file a lawsuit claiming that approximately $16 billion of Illinois’s general obligation bonds (“GO Bonds”) were...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2019

Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports - The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more

Holland & Knight LLP

Recent Ruling Against Puerto Rico Revenue Bondholders Causes Waves in U.S.

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• The U.S. Court of Appeals for the First Circuit has upheld a controversial ruling by a U.S. District Court in a case involving special revenue bonds issued by the Puerto Rico Highway Transportation Authority (PRHTA). • The...more

Harris Beach PLLC

Saving the Basics: Municipal Infrastructure and Mitigation

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...Federal, state and local governments spent $440 billion on transportation and water infrastructure in 2017, according to the Congressional Budget Office. In September 2018, the Federal Emergency Management Agency (FEMA)...more

Butler Snow LLP

A Brief Guide to the 2018 Amendments to Continuing Disclosure Requirements

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Introduction - Over the past several years, local government issuers have increasingly been privately placing bonds and other municipal debt obligations directly with banks or other purchasers rather than utilizing an...more

Spilman Thomas & Battle, PLLC

Update on the West Virginia Legislature - Issue 5

By Friday, February 1, the 24th day of the 60-day regular session of the West Virginia Legislature, the House of Delegates had introduced 820 bills, while the Senate introduced 511. To date, only a handful of bills have...more

Foley & Lardner LLP

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

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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

Dorsey & Whitney LLP

SEC Adopts Rule Amendments to Improve Municipal Securities Disclosure

Dorsey & Whitney LLP on

On August 20, in response to the recent trend of issuers and obligated persons increasingly using direct purchases of municipal securities and direct loans (“bank placements”) as alternatives to public offerings, the...more

Miller Canfield

The Impact of Tax Reform on Michigan Municipalities and School Districts

Miller Canfield on

The U.S. House and Senate have approved the reconciled tax reform bill that was reported out of the House and Senate Conference Committee last week. The bill was passed on Dec. 20, 2017, and has been sent to the President for...more

Tucker Arensberg, P.C.

Keep Calm and Call the Lawyer: Understanding the Role of a Municipal Solicitor

Tucker Arensberg, P.C. on

Newly elected officials may be surprised to discover their votes and actions have legal implications. Preventing a resident from speaking at a public meeting may result in a violation of the First Amendment and a civil rights...more

Orrick, Herrington & Sutcliffe LLP

SEC Continues Public Finance Enforcement Agenda Two Recent Cases Filed

Just in the last weeks of August, the Public Finance Abuse Unit of the Enforcement Division of the Securities and Exchange Commission (SEC) announced settlements of securities fraud actions involving a city, an underwriter, a...more

Farella Braun + Martel LLP

Bond Fraud Trial Shows Need to Scrutinize Municipal Revenue Generation

Ramapo, N.Y., Town Supervisor Christopher St. Lawrence is in the middle of a multi-week trial on two dozen securities fraud charges stemming from municipal bond issuances and accounting practices in Ramapo, a Rockland County...more

Bracewell LLP

SEC Proposes Additional Event Disclosures for Municipal Bond Issuers

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On March 1, 2017, the Securities Exchange Commission voted in open meeting to propose amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 adding two event notices to the current fourteen required in...more

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