News & Analysis as of

Municipalities Public Finance

Brownstein Hyatt Farber Schreck

Colorado Supreme Court Ruling Alters Landscape for Urban Renewal

Late last month, the Colorado Supreme Court dealt a blow to the ability of urban renewal authorities in Colorado to collect revenues generated by the adoption of an urban renewal plan. In Kaiser v. Aurora Urban Renewal...more

Bilzin Sumberg

A Brief Introduction to Tax Increment Financing

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Tax Increment Financing (TIF) is a financing tool used by local governments to fund economic development projects. In Florida, TIF is most commonly associated with Community Redevelopment Agencies (CRAs), which have statutory...more

Orrick, Herrington & Sutcliffe LLP

Texas School Bond Election Timeline for November 2022 Elections

For school districts and community college districts considering November 8, 2022 bond elections. The statutory deadline to adopt the Election Order is Monday, August 22, 2022....more

Orrick, Herrington & Sutcliffe LLP

School Bond Election Timeline for November 2022 Election

For school districts and community college districts considering November 2022 bond elections. The statutory deadline to submit the Resolution Calling the Election is August 12, 2022, but some counties have earlier deadlines...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

Locke Lord LLP

Changes to the Application of Bond and ‎Note Premium Under Massachusetts Law

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The law governing the use of bond and note premium received by Massachusetts municipalities and ‎districts, Section 20 of Chapter 44 of the Massachusetts General Laws, was recently amended. Any ‎premium received upon the sale...more

Nossaman LLP

San Luis Obispo Regional Transportation Authority Closes First TIFIA Loan Under Rural Projects Initiative

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On September 3, 2020, San Luis Obispo Regional Transportation Authority (SLO RTA) closed the first TIFIA loan under the U.S. Department of Transportation’s (Department’s) Transportation Infrastructure Finance and Innovation...more

Pullman & Comley, LLC

Executive Order 7W Extends Tax Relief Programs to Quasi-Municipal Corporations and Revises Tax Relief Time Periods

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On April 9, 2020, Governor Ned Lamont issued Executive Order No. 7W (“Order 7W”) revising several aspects of Executive Order 7S (“Order 7S”) dated April 1, 2020. ...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

Bricker Graydon LLP

Calling all economic developers: Large TIFs may be eligible for a one-time extension opportunity

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In the fall of 2019, the Ohio General Assembly significantly changed state law governing tax increment financing (TIF) exemptions. For certain TIF projects, local communities can extend the exemptions – and, therefore,...more

Harris Beach PLLC

Five Issues Municipalities May Face in 2020

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As a resource for municipalities and school districts, the MuniBlog has explored evolving issues including changes in technology, finance, and recovering from natural disasters. These issues have confronted municipalities in...more

Allen Matkins

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

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Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

Best Best & Krieger LLP

"Qualified Electors" Under Mello-Roos Community Facilities Act are Registered Voters, Not Landowners, Court Says - A California...

The California Constitution requires cities, counties and special districts imposing a special tax to obtain a two-thirds vote of the “qualified electors” of such entity. The Mello-Roos Community Facilities Act of 1982 states...more

Allen Matkins

Would You Bank On Los Angeles?

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On Monday, California Assemblymembers Miguel Santiago and David Chiu announced that they intend to author a bill that would allow local governments to form their own local or regional public banks. The announcement refers to...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

Sherman & Howard L.L.C.

Sherman & Howard Public Finance Advisory: UMB Bank, N.A. v. Landmark Towers Association

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On Monday, December 11, 2017, the Colorado Supreme Court issued an important decision with respect to the election process that is necessary for much of Colorado public finance. The case arises out of an election held...more

Best Best & Krieger LLP

California Supreme Court Holds Groundwater Pumping Charges Are Not Property-Related Charges Subject to Proposition 218 - Case May...

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The California Supreme Court concluded recently that a local water agency’s groundwater pumping charges are not property-related charges subject to the substantive and procedural requirements of California Constitution...more

Miller Canfield

Proposed Tax Reform Legislation Would Increase Financing Costs for Issuers of Tax-Exempt Bonds

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The U.S. House of Representatives has passed its Tax Cuts and Jobs Act (the “House Bill”), and while much of the national media has focused on its impact on corporate and individual tax rates and deductions, the bill also...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

Orrick, Herrington & Sutcliffe LLP

California Supreme Court Clarifies that Voter Initiatives Are Not Subject to Certain of Proposition 218’s Limitations on Local...

Since Proposition 218 was passed in 1996, which added Article XIIIC to the California Constitution (“Article XIIIC”), local governments have faced heightened restrictions in their abilities to impose taxes. Specifically,...more

Holland & Knight LLP

SEC Seeks Record Penalty Against Former Miami Budget Director - $450,000 Penalty Sought After Former Official Found Guilty of...

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After a federal jury found the City of Miami's (City) former budget director guilty of defrauding investors in connection with a 2009 bond offering, the U.S. Securities and Exchange Commission (SEC) is seeking a record...more

Holland & Knight LLP

Jury Finds Miami and Former Budget Director Guilty of Securities Fraud

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In the first federal jury trial by the U.S. Securities and Exchange Commission (SEC) against a municipality or its officers, jurors found that the City of Miami, Florida (Miami or the City) and its former budget director...more

Bracewell LLP

Management Contracts & Private Business Use–IRS Releases Favorable Guidance

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Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts with private...more

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