News & Analysis as of

Public Financing

SLGS Window Closing; Tax Reform Continues to Threaten Public Finance

by Bracewell LLP on

On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday,...more

House Tax Reform Bill Contains Provisions Adversely Impacting Public Finance

by Holland & Knight LLP on

• The Tax Cuts and Jobs Act introduced in the U.S. House of Representatives on Nov. 2, 2017 – now in markup by the House Ways and Means Committee – has a number of provisions that would likely have a negative impact on the...more

When Your “Private” Project Suddenly Turns into a “Public” Project. Hint: It Doesn’t Necessary Turn on Public Financing or...

In 1931, during the Great Depression, the federal government enacted the Davis-Bacon Act to help workers on federal construction projects. The Davis-Bacon Act, also known as the federal prevailing wage law, sets minimum wages...more

Virginia’s Tourism Development Financing Program Gains Steam Around the State

by Williams Mullen on

The unique financing alternative afforded to tourism project developers under Virginia Code Section 58.1-3851.1 creates exciting opportunities for growth in tourism and resort areas throughout the state. The expected...more

China Shuts Down ICO Market

For the past few months, issuers of token sales or “initial coin offerings” (ICOs) have known that they were, to some extent, sailing in unchartered waters. Those waters have just gotten a bit murkier with an announcement by...more

MSRB Issues Warning Guidance On Issuer Involvement In Selection of Underwriter’s Counsel

It has traditionally been a fairly common practice in the municipal bond arena for issuers to either select or have significant input into the selection of underwriter’s counsel in connection with the issuance of municipal...more

New Federal Infrastructure Plan Coming Soon

by Bilzin Sumberg on

Transportation Secretary Elaine Chao recently informed the U.S. Senate that the President’s $1 trillion infrastructure plan will be announced by the end of the month. The new plan is anticipated to rely upon public-private...more

Financing Infrastructure: Spotlight On African Debt

by Hogan Lovells on

It is a truth universally acknowledged that there is direct correlation between the development of Africa’s infrastructure and the continent’s economic progress. The recent infrastructure investment boom and financing of...more

IRS Expands Management Contract Guidelines for Projects Financed with Tax-Exempt Bonds

by Holland & Knight LLP on

The Internal Revenue Service (IRS) earlier this year released Rev. Proc. 2017-13 (the Guidelines), which contained new safe harbors for qualified management contracts relating to facilities financed with tax-exempt bonds. The...more

Secretary Ben Carson Kicks Off Public Housing P3

by Bilzin Sumberg on

This week, Miami-Dade County hosted Dr. Ben Carson, the Secretary of the United States Department of Housing and Urban Development, at the Liberty Square public-housing development, one of the oldest in the nation. The...more

Public Finance Update – SLGS Window Closing

by Bracewell LLP on

On March 8, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, March 15,...more

SEC Speaks 2017

by Morgan Lewis on

Commission staff highlight key developments and successes in the SEC enforcement program. As they do every year, senior officials from the US Securities and Exchange Commission (SEC or the Commission), including current...more

Will President Trump's Regulation Cuts Reduce Ongoing Disclosure for Bond-Financed Projects?

by Holland & Knight LLP on

President Donald Trump on Feb. 3, 2017, signed an executive order entitled "Core Principles for Regulating the United States Financial System," which directed the Treasury Secretary to consult with financial regulators,...more

Trump Infrastructure Planning

by Bryan Cave on

In her nomination hearing with the Senate Commerce Committee, Secretary of Transportation Elaine Chao fielded questions about President Trump’s infrastructure proposal. On the fundamental question of “where will the money...more

Reminder: Comments to revised RAD forms due October 28th and RAD Report out for review

by Ballard Spahr LLP on

On September 28, 2016, HUD published a notice in the Federal Register to solicit comments to revised form documents used in the Rental Assistance Demonstration (“RAD”). This notice follows a 60-day comment period on...more

Rev. Proc. 2016-44: Greater Flexibility in IRS Safe Harbor for Management Contracts

by Jackson Walker on

Recently, the IRS released a safe harbor from private use of tax-exempt bond-financed facilities for management contracts that profoundly changes the safe harbors that have been in place under Rev. Proc. 97-13 for almost 20...more

New Management Contract Safe Harbors

by McCarter & English, LLP on

The Internal Revenue Service (the “IRS”) released Revenue Procedure 2016-44 (“Rev. Proc. 2016-44”) on August 22, 2016 to provide new safe harbors for management contracts to avoid characterization of such contracts as private...more

Maryland Purple Line Concessionaire Achieves Financial Close – Time to Build!

by Nossaman LLP on

Financing for the Maryland Purple Line closed on Friday, June 17 – marking an important milestone for the Maryland Transit Administration’s (and Maryland Department of Transportation’s) plan to deliver a transit solution to...more

Colorado Court Decision Creates Uncertainty for Development Using Metro District Public Financing

On April 21, 2016, the Colorado Court of Appeals issued a decision related to the Landmark project in Greenwood Village (Landmark Towers Association v. UMB Bank, hereinafter “Marin”). The decision calls into question the...more

A “FAIR” Chance for Infrastructure P3s in Obama Administration’s Final Budget Request - President Unveils Financing America’s...

by K&L Gates LLP on

In his final State of the Union address, President Obama acknowledged that “because it’s an election season, expectations for what we will achieve this year are low.” However, the Administration’s Fiscal Year 2017 budget...more

Infrastructure Investors: Is Your State Aiding You?

by Latham & Watkins LLP on

Investment in the infrastructure that keeps Europe running smoothly continues to be a big theme in European private equity. In every sector, from energy to sport, from transport to broadband, governments are increasingly...more

California Appellate Court Addresses Lease-Back Financing Plan to Fund Public Infrastructure Improvements

by Best Best & Krieger LLP on

Court Finds Plan Does Not Violate Requirement that Municipal Indebtedness be Approved by a Two-Thirds Vote of the Electorate - A lease-back financing plan the City of San Diego adopted to fund public infrastructure...more

IRS Issues Final Regulations Regarding Allocation of Bond Proceeds to Mixed-Use Projects; SLGS Window Reopens

by Bracewell LLP on

On October 26, 2015, the IRS released final regulations (the “Final Regulations”) regarding allocation and accounting rules for purposes of the private activity bond restrictions applicable to tax-exempt bonds issued by state...more

Foley Hoag Climate Update: September 2015

by Foley Hoag LLP on

After the last meeting of the Ad Hoc Working Group on the Durban Platform for Enhanced Action (“ADP”, 2nd session, 10th Part) which took place in Bonn earlier this month, the pace of climate talks for the adoption of a...more

Political Notes

Sertich Appointed to the Minnesota Stadium Facilities Authority - After the dust up with Stadium Authority member Duane Benson and Stadium Authority Chair Michele Kelm-Helgen, Governor Dayton appointed former IRRRB...more

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