The Florida Legislature recently amended Section 255.065, Florida Statutes (P3 Law) pursuant to House Bill (HB) 781, which is expected to become effective on July 1, 2024. HB 781 provides responsible public entities (e.g.,...more
4/4/2024
/ Amended Legislation ,
Bid Proposals ,
New Legislation ,
Public Agencies ,
Public Comment ,
Public Contracts ,
Public Meetings ,
Public Private Partnerships (P3s) ,
Public Procurement Policies ,
Public Projects ,
State and Local Government ,
Statutory Requirements
The Build America Bureau (Bureau) of the U.S. Department of Transportation (DOT) released on March 11, 2024, a Notice of Funding Opportunity for the new Innovative Finance and Asset Concession Grant Program (IFACGP)....more
4/4/2024
/ Applications ,
Federal Funding ,
Federal Grants ,
Filing Deadlines ,
Financing ,
Grants ,
Infrastructure ,
Project Finance ,
Public Entities ,
Public Private Partnerships (P3s) ,
Public Projects ,
State and Local Government ,
Transportation Industry ,
Tribal Governments ,
Urban Planning & Development
The U.S. Department of Commerce on June 26, 2023, announced funding for each state, U.S. territory and the District of Columbia for high-speed internet infrastructure development through the Broadband Equity Access and...more
7/20/2023
/ Bonds ,
Broadband ,
FCC ,
Federal Funding ,
Government Bonds ,
Infrastructure Investment and Jobs Act (IIJA) ,
Internet ,
Project Finance ,
Rural Areas ,
State and Local Government ,
State Funding ,
Tax-Exempt Bonds ,
U.S. Commerce Department
The Florida Division of Bond Finance published a notice (the Notice) on June 29, 2023, providing guidance on Florida House Bill 3 (HB 3), which was signed into law on May 2, 2023, by Gov. Ron DeSantis. HB 3, in part,...more
7/6/2023
/ Bonds ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Governor DeSantis ,
Market Participants ,
Municipal Securities Issuers ,
New Legislation ,
Public Funds ,
Rating Agencies ,
Underwriting
The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more
10/7/2022
/ Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Benchmarks ,
Contract Terms ,
Derivatives ,
Financial Instruments ,
Hedging ,
Interest Rates ,
ISDA ,
Libor ,
U.S. Treasury
The bipartisan Infrastructure Investments and Jobs Act (IIJA), signed into law in November 2021, provides a "once in a generation" investment into the nation's infrastructure. In addition to making significant investments in...more
5/3/2022
/ Biden Administration ,
Bonds ,
Carbon Capture and Sequestration ,
Clean Energy ,
Infrastructure ,
Infrastructure Financing ,
Infrastructure Investment and Jobs Act (IIJA) ,
Private Activity Bonds ,
Qualifying Facility ,
State and Local Government ,
Tax-Exempt Bonds
The Internal Revenue Service (IRS) released Revenue Procedure 2020-44 to assist the market's transition from the London Interbank Offered Rate (Libor) and other interbank offered rates (IBORs) to alternative reference rates...more
7/29/2021
/ Alternative Reference Rates Committee (ARRC) ,
Bonds ,
Financial Conduct Authority (FCA) ,
Financial Products ,
Hedges ,
IBOR Fallbacks Supplement (Supplement) ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
IRS ,
ISDA ,
ISDA 2020 IBOR Fallbacks Protocol (Protocol) ,
Libor ,
Revenue Procedures ,
Safe Harbors
Many states, local governments and conduit borrowers (e.g., 501(c)(3) not-for-profit corporations) have directly placed tax-exempt loans (secured by the issuance of notes or bonds) with lenders, such as banks and their...more
1/10/2018
/ Banks ,
Borrowers ,
Corporate Taxes ,
Interest Rates ,
Lenders ,
Loans ,
Nonprofits ,
Secured Notes ,
State and Local Government ,
Tax Rates ,
Tax-Exempt Bonds
The U.S. Securities and Exchange Commission (SEC) on March 1, 2017, proposed adding two additional triggers – in new subparagraphs (15) and (16) – for the material events notice requirements under Rule 15c2-12 (the Proposed...more
4/11/2017
/ Bank Loan Markets ,
Debt ,
Derivatives ,
Disclosure Requirements ,
Financial Obligations ,
Investor Protection ,
Materiality ,
Personal Guaranties ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Rule 15c2-12 ,
Securities and Exchange Commission (SEC) ,
Transparency
The U.S. Securities and Exchange Commission (SEC) announced on Jan. 10, 2017, that the Port Authority of New York and New Jersey (Port Authority) agreed to admit wrongdoing and pay a $400,000 penalty in connection with...more
1/13/2017
/ Bond Markets ,
Bonds ,
Cease and Desist Orders ,
Civil Monetary Penalty ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Markets ,
Investment ,
Municipal Bonds ,
Negligence ,
Port Authority ,
Public Finance ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Tax-Exempt Bonds ,
Transportation Industry
In a first-time use of the Dodd-Frank Act, the U.S. Securities and Exchange Commission (SEC) has charged Allen Park, Mich., its former mayor and its former city administrator with fraud in connection with $31 million in...more
On July 31, 2014, the Securities and Exchange Commission (SEC) issued a press release regarding an extension of the deadline for its Municipalities Continuing Disclosure Cooperation initiative (MCDC). The extended deadline...more
HIGHLIGHTS -
- The Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative) begun by the SEC's Enforcement Division encourages issuers, borrowers or underwriters to self-disclose potential...more
The Securities and Exchange Commission (SEC) on July 29, 2013 charged a school district in Indiana and its municipal bond underwriter with falsely stating to bond investors that the school district had been properly providing...more
The IRS issued a Technical Advice Memorandum (TAM) on May 9, 2013, that the Village Center Community Development District (the "District") is not a division of state or local government, and therefore is not a political...more
On, May 22, 2013, the Securities and Exchange Commission (SEC) charged the City of South Miami, Florida, with "defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure...more
On Monday, May 6, 2013, the Securities and Exchange Commission (SEC) charged the city of Harrisburg, Pennsylvania with securities fraud "for its misleading public statements when its financial condition was deteriorating and...more