The Federal Reserve Board’s New Municipal Liquidity Facility -
On April 9, 2020, the Federal Reserve Board announced a new Municipal Liquidity Facility loan program (the Facility) authorized under Section 13(3) of the...more
Given the far-reaching consequences of the COVID-19 pandemic, including unprecedented financial and operational impacts, volatile municipal market conditions and the potential for a significant economic contraction...more
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
3/12/2020
/ Airports ,
Amusement Parks ,
Assisted Living Facilities (ALFs) ,
China ,
Contract Terms ,
Cooperative Compliance Regime ,
Coronavirus/COVID-19 ,
Disclosure Requirements ,
Due Diligence ,
Force Majeure Clause ,
Foreign Suppliers ,
Government Bonds ,
Health Care Providers ,
Hospitals ,
Infectious Diseases ,
Investors ,
Manufacturing Facilities ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Municipalities ,
Public Finance ,
Public Transit ,
Senior Housing ,
Service Contracts ,
Supply Chain
Beginning February 27, 2019, municipal market issuers and obligated persons must add the following two new events—relating to their indebtedness and financial health—to the list of reportable events in their continuing...more
The tools available to the City of Philadelphia to finance community and economic development projects have been enhanced under a new law that authorizes the imposition of special assessments to support tax increment finance...more
Legislation recently introduced in the U.S. House of Representatives calls for the senior procurement executive of the U.S. Department of Transportation (DOT) to enhance the services of the Office of Contract and Procurement...more
The Securities and Exchange Commission’s (SEC’s) year-old Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative or MCDC) has encouraged municipal securities issuers, borrowers, and underwriters to...more
Pennsylvania Governor Tom Corbett today signed House Bill 1773 (HB 1773) into law, significantly overhauling the Municipalities Financial Recovery Act, known as Act 47. Enacted in the 1980s to provide assistance to...more
The deadline for municipal issuers and obligated persons to self-report to the Securities and Exchange Commission (SEC) under its Municipal Continuing Disclosure Compliance (MCDC) Initiative any recent misstatements in...more
Last week, Congress gave final approval to a $10.8 billion bill that will keep federal highway funds flowing to states through the busy summer construction season. While this short-term “patch” offers some relief, it is now...more
In response to concerns raised by industry participants, the Securities and Exchange Commission (SEC) has made some modifications to its Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative). The SEC...more
8/1/2014
/ Disclosure Requirements ,
MCDC ,
Municipal Securities Issuers ,
Policy Violations ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting ,
Trade Associations ,
Underwriting
President Obama recently signed into law the Water Resources and Reform Development Act of 2014 (WRRDA). The statute begins to address ways to fund the billions of dollars necessary to update the country’s drinking water...more
6/16/2014
/ Barack Obama ,
Drinking Water ,
Federal Funding ,
Financing ,
Funding ,
Infrastructure ,
Inland Waterways ,
Public Financing ,
Public Private Partnerships (P3s) ,
Tax Exemptions ,
US Army Corps of Engineers ,
Water ,
Water Infrastructure Finance and Innovation Act ,
WRRDA
Multiple news outlets have reported that the U.S. Treasury Department has created an Office of State and Local Finance tasked with monitoring the distressed local government sector of the municipal finance market. Kent...more
Yesterday, the Securities and Exchange Commission’s (SEC) Enforcement Division introduced an initiative to encourage self-reporting by municipal securities issuers and underwriters of possible securities law violations...more
Yesterday, the Municipal Securities Rulemaking Board (MSRB) issued a request for comment on a supervision rule for municipal advisors, draft Rule G-44. The proposed rule contains similar concepts to Rule G-27, the MSRB’s...more
The Governor of Illinois last week signed into law legislation involving significant overhauls to the state’s pension system. The reform is intended to help stabilize both the pension system and the state's financial health...more
Brokers, dealers, and municipal securities dealers are now required to disclose additional information about their bond ballot contributions under amendments to the Municipal Securities Rulemaking Board’s (MSRB) “pay-to-play”...more
The Securities and Exchange Commission (SEC) recently charged the City of Harrisburg, Pennsylvania (the City), with misleading investors about its financial health in the annual State of the City Address, as well as in its...more
The Obama administration recently approved more than $1.8 billion in aid to help New Jersey residents and businesses recover from Hurricane Sandy. The Community Development Block Grant (CDBG) funds for New Jersey, part of a...more
As market regulators press for stricter reporting guidelines for state and local governments concerning pension disclosure in public offerings, the Government Finance Officers Association (GFOA) is advocating that funding...more
As the incidence of municipal fiscal stress continues to spread around the country, rating agencies, bond investors, public finance professionals, and market regulators are paying closer attention to public pension disclosure...more
11/15/2012