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IRS Ruling Treats Certain 529 Account Incentive Payments as Reportable Income
March 13, 2013| Blog
The IRS recently issued a private letter ruling, PLR 201310043 (released on March 8, 2013), of interest to Section 529 plans and their program managers. The ruling relates to the tax treatment of incentive contributions to 529 accounts and was issued in response to a ruling request by a financial services complex described as including a bank and broker.
AMR Decision Highlights Bankruptcy Court Split on Enforceability of Ipso Facto Clauses
February 20, 2013| Blog
A recent ruling in the American Airlines bankruptcy case enforcing an automatic acceleration upon bankruptcy provision serves as a reminder that the enforceability of so-called ipso facto provisions in debt instruments remains an unsettled, forum-dependent question.
SEC Comforts Appointed Board Members of Municipal Issuers on Valentine's Day
February 15, 2013| Blog
On February 14, 2013, SEC Chairman Elisse Walter at long last indicated, in testimony for the Senate Banking Committee, that the SEC’s final regulations regarding “municipal advisors”
Securities Regulators Provide Good News, Not-so-Good News for Section 529 Programs
February 15, 2013| Blog
Municipal securities regulators this week provided previews of upcoming regulatory action that suggest that one issue of concern to Section 529 college savings programs will fade away while another one may appear on the horizon.
MSRB Proposes Rule G-47 on Time of Trade Disclosure Obligations
February 13, 2013| Blog
MSRB Rule G-17 has been interpreted by the MSRB as requiring a broker or dealer (“broker”) to disclose to its customer, at or prior to the time of trade of a municipal security, all material information about the transaction known by the broker, as well as material information about the security that is reasonably accessible to the market.
"28% Cap" Unlikely to Trigger Wave of Municipal Bond Tax Calls
January 8, 2013| Blog
Market commenters have suggested that billions of dollars in municipal bonds may be subject to par redemptions if the much-discussed “28% cap” on the value of certain federal income tax deductions or exclusions is enacted and if the capped items include municipal bond interest.
Michigan Emergency Manager Bill Signed Into Law
January 2, 2013| Blog
This is a follow up to our recent blog post discussing then pending Michigan legislation known as the “Local Financial Stability and Choice Act” or Public Act 436 (the “Financial Stability Act”), which will replace Public Act 72 and overhaul Michigan’s emergency manager law.
Detroit's "Fiscal Cliff" and Michigan's Response
December 13, 2012| Blog
Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention.
Conflicts Disclosure and Acknowledgments in MSRB Rule G-17 Disclosure Letters
October 3, 2012| Blog
Since August 2, 2012, investment banking firms retained to act as underwriters on municipal finance transactions have been required to provide written disclosure to issuers concerning the relationship between issuers and underwriters.
Special Revenue Decision Posted in Jefferson County Bankruptcy Case
June 29, 2012| Blog
Please find today’s special revenue decision in the Jefferson County bankruptcy case.
Court Dismisses Public Pension Fund's Bankruptcy Case
June 13, 2012| Blog
In our May 24 entry on this topic, the Northern Mariana Islands Retirement Fund (the “Fund”) was battling numerous challenges to its Chapter 11 eligibility.
IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds
June 12, 2012| Blog
The IRS is planning on sending out letters (“Letters”) over the next few months to several hundred issuers who have experienced covenant or payment defaults from 2007 to the present.
First Bankruptcy Filed by a Public Pension Fund
May 24, 2012| Blog
On April 17, 2012, the Northern Mariana Islands Retirement Fund (the “Fund”) became the first United States public pension fund to seek formal bankruptcy protection.
SEC Issues Investor Bulletin Regarding Municipal Bonds
March 21, 2012| Blog
While the Investor Bulletin is fairly basic and addressed primarily to investors generally, the list of some of the risks of investing in municipal bonds included in the Bulletin may be helpful to issuers and underwriters when preparing or reviewing disclosure documents.
IRS Announces Closing Agreement Process for At-Risk Student Loan Bonds
March 21, 2012| Blog
The IRS has announced the procedures, and settlement cost methodology, for issuers seeking to preserve the tax-exemption of those student loan bonds that are at risk of being declared taxable due to the issuer's attempted compliance with arbitrage restrictions using a loan-swapping technique that the IRS has determined is ineffective.
SEC Focuses On Municipal Underwriter Compliance With Due Diligence Obligations
March 20, 2012| Blog
On March 19, the SEC’s Office of Compliance Inspections and Examinations released a National Examination Risk Alert http://www.sec.gov/about/offices/ocie/riskalert-muniduediligence.pdf reporting on its examinations of broker-dealers for compliance with municipal bond underwriter due diligence obligations under the SEC’s prior interpretive releases and under SEC Rule 15c2-12.
MSRB Proposes Limits on Underwriter Consents to Indenture Amendments
February 8, 2012| Blog
The MSRB has put out for comment a proposed interpretive notice http://www.msrb.org/Rules-and-Interpretations/Regulatory-Notices/2012/2012-04.aspx designed to eliminate or reduce instances in which underwriters of new bonds issued under a parity indenture or bond resolution consent to amendments to such instrument on the issuance date of the new bonds.
Regulations Issued for Remote Participation in Meetings Subject to the Massachusetts Open Meeting Law
December 14, 2011| Blog
The Massachusetts Attorney General recently promulgated regulations authorizing remote participation in meetings subject to the Open Meeting Law under certain prescribed circumstances.
Court Dismisses Harrisburg Chapter 9 Petition - Rules Harrisburg Not Authorized to File
November 23, 2011| Blog
The bankruptcy court ruled today that the City of Harrisburg’s Chapter 9 petition filed by the Harrisburg City Council was not specifically authorized under Pennsylvania law.
Harrisburg City Council responds to Objections to Chapter 9 Eligibility
November 15, 2011| Blog
As expected the Harrisburg City Council has filed a reply to the numerous objections to the Chapter 9 filing of Harrisburg initiated by the City Council. The City Council’s brief (Harrisburg response.pdf) appears to be the only timely filed reply to the objections to the Chapter 9 filing.
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