In the first federal jury trial against a municipality for securities law violations, the U.S. Securities and Exchange Commission (SEC) on September 14, 2016 successfully obtained a verdict against the City of Miami and a former city official for violations of various anti-fraud provisions of US securities laws. The SEC is seeking injunctive relief and
September 2016
IRS Loosens Restrictions on Safe Harbors for Management Contracts for Bond-Financed Property
By Tim Horstmann on
Posted in Public Finance, Tax
The Internal Revenue Service, in Revenue Procedure 2016-44, has loosened the restrictions on safe harbors for management contracts entered into by governmental issuers of tax-exempt bonds in connection with facilities financed by such bonds. The revenue procedure, which will be published in the Internal Revenue Bulletin on September 6, 2016, is a welcome development for…