A bond issue (a debt obligation of a local government) is often perceived as a mystery for many Pennsylvania local government officials and solicitors. The securities and tax regulations governing municipal bonds have grown increasingly complex in recent years further adding to the challenge of understanding the path toward a successful bond issuance.
In this…
As colleges and universities develop and implement sustainability plans to reduce their carbon footprint, there remains the question as to how to fund these sustainability plans. Some colleges and universities look to federal and state grants for a portion of this funding and some look to donors. In addition to these options, there is a new development in the debt market which could also lead to lower interest rates for issuers as a result of increased demand: ESG bonds and Green bonds.
Continue Reading Why ESG Bonds and Green Bonds May Help Colleges and Universities with Their Sustainability Plans
On Friday, September 10, 2021, the House Ways and Means Committee released the text of a bill – known as the “Build Back Better Act” – that would restore the ability of state and local governments to issue tax-exempt “advance refunding” bonds, i.e., bonds issued more than 90 days before the redemption date of the bonds to be refunded.
Continue Reading Tax-Exempt Advance Refundings Included in Proposed Build Back Better Act
On January 8, 2021, the Pennsylvania Department of Health (“DOH”) announced its COVID-19 Interim Vaccination Plan, Version 4.0 (the “Plan”). The Plan follows guidance from the Centers for Disease Control and Prevention (the “CDC”). Categorized as “interim,” DOH intends to continuously make updates to the Plan to reflect the latest recommendations from the Advisory Committee on Immunization Practices and other guidance available, as well as any feedback received.
Continue Reading Pennsylvania’s Latest COVID-19 Vaccination Plan Recognizes Local Governments
On March 30, 2020, President Donald Trump declared that a major disaster exists in the Commonwealth of Pennsylvania (the “Commonwealth”) and ordered Federal assistance to supplement Commonwealth and local recovery efforts in the areas affected by the Coronavirus Disease 2019 (“COVID-19”) pandemic beginning on January 20, 2020, and continuing. This declaration follows Governor Tom Wolf’s…
Collectively, Pennsylvania has more than 2,500 counties, townships, boroughs and cities, each of which is required to comply with Pennsylvania’s Sunshine Act (the “Act”). The Act requires agencies to deliberate and take official action on agency business in an open and public meeting. An “agency” is any state or local government body and all sub-units…
At McNees, we understand that our clients are facing unprecedented challenges as a result of the spread of the coronavirus, COVID-19. In light of these challenges, the McNees Public Finance Group is closely monitoring any legal developments that may impact the municipal market, as well as the continuing disclosure obligations of our issuer clients and…
As you have undoubtedly heard, the coronavirus, or COVID-19, has made its way to the Commonwealth of Pennsylvania. This influenza-like virus was first identified in Wuhan, China, in December 2019, and has since spread to more than 100 countries, including the United States.
In January 2020, the World Health Organization (the “WHO”) and the Centers…
The advent of a new calendar year means many things. For municipalities with outstanding bank loans or interest rate swaps, 2020 may be the year when many first hear about the long-planned phase-out of the London Interbank Offered Rate (“LIBOR”).
Continue Reading LIBOR: the Phase-Out, the Problem, and What Municipalities Need to Know
After months of deliberation, on August 20, 2018, the U.S. Securities and Exchange Commission (the “SEC”) announced its final approval of new amendments (the “2018 Amendments”) to Rule 15c2-12, 17 C.F.R. §240.15c2-12 (herein, “Rule 15c2-12” or the “Rule”). Rule 15c2-12 requires dealers, when underwriting certain types of municipal securities, to ensure that “obligated persons” enter into a written commitment (called a continuing disclosure agreement, or “CDA”) to make periodic disclosure filings to the Municipal Securities Rulemaking Board (the “MSRB”). An “obligated person” means any person, including the issuer, that supports the payment of all or part of the obligations on municipal securities to be publicly offered for sale.
Continue Reading What is Material? The SEC Says You Decide
