Public Finance

Subscribe to Public Finance

McNees Wallace & Nurick LLC has launched a new public relations agency to provide strategic communications services to its clients and the regional business community.

Apollo Communications is headquartered in Harrisburg and will serve clients across Pennsylvania, Ohio and Maryland. McNees has selected veteran public relations professional and former journalist Brett Marcy to serve as president of Apollo Communications.

The company is just the latest initiative by McNees to provide enhanced value to clients and the community, said McNees Chair Brian Jackson. In recent years, the firm has added full-service government affairs, grassroots advocacy and nonprofit consulting to its professional services portfolio.
Continue Reading McNees Launches Apollo Communications

A municipality or school district that is issuing debt (referred to herein as an “issuer”) needs to employ legal counsel to assist it with the debt issuance process. There are several legal roles in a bond issuance, two of which involve representing the issuer.  To begin with, the issuer already has its regular solicitor who serves as the issuer’s general counsel on a wide range of legal issues, such as labor matters, bidding and contracts, land development, and litigation.  When an issuer decides to issue debt to finance or refinance a capital project, it should also retain a special counsel, known as bond counsel, to assist both the issuer and its solicitor with the debt issuance process.  Bond counsel firms specialize in the legal aspects of debt issuance, including tax law, securities law, and state statutory law.
Continue Reading The Relationship of Bond Counsel and Solicitor in a Bond Issue

On May 26, 2020 Representative Rob Freeman (Democrat – Northampton County) introduced House Bill 2548 in the Pennsylvania General Assembly, to provide a temporary reprieve to municipalities enrolled in Pennsylvania’s Municipal Financial Recovery Program. Mr. Freeman is the minority chair of the House Local Government Committee, the committee to which the bill was referred for consideration.
Continue Reading COVID-19 Related Extension Proposed for Pennsylvania Municipal Financial Recovery Program

With the onslaught of negative economic news related to the ongoing coronavirus crisis, many municipalities are scrambling to determine the impact of the pandemic on, among other things, their finances. Many may be staring down unbudgeted expenses related to this public health emergency, while at the same time anticipating substantial deficits due to drop-offs in real estate and income tax collections.
Continue Reading Tax Anticipation Notes: A Short-Term Cure for the Coronavirus Budget Deficit?

COVID-19 has rightfully dominated the news over the last several weeks, leaving municipalities, nonprofit organizations and businesses scrambling to determine the impact of this pandemic on, among other things, their finances. Many organizations have contacted their lenders in the past two weeks to seek out short-term deferrals of their payment obligations on loans. But what are the tax implications of such deferrals when an organization has a tax-exempt loan?
Continue Reading Considering a Temporary Deferral on a Tax-Exempt Obligation? Don’t Forget About the Reissuance Rules

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…

The National Association of Bond Lawyers (“NABL”) recently sent a letter to Congress, outlining some measures it recommends Congress adopt to combat the economic downturn related to the Coronavirus COVID-19 Pandemic.  The suggestions are a mix of previously-made requests and new suggestions to inject additional liquidity into the market.

NABL’s recommendations, addressed to the top…

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…

On October 9, 2019 Steelton Borough Authority (Authority) closed on the sale of its water assets to Pennsylvania-American Water Company for $21.750 million in cash and $35.7 million in committed capital improvements. As a part of the transaction, the Authority and the Borough of Steelton (Borough) repaid or defeased all of their debt, opening the …