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
SEC Announces Enforcement Actions Against 71 Municipal Issuers
By Tim Horstmann on
Posted in Public Finance, Securities
The SEC announced today enforcement actions against 71 municipal issuers of bonds in connection with the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. The enforcement actions follow previous announcements from the agency, charging 72 municipal underwriting firms with similar violations discovered through voluntary reporting under MCDC.
The MCDC Initiative was announced by the SEC in…
MSRB: No Attempts to Mandate Bank Loan Disclosure…For Now
By Tim Horstmann on
Posted in Public Finance, Securities
Following its July 27-28, 2016 quarterly board meeting, the MSRB has announced that it will not pursue “at this time” new regulations to mandate disclosure of bank loan information by municipal securities issuers. However, the MSRB continues to stress the importance of voluntary disclosure of information about bank loans, and is working to institute…
PA Budget Impasse Claims Another Victim: School District State Aid Intercept Program Ratings
By Tim Horstmann on
The Pennsylvania 2015-2016 Budget Impasse may be (technically) over, but it just claimed another victim. From The Bond Buyer:
Standard & Poor’s has discontinued its underlying rating for credit enhancement programs on rated Pennsylvania school districts.
S&P announced the policy change Tuesday afternoon as an additional step to its December withdrawal of ratings based
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