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

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

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