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Large privately held, publicly regulated utility companies with a focus on rapid growth and expansion throughout the Commonwealth have a new target – municipally owned water and wastewater systems.  Pennsylvania legislation over the last few years has provided considerable financial and regulatory incentives for this unprecedented growth. These companies are no longer waiting for municipalities…

The Municipal Securities Rulemaking Board (MSRB) recently published the agenda for the January 27-28, 2016 meeting of its Board of Directors.  Among the items noted for discussion is the following:

Bank Loans
The Board will discuss direct purchases of municipal securities by financial institutions and bank loans to municipal entities to consider whether the MSRB

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As 2015 winds down and we prepare to welcome 2016, many smaller municipalities, municipal authorities, and other public entities may be putting the final touches on last-minute financings, or preparing for new financings in early 2016. In many of these issuances, the term “bank-qualified” will be used.

For such issuers, bank qualification is a means…

Municipalities, school districts and other governmental entities in Pennsylvania may want to sell or lease their assets for a variety of reasons. Governmental entities facing financial distress may sell or lease assets to generate a substantial upfront payment that can be used for a variety of purposes, including paying down debts resulting from labor and…

With relatively little fanfare last year, shortly before he was given an early retirement by the voters, Governor Tom Corbett of Pennsylvania signed into law Act 199, which amends the Commonwealth’s program for distress municipalities known as Act 47.

Act 199 makes numerous changes to municipal recovery in Pennsylvania.  While most of the attention has…