municipal bonds

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McNees Wallace & Nurick LLC was ranked fifth in Pennsylvania in the 2016 Bond Counsel Rankings by The Bond Buyer. The firm also was ranked fourth in Pennsylvania in the 2016 Bond Underwriter’s Counsel, and is one of just two firms to appear in the top five in both lists.
Continue Reading McNees Ranked in Top 5 for Bond Counsel and Underwriter’s Counsel in Pennsylvania for 2016

Who has not heard of the Bridgegate scandal?  The George Washington Bridge spanning the Hudson River between New Jersey and New York City is the busiest motor vehicle bridge in the world.  Two of three toll lanes for a street entrance from Fort Lee, NJ to the George Washington Bridge were closed for five days in September 2013.  This resulted in huge backups in Fort Lee.  As one of the individuals convicted in the incident emailed, “Time for some traffic problems in Fort Lee.”
Continue Reading Bond Issue Disclosure: When Politics and the Law Intersect

Just a few short months after essentially re-writing the rules on management contracts for bond-financed property, the IRS is at it again. On January 17th the IRS gave advance notice of the publication of Revenue Procedure 2017-13. While Rev. Proc. 2017-13 won’t officially be published until February 6th, the IRS has made a copy of the new guidance available immediately for review.
Continue Reading IRS Announces Additional Guidance on Management Contracts for Bond-Financed Facilities

Following its announcement in August that it had entered into settlements with over seventy municipal issuers in connection with the Municipalities Continuing Disclosure Cooperation (MCDC) initiative, there was speculation as to whether additional settlements would be announced, or if this first round of settlements represented all of the enforcement actions against municipal issuers that…

In this podcast, McNees Public Finance attorney Tim Horstmann discusses the recent announcement by the Internal Revenue Service of a major change in its treatment of management contracts entered into by governmental entities and nonprofit associations exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code.

View the podcast here.

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In the first federal jury trial against a municipality for securities law violations, the U.S. Securities and Exchange Commission (SEC) on September 14, 2016 successfully obtained a verdict against the City of Miami and a former city official for violations of various anti-fraud provisions of  US securities laws.  The SEC is seeking injunctive relief and…

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…

Municipal financings are often perceived as a very complex, and even overwhelming, undertaking. The various rules and regulations which govern the process oftentimes seem complicated and difficult to understand. Keep in mind that no matter how difficult or cumbersome the process may seem, the issuance of bonds or notes by a municipality is simply the…