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Validation of Up to $27,600,000 Trust Certificates Evidencing Proportional Interests in a Lease by Simpson County School District – Supreme Court of Mississippi holds, as was relevant to validation of trust certificates, that notice published by school board as to its “Capital Lease Resolution of Intent” for a lease/leaseback transaction met the statutory requirements of the Emergency School Leasing Authority Act (ESLA); despite argument that notice did not provide details on the financing or the specifics of the project, notice stated that a need existed for up to 10 school facilities, that the district could not provide the necessary funds to meet the present needs, and that the district would sell, lease, lend, grant, or otherwise convey facilities, and that title to any real property transferred by district would revert to district at expiration of term that would not exceed twenty years, and notice further informed reader of how to challenge board’s resolution.
In re Financial Oversight and Management Board for Puerto Rico – U.S. Court of Appeals holds that holders of revenue bonds issued by the Puerto Rico Electric Power Authority (PREPA) – before it entered reorganization proceedings under PROMESA – have a non-recourse claim on PREPA’s estate for the principal amount of the bonds, plus matured interest; this claim is secured by PREPA’s Net Revenues (as that term is defined by the underlying bond agreement) and by liens on certain funds created by that bond agreement.
And Finally, Eatin’ Good In The Municipality is brought to us this week by The Misfiring Synapses In Your Editor’s Brain. While perusing public finance cases this week, he somehow misread “Appellees” as “Applebee’s.” Not wanting to waste an opportunity as manifestly misguided as this, BCB is now sponsored by Applebee’s International, Inc. “Come for the serviceable public finance law! Stay for a serviceable meal!” Or something like that.

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