- IRS: You Can Still Issue Tax-Exempt Bonds to Advance Refund Most Taxable Bonds, Including BABs
- IRS Says Some Advance Refundings Still OK.
- IRS Use of Section 6700 Penalties for Muni Wrongdoers to be Audited.
- GFOA: New Amendments to SEC Rule 15c2-12
- SIFMA Report: US Municipal Issuance
- The Muni Meltdown that Wasn’t.
- Cities Threatened by Climate Risk Still Getting AAA Bond Ratings.
- Water Works Board of City of Birmingham v. U.S. Bank National Association – In action brought by purchasers of fraudulently-issued bonds against Indenture Trustee, District Court holds that purchaser’s allegations concerning breach of contract and negligence were pleaded with sufficient particularity to survive Trustee’s motion to dismiss, but dismissed purchaser’s claim for breach of implied warranty of good faith and fair dealing as having been contracted over in the Indenture Agreement. Definitely worth a read.
- And finally, BCB’s Practice Tip of the Week is brought to you this particularly week by the above-referenced Water Works Board of City of Birmingham v. U.S. Bank National Association, in which an annuity agreement entered into in connection with the bond issuance stipulated that the annuity purchase payment be wire transferred to “a bank without any offices and/or branches in the United States.” (No warning flags to see here, people! Move along!) What an ingenious way to avoid all that pesky regulatory nonsense! Revise your documents accordingly. You’re welcome.