Category Archives: Bonds and Notes

Detroit Bankruptcy Filing Totally Irresponsible

by Matthew D. Jessup on July 24, 2013

Editor’s Note:  The following was written by Edward J. McManimon, a partner and founder of McManimon, Scotland & Baumann, LLC.  Ed wrote the following after repeated requests for his views from various State organizations and media outlets.  On July 18, 2013, the City of Detroit, Michigan filed for bankruptcy under Chapter 9 of the U.S. [...]

Leave a comment


Sequestration Affects Build America Bond Issuers

by Matthew D. Jessup on March 6, 2013

The talk-of-the-town the past two weeks in Washington DC and around the country has been about sequestration. You can’t turn on the television or “open” a newspaper on your iPad without hearing about it. The federal budget cuts that took effect March 1, 2013 affect defense spending, air traffic controllers, and now even tours at [...]

Leave a comment


MSRB Notice 2012-25 – Brutal Honesty In The Municipal World

by Christopher B. Langhart on August 3, 2012

Municipal Securities Rulemaking Board (“MSRB”) Notice 2012-25 (the “Notice”) was approved by the SEC on May 4, 2012 and took effect on August 2, 2012. The Notice sets forth the responsibility of underwriters of municipal securities to make certain disclosures to an issuer, to ensure that they have dealt fairly with that issuer. Specifically, the [...]

Leave a comment


Local Finance Board Releases Questionnaire for Applicants Seeking Tax Appeal and Other Approvals

by Matthew D. Jessup on July 18, 2012

The Local Finance Board (Board) has released a questionnaire for all municipal and county applicants seeking approval of the Board to: 1. Long-term finance tax appeals; 2. Long-term finance certain emergencies; and 3. Issue bonds pursuant to a non-conforming maturity schedule. The four-page questionnaire is being used by the Board to help assess whether the [...]

Leave a comment


Retroactive Financing of Tax Appeals – A New Tool for Municipalities

by Matthew D. Jessup on January 19, 2012

It’s no secret that municipalities have been hit hard by the ongoing recession. One source of significant financial stress is the amount of money that municipalities are required to pay to residents as a result of tax appeals. As real estate values continue to decline, successful tax appeals continue to rise, forcing municipalities to pay [...]

1 Comment


Local Finance Board Paving the Way to Faster Refundings

by Matthew D. Jessup on December 15, 2011

Yesterday, the Local Finance Board (Board) took the first step in establishing a new rule that would allow municipalities and counties to issue refunding bonds and capture debt service savings on an expedited basis. This is a significant development, as timing is everything when it comes to refundings, particularly in this volatile economic market. The [...]

1 Comment


Additional Tax Appeal Relief Has Arrived

by Matthew D. Jessup on September 30, 2011

The Division of Local Government Services indicated today that municipalities may, for the first time, finance with refunding bonds or notes the amount owed to a taxpayer as a result of a successful tax appeal and applied as a credit against future taxes to be paid by such taxpayer (taxpayer credits). Previously, municipalities were able to [...]

1 Comment


Three Ways to Improve Your Bond Credit Rating

by Matthew D. Jessup on August 8, 2011

In today’s municipal bond market, your credit rating is more important than ever. Underwriters and financial advisors say that the difference between an “A” rating and a “AA” rating can mean the difference of 30 basis points or more. Such a difference can result in interest rate savings of $315,000 on a $10,000,000 20-year general [...]

Leave a comment


Does the SEC Want to Hear from NJ Bond Issuers?

by Matthew D. Jessup on March 24, 2011

Earlier this week, the Securities and Exchange Commission (SEC) announced that additional field hearings examining the state of the municipal securities market were being suspended due to budgetary constraints. In lieu of these hearings, the SEC is asking market participants to submit comments on a wide range of municipal securities market topics, including “disclosure and [...]

Leave a comment


Who Is Filing Your Secondary Market Disclosure?

by Matthew D. Jessup on March 16, 2011

This is the time of year when each calendar-year municipality is finalizing its audited financial statements for the year ending December 31, 2010 and adopting its budget for 2011. The focus is generally on the finishing touches for the audit, as well as working with the Division of Local Government Services to fine-tune the revenue [...]

Leave a comment