Publications for Public Finance - Bond
A new Michigan law allows some municipalities to issue bonds to fund unfunded pension liabilities or unfunded liabilities for retiree health care benefits. Before, Michigan municipalities had no power to issue bonds for those purposes.
Bond issuers should be aware that activities in the U.S. Congress may limit the value of tax-exempt interest to bondholders, with significant ramifications for municipal issuers.
Foster Swift is pleased to announce our new "PA 4 Team." - a team focused on helping financially challenged municipalities and school districts, emergency managers, bond trustees, and others understand and use Michigan’s recently enacted Public Act 4.
Municipalities should note a new law just passed that might provide for a workable, creative option to help get funding for public projects.
In his State of the State address January 19th, Governor Rick Snyder called for legislative changes to the statute governing the appointment and powers of emergency financial managers for financially distressed Michigan local governments and school districts.
There are two noteworthy developments in February 2011 regarding a possible revival of the federal Build America Bonds (BABs) program, as anticipated in our January 2011 Bond Counsel Corner article, "Updates on Federal Tax Laws Affecting Municipal Bonds."
The bill encountered controversy, did not progress, and died in the 2009-2010 session of the Legislature that ended in December.
Michigan’s recently enacted Property Assessed Clean Energy (PACE) Act made Michigan one of the 22 states that allow municipal units to fund loans to commercial and industrial property owners for energy efficiency projects.
A new law signed by Governor Granholm in December 2010 – Public Act 321 – may provide some relief for Michigan municipalities facing severe budgetary challenges meeting their payment obligations on outstanding bonds.
A listing of noteworthy federal income tax-related bond provisions that were enacted in the American Recovery and Reinvestment Act of 2009 (ARRA) or other past federal tax legislation.
Many Michigan municipalities with outstanding bonds are subject to continuing disclosure agreements (CDAs) they entered into at the closing of their bond issues.
In published national rankings for 2009, Foster Swift ranked 40th in the "Top 100 Bond Counsel: Short Term Issues"
A pending bill in the Michigan Legislature may offer some relief to municipalities with outstanding bonds payable from special assessments that have not been paid.
Build America Bonds (BABs) are taxable municipal bonds, authorized under the American Recovery and Reinvestment Act (ARRA) on February 17, 2009.
The Michigan Department of Treasury’s Michigan Municipal Bond Authority (MMBA) offers a variety of financing programs to Michigan municipalities.
It has recently come to our attention that many municipalities are unaware of the requirements of the Michigan Contractor’s Bond for Public Buildings or Works Act.