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Municipalities

Mar 02, 2021

Being Held Accountable: The ‘Education’ of KPMG at the College of New Rochelle

As I reported in my September 22, 2020, blog post, “SEC Focus on Municipal Securities: Disclosure and Enforcement – The Peculiar Structure of the Municipal Securities Disclosure Regime,” in March 2019, the U.S. Securities and Exchange Commission (“SEC”) filed a civil lawsuit against the former controller of the College of New Rochelle, a non-profit college in Westchester County, just north of New York City.» Read More

Oct 01, 2020

Taxing Disclosures: Municipal Securities Issuers and COVID-19

As discussed in my earlier blog, “SEC Focus on Municipal Securities: Disclosure and Enforcement – The Peculiar Structure of the Municipal Securities Disclosure Regime,” since 1994 issuers and, in the case of conduit issuers, obligated parties are required to enter into a Continuing Disclosure Agreement (“CDA”) at the time of issuing municipal securities.» Read More

Sep 22, 2020

SEC Focus on Municipal Securities: Disclosure and Enforcement – The Peculiar Structure of the Municipal Securities Disclosure Regime

When the two key Federal Securities Laws (the Securities Act of 1933 [the “33 Act”] and the Securities Exchange Act of 1934 [the “34 Act”]) were enacted, municipal securities (the bonds, notes, etc., issued by states, counties, municipalities, and municipal authorities) were exempt, both from the registration requirement of the 33 Act and from the oversight under the 34 Act of the professionals who underwrote and dealt in the purchase and sale of these securities.» Read More

Apr 15, 2020

Pennsylvania Passes Senate Bill 841 to Allow Public Meetings and Notary Services via Telecommunication

On April 14, 2020, the Pennsylvania House of Representatives passed Senate Bill 841, which allows public entities and notaries to conduct business remotely during the statewide disaster emergency precipitated by COVID-19. The legislation is a culmination of separate State House and Senate bills to allow public entities, including counties, municipalities, and municipal authorities, to utilize telecommunication services for meetings and notary services during the COVID-19 pandemic.» Read More

Mar 17, 2020

Coronavirus (COVID-19) Legal Update for Pennsylvania Municipalities and Municipal Authorities

Pennsylvania Governor Tom Wolf has taken unprecedented action in the face of the threat posed by the coronavirus (COVID-19). On March 6, 2020, he issued a proclamation of the existence of a disaster emergency throughout the Commonwealth, pursuant to the Emergency Management Services Code.» Read More