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No Success Like Failure: N.Y. Sees Social Impact Bond Pluses
New York City officials deem a social impact bond program that fell short of its desired outcome to be successful because it allowed them to try something new at no cost to taxpayers.
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Puerto Rico has indicated that September may be the start of the commonwealth government’s monetary defaults.  more »
About 53% of open end mutual funds have exposure to some type of Puerto Rico debt, down from almost 70% in 2014, according to Morningstar Inc.  more »
Leaders of New York's Suffolk County are pitching a $300 million Long Island Innovation Zone to enhance the region's transportation network and create economic development.  more »
Maine business leaders expressed both gratitude and disappointment Wednesday over the Legislature's passage of two bond proposals totaling $100 million for roads and senior housing.  more »
Puerto Rico Gov. Alejandro García Padilla has signed a fiscal year 2016 General Fund budget for $9.8 billion.  more »
Amid talks of Puerto Rico’s looming debt crisis, two senators plan to introduce companion legislation to a bill that would allow Puerto Rico to grant Chapter 9 bankruptcy powers to troubled public entities on the economically distressed island.  more »
The Puerto Rico Electric Power Authority made the full $415 million bond payment due Wednesday and promised to reach a comprehensive restructuring plan with its creditors by Sept. 1.  more »
A report co-authored by Harry Markopolos, who offered unheeded early warnings of Bernard Madoff's fraud, said the pension fund of Greater Boston transit workers may be overestimating its value by up to $470 million.  more »
The new spokesman for Atlantic City's emergency manager says all options remain on the table for the troubled city, including bankruptcy.  more »
Pennsylvania Gov. Tom Wolf vetoed the $30 billion fiscal 2016 budget lawmakers had passed, saying it ignored such core issues as structural imbalance, school funding and rising property taxes.  more »
The General Assembly on Monday unanimously approved the annual school construction bonding package, which was amended to authorize more than $98 million for the New London High School construction project.  more »
AUGUSTA -- As expected, Gov. Paul LePage vetoed a bill Tuesday aimed at forcing him to sell $11.4 million in bonds for the Land for Maine's Future program that he has been using as political leverage with the Legislature.  more »
AUGUSTA -- State lawmakers approved $100 million in bonds for roads and housing projects, held over a bill seeking a southern Maine casino and muddled through dozens vetoes from Gov. Paul LePage on Tuesday as they worked to wrap up the legislative session.  more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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