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PR's Lawmaker in U.S. Congress Exploring Chapter 9 Change
Puerto Rico Resident Commissioner Pedro Pierluisi is exploring whether Congress might be willing to amend the federal bankruptcy code to allow government-owned corporations in Puerto Rico to file for bankruptcy.
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House and Senate tax-writing committees approved similar but not identical 10-month, $10.8 billion bailouts of the almost-depleted Highway Trust Fund, with each chairman contending his panel's bill is the most bipartisan measure.  more »
Bond lawyers and issuers are frustrated that the Securities and Exchange Commission did not specify the disclosure failures that led to its settlement with a California school district on Tuesday. They said it leaves them with no helpful guidance on what kinds of disclosures the SEC is focusing on in its Municipalities Continuing Disclosure Cooperation voluntary enforcement initiative.  more »
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State and local governments are more likely to issue pension obligation bonds if they face financial pressures, researchers at the Center for Retirement Research at Boston College found.  more »
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The Long Beach Community College District in California is seeking a settlement with the Internal Revenue Service because of a private-activity bond problem with bonds it issued in 2008.  more »
The Government Finance Officers Association has issued an alert for issuer officials urging them to approach the Securities and Exchange Commission's continuing disclosure self-reporting program cautiously, and advising the group's members that attempts to lobby the SEC for changes to the initiative have been largely unsuccessful.  more »

As many state and local governments across the country begin their July 1 fiscal year, a new federal law going into effect is of particular interest to municipal governments that issue bonds.

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