Bankruptcy

The National Association of Bond Lawyers last week awarded Linda Schakel, a partner at Ballard Spahr in Washington, its Frederick O. Kiel Distinguished Service Award.

SAN ANTONIO — Build America Bond issuers could potentially go years without subsidy payments under the examination process the Internal Revenue Service is currently considering for them, bond attorneys meeting here warned last week.

SAN ANTONIO — Issuers that want to avoid disclosure mishaps — and possible federal enforcement action — should develop and closely follow policies as well as procedures that lay out who must review and sign off on their disclosure documents, Securities and Exchange Commission officials are stressing.

SAN ANTONIO — “Numerous” municipal market participants have queried the ­Securities and Exchange Commission about bringing muni bond ­abuses to its attention under a new ­congressionally mandated program that provides incentives for whistle-blowers, a top SEC enforcement attorney told bond ­attorneys gathered here Thursday.

BRADENTON, Fla. — The Florida Supreme Court on Thursday upheld the validation of $29 million of bonds that Sarasota and Sarasota County want to sell to renovate the spring training ­facilities of Major League Baseball’s ­Baltimore Orioles.

A $220 million Pittsburgh Parking Authority borrowing plan hit a snag Thursday as the agency’s board voted against hiring bond professionals to help structure the debt sale.

Washington Treasurer James McIntire Tuesday announced a settlement agreement with State Street Bank that calls for it to pay $11.7 million to the state’s pension systems.

Responding to the fallout from the revelations of exorbitant salaries in the Southern California city of Bell, state Controller John Chiang Monday announced a new website listing the salary, pension benefits, and other compensation for more than 594,000 city and county employees throughout the state.

ALAMEDA, Calif. — The Securities and Exchange Commission crossed a new threshold this week by securing financial penalties against individual city officials in a municipal bond fraud case.

CHICAGO — The board of the Detroit Medical Center voted to extend the deadline for its $1.5 billion acquisition by a for-profit Tennessee health care company to Dec. 31, saying the parties were still waiting for state regulatory approvals.

SAN ANTONIO — The Securities and Exchange Commission has postponed the municipal securities field hearing it planned to hold in Chicago on Nov. 16.

ALAMEDA, Calif. — Vallejo, Calif., appointed a new interim city manager this week.

WASHINGTON — The National Association of Bond ­Lawyers’ new president as of Wednesday night, John ­McNally, appears to be the right man at the right place and the right time, according to the group’s members.

Pittsburgh’s City Council Tuesday approved a $220 million Pittsburgh Parking Authority bond deal that aims to prevent a state takeover of the city’s pension system.

The National Association of Bond ­Lawyers announced Tuesday that it has hired Linda Holtz Wyman as its chief operating officer.

DALLAS — San Antonio’s CPS Energy is planning its fourth and largest issue of Build America Bonds on Thursday as it faces an Internal Revenue Service audit of a previous BAB deal.

WASHINGTON — The Municipal Securities Rulemaking Board plans to soon file rule changes with the Securities and Exchange Commission that would eliminate the current practice of allowing a dealer-financial adviser to resign as FA and then underwrite the same muni securities transaction.

The Travis County district attorney’s office said last week it closed the case on allegations of political influence on investment decisions by the Teacher Retirement System of Texas earlier this year after an investigation found no criminal violations.

WASHINGTON — Securities and Exchange Commission proposals to require issuers to provide investors with more information about loans underlying asset-backed securities would apply to municipal bonds and could have far-reaching effects on the muni market, several lawyers said last week.

WASHINGTON — Market participants are pushing back against attempts by Standard & Poor’s to rate municipal bond deals on the condition that the issuer agrees to accept both greater liability if the rating turns out to be faulty and an ongoing obligation to inform it of any material change to any information provided to the agency.