Bond defaults

Randy Miller, 70, and Chad Miller, 41, entered guilty pleas Wednesday in the Legacy Cares securities fraud case and will be sentenced at a later date.

Part of the problem is lack of reimbursement from insurance companies, said the owner of one proton center.

The bond trustee filed notice of a settlement that would extend the maturity of the Industrial Development Authority of Platte County Zona Rosa bonds 30 years.

Fallout from the Legacy Cares deal includes bondholder lawsuits against the underwriter and bond counsel, payment defaults, a Chapter 11 bankruptcy, and now fraud charges from the SEC and DOJ.

The SEC and DOJ announced charges in connection with municipal bonds issued for the Legacy Cares sports complex in Arizona, which defaulted and went bankrupt.

An Illinois park district became the only local general obligation credit to default in 2024, according to Municipal Market Analytics.

A bondholder group is negotiating with the school, which continues to operate.

Bond trustee UMB Trust has engaged Lighthouse Management Group to serve as the receiver.

Legislation to continue a sales tax and revenue bond program until July 1, 2028, and allow its use for mall redevelopment projects, passed the Senate.

A charter school in San Antonio is expected to close at the end of the year, jeopardizing $25 million of municipal bonds the institution borrowed in 2022.