Law and legal issues

Ambac Assurance Corp. sued the Puerto Rico Highways and Transportation Authority to prevent what the insurer called improper siphoning of money.

Ramapo, N.Y. was too highly rated by Moody’s Investors Service and remains so after recent federal charges against town officials, according to a report from Gurtin Fixed Income Management.

Richland County, S.C., has set aside funds to pay off a $50 million bond anticipation note amid a probe into what state officials claim are improper expenditures of revenue of a local transportation sales tax.

Detroit Public Schools is moving perilously closer to a possible default or Chapter 9 filing, Moody's Investors Service said in a commentary.

The junk-rated Chicago Public Schools doesn't meet any of five state criteria to warrant further state intervention, the Illinois State Board of Education has found.

With the House Natural Resources Committee planning to release a new Puerto Rico bill on Wednesday and vote on it a week later, Treasury Secretary Jack Lew traveled to the commonwealth to hold meetings to drum up support for a legislative solution.

East Cleveland, Ohio says it is insolvent and bankruptcy is its best option to preserve essential public services in the city of 18,000, which has no bond debt.

A Chicago-based investment advisor faces jail time after pocketing more than $4 million from the sale of phony Chicago-backed securities that she described as "Chicago Anticipatory Notes."

Florida-based GrayRobinson PA has teamed up with Capitol Insight, an influential lobbying group that will complement its government relations and lobbying practice, the firm said Wednesday.

New Jersey Gov. Chris Christie said he would rather Atlantic City file for bankruptcy than send more money to the gambling hub, and will let the city file if lawmakers don’t approve the rescue bill he supports.

Municipal industry experts on Thursday urged analysts to continue focusing on how the presence of statutory liens can change the treatment of debt in bankruptcy proceedings and ratings analyses.

Two rating agencies flagged North Carolina’s implementation of House Bill 2 in upcoming bond offerings amid a national controversy over the law seen by some as discriminatory towards the LGBT community.

Donald Trump, the Republican presidential nominee, said Puerto Rico has to “cut its debt way down” in order to survive.

New Jersey Senate President Steve Sweeney, D-Gloucester, said Wednesday state intervention is the only solution to solve Atlantic City’s fiscal crisis as a result of the city’s failure to confront its financial mismanagement.

Puerto Rico has declared a moratorium on payments on an additional Puerto Rico Infrastructure Finance Authority bond issue.

A year after North Carolina inked its first public-private partnership with I-77 Mobility Partners, lawmakers have filed bills to terminate the $648 million pact amid investigations into the deal.

U.S. Treasury Secretary Jack Lew said concern for the people of Puerto Rico is the primary reason he wants lawmakers to adopt restructuring legislation for the commonwealth.

Debate began Tuesday in the Michigan House on a $715 million restructuring of Detroit Public Schools amid mounting growing pressure to act as the district’s fiscal crisis prompted a two-day district-wide “sickout.”

Treasury Department secretary Jack Lew on Monday sent a letter to congressional leaders warning them that further inaction on a bill to help Puerto Rico pending in the House could lead to a taxpayer-funded bailout.

The Cook County Clerk’s office has reversed course and signed off on the validity of Harvey, Ill.’s property tax levy request, raising hopes that the city will make good on bond payments.