Law and legal issues

Four years after the Sunshine state passed a law authorizing PACE project financing, billions in bonds face legal challenges before the Florida Supreme Court.

Texas Attorney General Greg Abbott reached a settlement with Houston-area financial advisor R. Craig Rathmann, accused of colluding with RBC Capital Markets to limit competition on bond deals for municipal utility districts.

Investors holding $113 million of bonds issued for the privately owned and operated Branson Airport in Missouri have agreed to a amended forbearance agreement that gives the struggling Ozarks air field more time to pick up operations.

Doral Financial in San Juan, Puerto Rico, has prevailed in its court battle with the territory's Treasury Department over a substantial tax refund.

Attorneys for bankrupt Detroit and bond insurer Financial Guaranty Insurance Co. said in court that they plan to finalize an agreement by Thursday, a move that would mean the city would have support from all major creditors for its bankruptcy exit plan.

The new regional authority taking over Detroit's Water and Sewerage Department should be a positive for holders of existing DWSD debt, Moody's Investors Service said Friday.

Jefferson County said Friday it will appeal an Alabama federal judge's ruling that threatens investors' security in $1.8 billion of sewer warrants sold last year.

The Chapter 11 bankruptcy of a public benefits corporation in Kentucky highlights the risks associated with such agencies, Moody's said.

A deal to create a new bond-issuing authority to take over the troubled Detroit Water and Sewerage Department advanced this week with the remaining counties approving the plan.

At The Bond Buyer's California Public Finance Conference, Schiff Hardin's Rick Frimmer discussed the implications of recent developments in municipal bankruptcy.

An Alabama federal judge set a July 2015 trial date for two ex-JPMorgan bankers facing pay-to-play charges in Jefferson County's sewer deals and swaps.

Moody's Investors Service warned Wednesday it may downgrade Detroit's Ca-rated certificates of participation, saying it expects to resolve the outlook when and if the bankrupt city settles with the bond insurer that wraps the bulk of the certificates.

The Civic Committee of the Commercial Club of Chicago said it plans an initiative to promote a dialogue on the consequences should the Illinois Supreme Court overturn pension reforms adopted last year.

The most-traded P3 bonds have rallied this year, and retained gains since the Sept. 22 bankruptcy filing by the manager of the Indiana Toll Road.

The city of Detroit rested its case in the trial to decide if its bankruptcy confirmation plan will be confirmed after Detroit Mayor Mike Duggan and City Council President Brenda Jones testified that they would work to support and implement its plan of confirmation.

An Alabama federal judge's refusal to dismiss an appeal of Jefferson County's bankruptcy plan is credit negative for sewer warrant holders, Moody's said Oct. 6.

Bond insurer Syncora Guarantee Inc.'s settlement with Detroit was the focus of much of the testimony Friday during the federal trial on the city's bankruptcy exit plan.

Texas Attorney General Greg Abbott announced settlement of an investigation of anticompetitive activities involving underwriting fees paid by municipal utility districts in the Houston area.

Fitch plans to investigate how the comptroller for Florida State University's Boosters allegedly stole as much as $700,000.

The bankruptcy of the private operator who runs the Indiana Toll Road is not expected to affect the triple-A rated state’s credit, Moody's Investors Service said Friday.