Law and legal issues

BRADENTON, Fla. - A Florida judge has validated $2 billion of municipal bonds to fund Property Assessed Clean Energy initiatives statewide.

RBC Capital Markets LLC was fined $95,000 and ordered to pay almost $33,000 in restitution to investors for unfair pricing of municipal bonds, the Financial Industry Regulatory Authority reported Monday.

In 2003, the City Council in Harrisburg, Pa., voted 6 to 1 for a $125 million loan to fix up its local incinerator, formally known as the Resource Recovery Facility.

SAN ANTONIO - Attorneys must read transaction documents carefully and think before signing them, Securities and Exchange Commission officials warned Thursday, citing an ongoing enforcement case against Stifel Nicolaus & Co. and one of its former executives.

The City Council votes by a narrow majority to file for bankruptcy. The mayor opposes the filing, as does the city solicitor. The state has a bankruptcy restriction in place — which opponents say is too loosely written — and will likely pass a bill next week bill authorizing a takeover of its capital city.

BRADENTON, Fla. - After nearly 10 months of inaction, investors of the defaulted bonds issued by North Florida's Santa Rosa Bay Bridge Authority may see restructuring negotiations get under way now that a governing board is in place.

Anchorage will drop its lawsuit against the Knik Arm Bridge and Toll Authority, which is proposing a controversial public-private toll bridge project, according to published reports.

Harrisburg's Chapter 9 bankruptcy filing immediately raised questions about the legality of the move as experts pondered the impact on the municipal bond market.

WASHINGTON - Public sector pensions should consider disclosing their projected future contributions in order to fare better in the marketplace, a bond lawyers' group said in guidance circulated earlier this month.

DALLAS - A coalition of school districts and taxpayers has filed suit in a Travis County state court to overturn Texas' system for funding public education.

BRADENTON, Fla. - The Santa Rosa County Commission is poised on Thursday to restore a quorum to the junk-rated Santa Rosa Bay Bridge Authority by appointing three new members. The Florida agency's board hasn't met since 2010 and it defaulted on a bond payment in July.

Two South Florida Republican legislators intend to push for Las Vegas-style casino resorts now that an appellate court has ruled that lawmakers can expand gambling without voter approval.

The U.S. 11th Circuit Court of Appeals on Friday refused to consider rehearing the appeal of former Jefferson County commissioner Larry Langford on his pay-to-play conviction.

CHICAGO - The Illinois secretary of state has temporarily suspended former Grigsby & Associates Inc. public finance banker Alvin J. Boutte Jr.'s license, accusing him of providing misleading advice to the Illinois Student Assistance Commission in its $12.8 million investment in a failed Chicago bank.

Nassau County, N.Y., could have a serious cash problem by the end of October unless it finalizes a budget by then, the chairman of a state-appointed oversight panel said.

SAN FRANCISCO - California Gov. Jerry Brown has signed legislation imposing new requirements local governments must meet before declaring bankruptcy.

The Kansas City Council last week asked a Jackson County Circuit Court judge to support its bid to block Clay Chastain’s $2.5 billion light-rail ballot initiative.

CHICAGO - A close look at Flint, Mich.'s long-standing fiscal problems provides a glimpse into the challenges facing many of America's older industrial cities, according to a case study released last week by Michigan public finance scholars.

California Gov. Jerry Brown Tuesday signed a bill that will strengthen the state auditor’s oversight of local governments in the wake of the scandal surrounding the city of Bell.

DALLAS - Harris County, Texas, is seeking $484,000 through mediation with Morgan Stanley for alleged overpayment of fees after reaching a $659,000 settlement with UBS, officials said.