Law and legal issues

The San Benito Health Care District board declared a fiscal emergency, a first step to declaring Chapter 9 municipal bankruptcy under California law.

A Texas judge ruled the Amarillo City Council did not provide sufficient notice to the public prior to its approval of $260 million of tax anticipation notes.

They say the HTA employees group have failed to show any of the four conditions needed for a court to order a stay.

Several California cities have waged a multi-year climate change battle against oil companies

South Carolina-based Jasper Pellets borrowed $12.5 million in private activity bonds in 2018. A deal to settle the firm's Chapter 11 bankruptcy pays the debt.

The operator of the South Terminal said it expects to prove hundreds of millions of dollars in damages caused by the city of Austin's "unlawful actions."

The plan reduces HTA's $6.4 billion of total claims by more than 80% and saves Puerto Rico more than $3 billion in debt service payments, the Oversight Board said.

The decision by Ocmulgee Superior Courts Chief Judge Brenda Holbert Trammell questioned the feasibility of the EV maker's project and bonds that would back it.

Opponents of Oklahoma Turnpike extensions are calling for limits on the agency's ability to issue bonds and raise tolls.

Recent court decisions have the potential to up the ante in lawsuits accusing major banks of manipulating the variable-rate market.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

The mall operator want a downward reassessment of the property's estimated value, a move that could reduce quarterly PILOT payments that back tax-exempt bonds.

The Utah Inland Port Authority, which sold $150 million of bonds in December, asked the audit team to provide direction on potential risks.

The Oklahoma Turnpike Authority has asked the state Supreme Court to validate bonds that would commence funding for a $5 billion, 15-year extension project.

A three-judge panel reversed a district court's ruling in favor of the city's Firefighters' Relief and Retirement Fund that the law was unconstitutional.

Hazelwood's mayor posted a letter on the city website warning of potential bankruptcy if the city can't renegotiate its deal with a fire protection district.

A county judge ruled that a lawsuit alleging Open Meeting Act violations on the part of the Oklahoma Turnpike Authority will remain in his court unless the state supreme court chooses to exercise original jurisdiction.

The inclusion of swaps has the potential to increase claimed damages in the New York State lawsuit, though banks view swap materials as providing a potential defense.

Borrower Jasper Pellets and trustee US Bank have been locked in a legal battle after the company filed for Chapter 11 bankruptcy on May 27.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.