Since its founding, Chapman and Cutler LLP has been one of the country's preeminent law firms in state and municipal finance. Dozens of lawyers comprise the firm's Public Finance Group, primarily serving as bond counsel or underwriter's counsel on public finance transactions throughout the United States.
Attorneys in the Group work as a team with colleagues in the firm's banking, tax, securities and bankruptcy and workout areas. Firm attorneys from other disciplines join the team whenever a significant public finance transaction warrants their involvement.
The firm's public finance clients include state governments, state agencies and authorities, counties, cities, villages, towns, school districts and other special purpose districts and municipal non-profit corporations and authorities located across the country. In addition, attorneys in the Public Finance Group frequently serve as counsel to the leading national and regional investment banking firms in the underwriting or remarketing of state and local government obligations.
The experience and ability of the firm's attorneys who devote their practice to municipal finance is widely recognized. Attorneys in the Public Finance Group frequently draft, review and lobby for new legislation that enhances the debt-issuing capabilities of the firm's clients. The Group's broad national presence and experience enable it to deal easily with complex transactions and to develop innovative financing structures.
Public Finance Updates
- ConferenceMarch 3-4, 2022
Chapman's Hillary Phelps is serving as Vice Chair of the National Association of Bond Lawyers (NABL) U Presents The Institute.
- EventDecember 2, 2021
Chapman’s Larry White joins industry leaders at an Illinois Government Finance Officers Association (IGFOA) Virtual Roundtable discussion.
- ConferenceNovember 17-19, 2021
Chapman attorney Sharone Levy will be speaking at the National Federation of Municipal Analysts (NFMA) Introduction to Municipal Bond Credit Analysis Webinar Series.
- ArticleJournal of Taxation of Financial ProductsNovember 2021
This article in the Journal of Taxation of Financial Products outlines tax-exempt municipal debt securitization transactions and associated tax issues. Chapman authors, David Nirenberg, Brent Feller, and Steven Kopp, provide an in-depth look at the primary tax issues for parties to both single-class and multiple-class tax-exempt bond securitization transactions.
- ConferenceOctober 26, 2021
Chapman is sponsoring and attorney Joe Saverino is speaking at the US P3 Forum.
- ConferenceOctober 18-20, 2021
Chapman attorney Rick Cosgrove is speaking at The Bond Buyer's California Public Finance Conference.
- ConferenceOctober 13-15, 2021
Chapman attorney Juliet Huang will serve as Second Vice Chair of The Workshop: Hybrid 2021, hosted by the National Association of Bond Lawyers (NABL). Chapman attorneys Sarah Breitmeyer, Nancy Burke, Brent Feller, Katherine Gale, and Sharone Levy will be speaking at the event.
- Client AlertSeptember 27, 2021
On September 16, 2021, the Securities and Exchange Commission charged Sweetwater Union High School District, a San Diego County, California, school district serving approximately 47,000 students, and its former Chief Financial Officer, Karen Michel, with making material misstatements and omissions in connection with the District’s April 2018 $28 million bond issue.
- ConferenceSeptember 13-14, 2021
Chapman attorney Larry White spoke at the Illinois Government Finance Officers Association (GFOA) Annual Conference.
- Chapman InsightsSeptember 13, 2021
Lenders and investors are taking different approaches to building ESG portfolios based on the entity’s own preferences and values. However, one widely used tool involves screening of select assets or transactions that align with those values.
- ArticleFutures & Derivatives Law ReportJuly/August 2021
In 2017, the Financial Conduct Authority, the U.K. authority that oversees the London interbank offered rate, announced that LIBOR may be phased out after the end of 2021. The announcement applied to all currency and term variants of LIBOR, including U.S. dollar denominated LIBOR.
- Client AlertJune 23, 2021
The date of the General Primary Election to be held in 2022 has been changed from March 15, 2022, to June 28, 2022. On May 31, 2021, the Illinois General Assembly adopted Senate Bill 825, which became Public Act 102-0015 after being signed into law by the Governor on June 17, 2021.
- ConferenceJune 21-23, 2021
Chapman attorney David Sykes spoke at PACENation Summit 2021.
- ConferenceMay 12-14, 2021
Chapman attorney Ryan Bowen, Bren Feller, and Evelyn Irwin attended the 2021 National Association of Local Housing Finance Agencies (NALHFA) Virtual Conference.
- ConferenceApril 21-23, 2021
Chapman attorney Ryan Bjerke will be attending the virtual Utah League of Cities and Towns 2021 Midyear Conference.
- Chapman InsightsApril 22, 2021
At today’s Earth Day Climate Summit, President Joe Biden announced to world leaders that the United States is committed to cutting its greenhouse gas emissions by 50% to 52% from 2005 levels by 2030.
- Chapman InsightsApril 20, 2021
Last week the Loan Syndications and Trading Association, the Loan Market Association, and the Asia Pacific Loan Market Association jointly published their first ever Social Loan Principles.
- EventMarch 31, 2021
Chapman attorney David Cholst spoke at a National Association of Bond Lawyers U Now webinar.
- Chapman InsightsMarch 25, 2021
The Securities and Exchange Commission this month announced that the Divisions of Corporation Finance, Examinations, and Enforcement are all undertaking climate or ESG-related initiatives.
- EventMarch 18, 2021
Chapman attorneys Jim Heiser and Juliet Huang spoke at an Association for Governmental Leasing and Finance webinar.
- ConferenceMarch 11-12, 2021
Chapman attorney Larry White spoke at the Illinois Association of School Business Officials (ASBO) Bookkeepers Conference.
- ConferenceMarch 3-5, 2021
Chapman attorneys Brent Feller, Juliet Huang, and Hillary Phelps spoke at The Institute, hosted by the National Association of Bond Lawyers.
- Chapman InsightsMarch 2, 2021
Environmental, Social and Governance investing in the United States has reportedly reached an estimated $250 billion in assets under management and is expected to see continued growth in 2021 and beyond.
- Chapman InsightsFebruary 4, 2021
On January 26, Moody’s Investors Service announced it had published a new methodology for rating US public school districts that provide education or educational services.
- RecognitionSarah Breitmeyer and David Cholst Named Bloomberg Tax and Accounting's Federal Tax Portfolio Authors of the YearDecember 2020
Chapman attorneys Sarah Breitmeyer and David Cholst were named the Federal Tax Portfolio Authors of the Year by Bloomberg Tax & Accounting.
- RecognitionDecember 2020
Chapman served as counsel to the underwriter in connection with a first-of-its-kind $236 million tax-exempt “receivables” financing of the Lincoln South Beltway public-private partnership project, which was named The Bond Buyer’s 2020 P3 Deal of the Year.
- RecognitionNovember 2020
Ryan Bowen, a partner in Chapman’s National Public and Health & Education Finance Department, was named the Texas Association of Local Housing Finance Agencies 2020 Member of the Year in recognition of his work on behalf of housing issuers in the State of Texas.
- ConferenceOctober 26-29
Chapman attorney Rick Cosgrove spoke at The Bond Buyer's California Public Finance Conference.
- Client AlertOctober 13, 2020
Under the expanded Medicare Accelerated and Advance Payments Program, more than 22,000 Medicare Part A providers and 28,000 Medicare Part B suppliers requested and received accelerated or advance payments from the Centers for Medicare & Medicaid Services to help ease financial strain and uncertainty caused by the COVID-19 pandemic.
- EventOctober 8, 2020
Chapman attorneys Amy Cobb Curran and David Kates participated in a webinar hosted by Warbird Consulting Partners.
- ConferenceOctober 5-6, 2020
Chapman attorney Rick Cosgrove spoke at the Virtual US P3 Forum 2020.
- ConferenceSeptember 23-25, 2020
Chapman attorneys Sarah Breitmeyer and David Cholst spoke at the National Association of Bond Lawyers's The Workshop.
- EventSeptember 23, 2020
Chapman attorney Sarah Breitmeyer spoke at an Illinois Government Finance Officers Association Educational Webinar.
- ConferenceJuly 29-30, 2020
Chapman attorney Brent Feller spoke at the 2020 National Association of Local Housing Finance Agencies Virtual Conference.
- Chapman InsightsJuly 2020
In 2017, the UK authority that oversees the London interbank offered rate, announced that LIBOR may be phased out after the end of 2021. The announcement applied to all currency and term variants of LIBOR, including US dollar denominated LIBOR.
- Client AlertSEC Grants Municipal Advisors a Temporary Exemption from Broker Registration for Certain Direct Placement ActivitiesJune 18, 2020
On June 16, the Securities and Exchange Commission issued an order granting registered municipal advisors an emergency, temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 in connection with certain direct placement activities.
- Client AlertJune 17, 2020
The General Assembly passed Senate Bill 2135 on May 23 and the Governor signed the same on June 12. The Act provides greater flexibility for public bodies to conduct business remotely when in-person attendance is not feasible due to a disaster.
- Client AlertJune 12, 2020
On June 11, the Federal Reserve Bank of New York issued an updated Notice of Interest for the Municipal Liquidity Facility to reflect the expansion of eligibility for the facility.
- Client AlertJune 5, 2020
On June 3, the Federal Reserve announced expanded eligibility for its Municipal Liquidity Facility. Under the new terms, a State that does not have at least two total counties or cities that meet the minimum population requirements will be able to identify a city or county to be an Eligible Issuer.
- Client AlertMay 26, 2020
On May 23, the General Assembly passed Senate Bill 2135, providing for amendments to Sections 2.01 and 7 of the Open Meetings Act of the State of Illinois. The changes provide greater flexibility for public bodies to conduct business remotely when in-person attendance is not feasible due to a disaster.
- Client AlertMay 11, 2020
The Federal Reserve today issued an amended term sheet establishing pricing criteria for its Municipal Liquidity Facility last described in our April 29 Client Alert. The Federal Reserve Bank of New York also issued today a revised FAQs for the facility.
- Client AlertSEC Chairman and Director of the Office of Municipal Securities Encourage COVID-19 Disclosures in the Municipal Securities MarketMay 8, 2020
On May 4, the SEC Chairman and the Director of the Office of Municipal Securities issued a public statement encouraging issuers, conduit borrowers and other obligated persons of municipal securities to make disclosures describing the effects of the COVID‑19 pandemic on their finances and operations.
- Client AlertMay 7, 2020
Treasury Department guidance issued on April 22 summarizes three requirements for the use of payments from the Coronavirus Relief Fund. On May 4, FAQs were issued that “supplements” the guidance by answering a long series of questions about Eligible Expenditures and a shorter list of questions about the Administration of Fund Payments.
- Client AlertApril 29, 2020
On April 27, the Federal Reserve issued a press release announcing changes to the Municipal Lending Facility described in previous client alerts. At the same time, the Federal Reserve Bank of New York, as sole Reserve Bank lender for the facility, issued a FAQs for the facility.
- Client Alert$484 Billion Stimulus Bill Replenishes Paycheck Protection Program and Provides Additional Funding for Health Care Providers and Coronavirus TestingApril 24, 2020
The Paycheck Protection Program and Health Care Enhancement Act was signed into law today. This alert summarizes key portions of the Act and recently released information from the Department of Health and Human Services explaining its plans to allocate and distribute the Provider Relief Fund money.
- Client AlertQuestions and Answers about the Municipal Liquidity Facility Established by the Federal Reserve under the CARES ActApril 22, 2020 (Updating an April 13, 2020 Client Alert)
On April 9, the Federal Reserve issued term sheets for six “new” funding facilities under the CARES Act. This client alert describes in detail the Municipal Liquidity Facility.
- Client AlertApril 9, 2020
Earlier today the Federal Reserve announced it would establish six new funding facilities supported by Treasury funding authorized by Section 4003(b)(4) of the CARES Act.
- Client AlertApril 6, 2020
In these uncertain times, parties to bond documents (including documents such as continuing covenant agreements) may wish to waive, modify or renegotiate certain provisions, including the forbearance and deferral of debt service, the waiver of provisions or the exercise of certain options.
- Client AlertFederal Reserve Bank of New York Announces April 14, 2020, Start Date for Purchases of Commercial Paper under Commercial Paper Funding Facility and Post FAQs for ProgramApril 6, 2020
- Client AlertApril 3, 2020
The Federal Reserve has established a webpage that provides links to a FAQ and other documents for the Money Market Fund Liquidity Facility described in earlier Chapman client alerts.
- Client AlertApril 1, 2020 (Updating a March 31, 2020 Client Alert)
This client alert has been updated from our March 31, 2020 client alert to reflect guidance from the U.S. Treasury Department and the Small Business Administration.
- Client AlertApril 1, 2020
The $2 trillion stimulus bill is the largest stimulus bill in U.S. history and Congress’ third major piece of legislation to address the COVID-19 crisis. This client alert summarizes notable CARES Act provisions for Institutions of Higher Education.
- Client AlertMarch 30, 2020
The Coronavirus Aid, Relief, and Economic Security Act, a bill designed to provide financial support and resources to individuals and businesses affected by COVID-19 pandemic, was signed into law on March 27. This client alert summarizes notable CARES Act provisions for health care businesses, including hospitals and physician practices.
- Client AlertMarch 30, 2020
This Client Alert focuses on some major programs established by the Coronavirus Aid, Relief, and Economic Security Act to financially support, through loans or grants, (1) small businesses, (2) larger businesses, and (3) states and municipalities.
- NewsMarch 30, 2020
Today, Chapman Partner Hillary Phelps was named a member of the Municipal Securities Rulemaking Board's Market Transparency Advisory Group.
- Client AlertMarch 24, 2020
On March 23, the Federal Reserve issued further amendments to add negotiable certificates of deposit and all short-term municipal securities to the list of eligible collateral.
- Client AlertFederal Reserve Amends Pricing, Adds Municipal Issuers, and Makes Other Changes for Recently Established Commercial Paper Funding FacilityMarch 24, 2020
On March 23, the Federal Reserve added municipal issuers and amended the pricing for the commercial paper funding facility announced on March 17 and issued other “program terms and conditions” posted on the website of the Federal Reserve Bank of New York.
- Client AlertMarch 23, 2020
This morning, the Board of Governors of the Federal Reserve System announced sweeping actions to help the economy.
- Client AlertMarch 19, 2020
On March 17, the Federal Reserve Board announced the establishment of two emergency funding facilities that closely mirror facilities established in 2008 during the last financial crisis in providing liquidity to both short and long term funding markets.
- Client AlertTo Improve Transparency, SEC Approves Addition of Submission Calculator to MSRB’s EMMA System WebsiteFebruary 21, 2020
On February 18, the SEC issued an order approving a proposed MSRB rule change updating the MSRB’s Electronic Municipal Market Access system website.
- Client AlertFebruary 19, 2020
On February 7, the SEC Office of Municipal Securities published Staff Legal Bulletin No. 21 that addresses the application of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934.
- Client AlertSEC Committee Makes Recommendations Regarding Timeliness of Financial Disclosures in the Municipal Securities MarketFebruary 18, 2020
On February 10, the SEC’s Fixed Income Market Structure Advisory Committee approved a series of recommendations designed to improve the timeliness of disclosure in the municipal securities market.
- Client AlertJanuary 28, 2020
The IRS has released a new Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, along with new instructions. Form 8038-CP is used by issuers to claim payments from the federal government representing all or a portion of interest payable on direct pay bonds
- ConferenceJanuary 23-25, 2020
Chapman attorneys Kent Floros, Kyle Harding, and Anjali Vij spoke at the 2020 Illinois Association of Park Districts / Illinois Park and Recreation Association Soaring to New Heights Conference.
- RecognitionDecember 4, 2019
Chapman is proud to have served as counsel to the banks and swap providers on a $6.5 billion financing that was named The Bond Buyer's 2019 Deal of the Year at an awards ceremony held December 4 in New York.
- EventNovember 22, 2019
Chapman attorneys Hillary Phelps and Anjali Vij spoke at the Illinois ASBO Debt A-Z Academy.
- ConferenceNovember 14, 2019
Chapman attorney Kelly Kost spoke at the 2019 IAPD Legal Symposium.
- ConferenceOctober 2-4, 2019
Chapman attorney Ryan Bowen spoke at the 27th Annual Texas Association of Local Housing Finance Agencies Educational Conference.
- ConferenceSeptember 23-25, 2019
Chapman attorneys Juliet Huang and Hillary Phelps spoke at The Bond Buyer's California Public Finance Conference.
- RecognitionSeptember 2019
Hillary Phelps, a partner in Chapman's National Public and Health & Education Finance Department, was named a 2019 "Rising Star" at The Bond Buyer's California Public Finance Conference.
- ConferenceSeptember 11-13, 2019
Chapman attorneys Nancy Burke and Juliet Huang spoke at The Workshop, which was presented by the National Association of Bond Lawyers.
- ConferenceSeptember 8-10, 2019
Chapman attorneys Larry White and Seema Patel spoke at the Illlinois Government Finance Officers Association Annual Conference.
- NewsAugust 2019
Chapman served as special counsel to an Illinois county in the state’s first transaction under a commercial property assessed clean energy (PACE) financing program, which allows property owners to obtain upfront financing from private capital providers for energy efficiency and renewable energy projects in new and existing buildings.
- ArticlePratt's Journal of Bankruptcy LawJuly/August 2019
In a decision that upends the expectations of the municipal bond market, a three-judge panel of the U.S. Court of Appeals for the First Circuit has ruled that the “special revenue” provisions of the U.S. Bankruptcy Code do not compel the payment of debt service on certain municipal bonds during the pendency of a bankruptcy proceeding.
- ConferenceJune 23–25, 2019
Chapman attorney Joe Saverino spoke at the Illinois Municipal Treasurers Association Annual Conference.
- ConferenceJune 12–13, 2019
Chapman attorney Rick Cosgrove spoke at the US P3 Forum 2019.
- ConferenceJune 5, 2019
Chapman attorneys Laura Appleby, Dan Bacastow, Rick Cosgrove, and Juliet Huang spoke at The Bond Buyer's Midwest Municipal Market Conference.
- ConferenceMay 8–10, 2019
Chapman attorney Juliet Huang spoke at the 39th Annual Association for Governmental Leasing and Finance Conference.
- ConferenceMay 2–3, 2019
Chapman attorneys Kyle Harding and Anjali Vij spoke at the 2019 Illinois Association of School Business Officials Annual Conference.
- ConferenceMay 1-3, 2019
Chapman attorney Sharone Levy spoke at the Illinois Community College Chief Financial Officers Spring Conference.
- Client AlertApril 5, 2019
On March 28, the Securities and Exchange Commission charged the former controller of the College of New Rochelle, a New York-based not-for-profit college, with violating, and aiding and abetting violations of, the antifraud provisions of the federal securities laws.
- ArticleApril 2019
Pension shortfalls. Crumbling infrastructure. Wage pressures. These are only a few of the budgetary pressures facing state and local governments. It’s no surprise that, with so many demands on limited tax dollars, funds needed to address social problems are being diverted.
- ConferenceMarch 15, 2019
Toi Hutchinson, Chapman's Director of Community Relations and Social Responsibility, spoke at the 2019 Chicago Women in Public Finance Conference.
- ConferenceMarch 7-8, 2019
Chapman attorneys Sarah Breitmeyer and Brent Feller spoke at the National Association of Bond Lawyers's The Institute.
- Client AlertMarch 1, 2019
Effective February 27, 2019, there are two new reportable events for which an issuer must provide notice to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.
- Client AlertFebruary 22, 2019
The SEC Rule 15c2-12 amendments will be effective on and after February 27, 2019 with the effect described in the Release. In addition, the Release describes the SEC’s position on certain material financial obligations that may have an impact on primary offerings in addition to disclosures of reportable events made in the future under Rule 15c2-12.
- ConferenceJanuary 24-26, 2019
Chapman attorneys Kyle Harding and Anjali Vij spoke at the 2019 Illinois Association of Park Districts / Illinois Park and Recreation Association Soaring to New Heights Conference.
- ArticlePratt's Journal of Bankruptcy LawJanuary 2019
A recent court decision has provided guidance regarding the meaning of “governmental unit” under the U.S. Bankruptcy Code.This determination is important because if it is a “governmental unit,” an entity would only be eligible to file a bankruptcy petition if it is a “municipality” under the Bankruptcy Code and meets the other eligibility requirements for filing a municipal bankruptcy petition.
- Client AlertNovember 29, 2018
In October, the U.S. District Court for the Southern District of New York entered a final judgment against Christopher St. Lawrence, the former Supervisor of the Town of Ramapo, New York and Director of Finance and President of the Ramapo Local Development Corporation.
- ArticlePratt's Journal of Bankruptcy LawNovember/December 2018
A decision by the Court overseeing Puerto Rico’s bankruptcy-like Title III proceeding has reiterated what every secured creditor understands — perfection matters. The Court found that bondholders holding $2.9 billion in debt issued by the Employees Retirement System of the Government of the Commonwealth of Puerto Rico were rendered unsecured due to inadequate financing statements.
- ConferenceOctober 1-3, 2018
Chapman attorneys Juliet Huang and Nate Odem spoke at The Bond Buyer's California Public Finance Conference.
- ConferenceSeptember 26-28 2018
Chapman attorney Joe Saverino spoke at the Illinois Association of School Administrators 2018 Annual Conference.
- ConferenceSeptember 26-28, 2018
Chapman attorneys Sarah Breitmeyer, Ryan Bowen, Nancy Burke, David Cholst, and Juliet Huang spoke at the National Association of Bond Lawyers 43rd Annual Bond Attorneys' Workshop.
- ConferenceSeptember 12-14, 2018
Chapman attorney Dan Bacastow spoke at the National Association of Health and Educational Facilities Finance Authorities Fall 2018 Conference.
- Client AlertFederal Banking Regulators Issue Interim Final Rule on Treatment of Certain Municipal Obligations as HQLASeptember 11, 2018
On August 22, the three federal banking agencies issued an interim final rule implementing the May 2018 banking law’s requirement that investment grade, liquid and readily marketable municipal obligations be treated as Level 2B “high quality liquid assets” under the liquidity coverage ratio rule.
- Client AlertAugust 27, 2018
On August 20, the SEC issued Release No. 34-83885 adopting amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, as amended. The amendments add two new events to the list of reportable events for which an issuer or obligated person must provide notice to the MSRB's Electronic Municipal Market Access website.
- ConferenceJune 21, 2018
Chapman attorneys Rick Cosgrove and Juliet Huang spoke at The Bond Buyer's Midwest Municipal Market Conference.
- ConferenceJune 13–14, 2018
Chapman attorney Rick Cosgrove spoke at the 2018 US P3 Infrastructure Forum.
- ConferenceJune 4-6, 2018
Chapman attorneys Dan Bacastow and Nancy Burke spoke at the 2018 NAHEFFA Quad State Plus Conference.
- ConferenceMay 29–June 1, 2018
Chapman attorney Rick Cosgrove spoke at the National Federation of Municipal Analysts 35th Annual Conference.
- ConferenceMay 2–4, 2018
Chapman's Juliet Huang and Toi Hutchinson spoke at the 2018 Association for Governmental Leasing and Finance Annual Conference.
- ConferenceMay 3–4, 2018
Chapman attorneys Erin Bartholomy, Kent Floros, Kyle Harding, and Anjali Vij spoke at the 2018 Illinois Association of School Business Officials Annual Conference.
- ConferenceApril 18–20, 2018
Chapman attorneys Erin Bartholomy and Sharone Levy spoke at the Illinois Community College Chief Financial Officers (ICCCFO) Spring Conference.
- White PaperMarch 2018
Chapman’s "Defaulted Securities: The Guide for Trustees and Bondholders" advances understanding and consideration of issues related to trustees and bondholders in both corporate and municipal financings.
- ConferenceFebruary 23, 2018
Chapman attorney Dan Bacastow spoke at the Rooftops Conference Chicago.
- ConferenceFebruary 22-23, 2018
Chapman attorney Juliet Huang spoke at the National Association of Bond Lawyers' Tax and Securities Law Institute.
- Client AlertTax Cuts and Jobs Act Would Eliminate Advance Refunding Bonds, Tax Credit and Direct Pay Bonds, Would Retain Private Activity Bonds and Stadium BondsDecember 19, 2017
On December 15, House and Senate conferees reached an agreement on the Tax Cut and Jobs Act and released the final version of the Bill, which is expected to be voted on this week in the House and Senate.
- Client AlertDecember 7, 2017
Both the House and Senate versions of the Tax Cuts and Jobs Act include a new provision that would impose an excise tax on the compensation paid by certain tax-exempt organizations if the compensation to a covered employee is more than $1 million.
- Client AlertNovember 10, 2017
Legislation recently passed by the Illinois House could impact every taxing district in the State if it ultimately becomes law. Senate Bill 851, which amends the Property Tax Extension Limitation Law, implements a tax freeze for certain taxing districts, and authorizes the implementation of a tax freeze for other taxing districts pursuant to referendum.
- Client AlertProposed House Tax Bill Would Eliminate All Private Activity Bonds (Including Qualified 501(c)(3) Bonds), Tax Credit Bonds (Including Direct Pay Bonds), and Advance RefundingsNovember 2, 2017
On November 2, Representative Brady released the proposed text of the long-awaited federal income tax reform bill. If enacted into law, the bill would eliminate all tax-exempt private activity bonds, tax credit bonds and all tax-exempt advance refunding bonds.
- Client AlertOctober 23, 2017
The United States Treasury Department has withdrawn proposed regulations dealing with the definition of “political subdivisions” for purposes of the tax-exempt bond provisions of the federal tax law. Political subdivisions are divisions of state or local governmental units that can issue federally tax-exempt bonds.
- Client AlertWestlaw Journal BankruptcyOctober 5, 2017 (Originally Published September 14, 2017)
Following a recent decision by the Court overseeing the Commonwealth of Puerto Rico’s bankruptcy-like Title III proceeding, bondholders should continue to pay close attention to the pledge securing their bonds to determine how those bonds would be treated in a bankruptcy proceeding.
- Client AlertSeptember 20, 2017
The Municipal Securities Rulemaking Board recently issued a market advisory to increase awareness among market participants, including issuers and obligated persons, of the importance of disclosing material information fairly, equitably and in the public domain.
- NewsAugust 2017
Chapman Partner David Cholst chaired and Partner Sarah Breitmeyer served on a National Association of Bond Lawyers task force that produced proposals to improve US infrastructure through tax reform.
- Client AlertAugust 29, 2017
On August 23, the Securities and Exchange Commission announced settlements in enforcement actions against the Beaumont Financing Authority; Alan Kapanicas, the former executive director of BFA; O’Connor & Company Securities Inc., the underwriter of the BFA obligations; and Anthony Wetherbee, the co-founder and former primary investment banker of O’Connor Securities.
- Client AlertJuly 14, 2017
The former Director of Finance for Ramapo, New York, was found guilty by a federal jury of 20 counts of conspiracy, securities fraud and wire fraud in connection with municipal bonds issued by the Town and by the Ramapo Local Development Corporation, a local not-for-profit corporation to further economic development in the Town.
- Client AlertJune 19, 2017
On June 12, the Department of Treasury issued the first report in a series regarding regulation of the financial system. The report recommends that high-grade municipal bonds be categorized as Level 2B liquid assets instead of generally being excluded as HQLA currently.
- White PaperMay 10, 2017
The American Bar Association’s Section of Taxation submitted a white paper on the history of the tax-exemption of interest on state and local bonds to the Internal Revenue Service.
- Comment LetterChapman's David Cholst Drafts Comment Letter to the IRS Regarding the Definition of Political SubdivisionsMay 5, 2017
Chapman attorney David Cholst served as drafting counsel on a comment letter submitted to the Internal Revenue Service by the American Bar Association's Section of Taxation.
- White PaperApril 2017
This white paper addresses pay for success legislation that has been adopted at the state level, pointing out the various functions of the pay for success financing structure and how individual states have treated these components within their legislation.
- Client AlertMarch 31, 2017
The Tax Exempt and Government Entities Division of the Internal Revenue Service announced changes to the information document request process in tax-exempt bond and tax-advantaged bond examinations.
- Client AlertMarch 27, 2017
On March 1, the Securities and Exchange Commission issued a release seeking comments on proposed amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, as amended.
- ArticleJanuary 20, 2017
The municipal industry has seen a significant change in recent years with the increased activity of the SEC Enforcement Division and, in particular, its Public Finance Abuse Unit. This is an updated version of an article Chapman attorney Kelly Kost authored for the October 2016 issue of the Illinois GFOA Newsletter.
- Client AlertJanuary 18, 2017
On January 17, 2017, the Internal Revenue Service released new safe harbor guidelines for determining whether a management contract results in private business use of property for purposes of the federal income tax rules relating to tax-exempt bonds.
- Client AlertJanuary 13, 2017
On January 10, 2017, the Securities and Exchange Commission (SEC) issued a cease-and-desist order (Order) to the Port Authority of New York and New Jersey (Port Authority) under which the Port Authority acknowledged that it acted negligently in failing to disclose certain risks in official statements for over $2.3 billion of bonds issued between January 2012 and June 2014.
- Client AlertDecember 14, 2016
In a December 13 interview, the chief of Securities and Exchange Commission’s public finance abuse unit stated that the SEC does not expect to recommend any further settlements under its Municipalities Continuing Disclosure Cooperation initiative. Instead, the public finance abuse unit will focus on those issuers and underwriters that did not self-report disclosure violations under the initiative.
- RecognitionDecember 2, 2016
Chapman served as Special Counsel to the underwriters of the San Diego Unified School District bond financing that was named The Bond Buyer's 2016 Deal of the Year.
- NewsChapman Represents Network of Not-for-Profit Service Providers in the State of Illinois’ First Pay for Success InitiativeDecember 2, 2016
Chapman is representing a consortium of social service agencies in the State of Illinois' first pay for success initiative, which seeks to improve the lives of youth who are dually-involved in both the child welfare and juvenile justice systems.
- ArticleIllinois GFOA NewsletterSeptember 22, 2016
The Municipal Continuing Disclosure Cooperation initiative, as named by the Securities and Exchange Commission in March, 2014, has attracted much attention in the municipal industry and with good reason.
- Client AlertSeptember 2, 2016
On August 22, the Internal Revenue Service released new safe harbor guidelines for determining whether a management contract results in private business use of property for purposes of the federal income tax rules relating to tax-exempt bonds.
- Client AlertAugust 26, 2016
On August 24, 2016, the Securities and Exchange Commission issued cease-and-desist orders to 71 municipal issuers and obligated persons in response to voluntary self-reporting of potential misrepresentations in municipal bond offering documents regarding compliance with prior disclosure obligations under the SEC’s Municipalities Continuing Disclosure Cooperation initiative.
- Client AlertJuly 20, 2016
On July 18, the U.S. Treasury and the Internal Revenue Service published final arbitrage regulations that contain revisions to the tax-exempt bond regulations relating to, among other things, working capital financings.
- RecognitionMay 2016
The Illinois Association of School Business Officials produced a video in recognition of Chapman attorney Lynda Given's work on behalf of Illinois school districts.
- Client AlertClient AlertApril 4, 2016
The Internal Revenue Service recently released proposed regulations concerning the definition of a “political subdivision” for purposes of tax-exempt financing.
- ArticleRecent IRS Regulations Involving Mixed-Use Projects Financed With Tax-Exempt Bonds Very Beneﬁcial to 501(c)(3) Health Care OrganizationsBloomberg BNA's Health Law ReporterMarch 24, 2016
On Oct. 27, 2015, the United States Treasury Department and the Internal Revenue Service published long-awaited final regulations that provide welcome guidance to 501(c)(3) health care organizations that are borrowers of qualified 501(c)(3) bonds.
- Client AlertClient AlertMarch 23, 2016
On March 9, 2016, the U.S. Securities and Exchange Commission issued a cease and desist order against Westlands Water District, a public agency of the State of California, the District General Manager and General Counsel, and the former District Assistant General Manager.
- Client AlertClient AlertFebruary 12, 2016
On February 10, 2016, the Government Finance Officers Association alerted its members that the Enforcement Division of the Securities and Exchange Commission has begun contacting issuers in connection with its Municipalities Continuing Disclosure Cooperation initiative.
- Client AlertClient AlertFebruary 3, 2016
On February 2, 2016, in the third round of settlements with underwriters under its Municipalities Continuing Disclosure Cooperation initiative, the Securities and Exchange Commission issued cease-and-desist orders to 14 underwriting firms.
- Client AlertClient AlertNovember 20, 2015
Today, the Illinois State Board of Education approved allocation guidelines and an application process for Qualified School Construction Bonds. Pursuant to such guidelines and process, ISBE expects to allocate $495,602,000 in volume limitation for QSCBs to school districts.
- Client AlertClient AlertOctober 30, 2015
On October 26, 2015, the Department of the Treasury released Final Regulations on allocation and accounting, and certain remedial actions, for purposes of the private activity bond restrictions that apply to tax-exempt bonds.
- Client AlertClient AlertOctober 19, 2015
On October 1, 2015, the Tax Exempt and Governmental Entities Division of the Internal Revenue Service released its Tax Exempt and Governmental Priorities for Fiscal Year 2016.
- Client AlertFINRA Revises Proposed Trade Confirmation Disclosure of Pricing Information in Retail Bond TransactionsClient AlertOctober 16, 2015
The Financial Industry Regulatory Authority is requesting comment on a revised proposal to amend FINRA Rule 2232 governing trade confirmation disclosures. The amendments would require member firms to disclose a “reference price” on customer confirmations for principal transactions in corporate and agency debt securities with retail customers.
- Client AlertClient AlertOctober 15, 2015
The Securities and Exchange Commission recently approved a proposed rule change by the Financial Industry Regulatory Authority, Inc. that would amend FINRA Rule 2210 to require each of a member’s websites to include a readily apparent reference and hyperlink to BrokerCheck.
- Client AlertClient AlertOctober 5, 2015
On September 30, 2015, in the second round of settlements with underwriters under its Municipalities Continuing Disclosure Cooperation initiative, the Securities and Exchange Commission issued cease-and-desist orders to 22 underwriting firms.
- Client AlertClient AlertAugust 21, 2015
On August 13, 2015, the Securities and Exchange Commission issued a cease-and-desist order against Edward D. Jones & Co., L.P., in response to alleged improper trading practices by the St. Louis-based broker-dealer.
- Client AlertClient AlertAugust 13, 2015
The Internal Revenue Service Office of Tax Exempt Bonds has announced a new sequester reduction in amounts paid to issuers of direct pay bonds for which issuers elected to receive a direct payment from the U.S. Treasury pursuant to Section 6431 of the Internal Revenue Code.
- Client AlertClient AlertAugust 7, 2015
Tax freeze legislation recently passed by the Illinois Senate would impact every taxing district in the State if it ultimately becomes law.
- Client AlertClient AlertJuly 9, 2015
On June 8, 2015, Long Beach Community College District in California paid the Internal Revenue Service $1,013,000 as a result of the private activity use of certain real property acquired by the District with proceeds of tax-exempt certificates of participation issued in 2001.
- Client AlertJuly 2015
Private schools that are exempt from federal income taxation must file an annual information return with the IRS concerning their racial nondiscrimination policies. Schools that file the annual information return, Form 990, Return of Organization Exempt from Income Tax may satisfy this annual filing requirement on Schedule E.
- ArticleTaxation of ExemptsJuly/August 2015
Form 5578 is a half-page form simply certifying that a private school has complied with the racial nondiscrimination guidelines set forth by the Internal Revenue Service. The failure of a private school to annually file this form may jeopardize the school's tax-exempt status under Section 501(c)(3).
- Client AlertClient AlertJune 30, 2015
On June 24, 2015, Prop. Treas. Reg. §1.148-1(f) addressing the definition of “Issue Price” was published in the Federal Register. The Internal Revenue Service is accepting comments on the Proposed Regulation through September 22, 2015.
- Client AlertClient AlertJune 25, 2015
On June 18, 2015, the Securities and Exchange Commission issued cease-and-desist orders to 36 underwriting firms in response to voluntary self-reporting of potential misrepresentations in municipal bond offering documents regarding compliance by issuers with prior disclosure obligations under the SEC’s Municipalities Continuing Disclosure Cooperation initiative.
- Client AlertClient AlertJune 22, 2015
On June 18, 2015, the Securities and Exchange Commission issued cease-and-desist orders to 36 underwriting firms in response to voluntary self-reporting of misrepresentations in municipal bond offering documents regarding compliance with prior disclosure obligations under its Municipalities Continuing Disclosure Cooperation initiative.
- White PaperWhite PaperMarch 2015
This Chapman and Cutler white paper provides a summary of, and practical guide to, the principal requirements of federal securities laws relating to municipal bonds. Much of the information discussed in this white paper applies to both higher education bonds and other municipal securities, while certain sections focus on securities laws as applied to the high education sector, in particular.
- Client AlertClient AlertFebruary 27, 2015
As indicated in our January 20, 2015 Client Alert, the Obama Administration previously announced in general terms its Fiscal Year 2016 budget plans with respect to the maintenance and improvement of US public infrastructure.
- Client AlertJanuary 20, 2015
On January 16, 2015, the Obama Administration announced in general terms its plans with respect to the maintenance and improvement of public infrastructure, including roads, bridges, ports, water purification plants, and reservoirs, all of which are deemed critical services by the Administration for consumers and businesses alike.
- Client AlertClient AlertDecember 19, 2014
Congress recently authorized an additional $400 million of nationwide volume cap for the qualified zone academy bond program.
- Client AlertClient AlertDecember 3, 2014
Generally, federal tax laws restrict the use of tax-exempt governmental use bonds by nongovernmental, non-public users, which is referred to as “private business use.”
- Client AlertClient AlertNovember 13, 2014
On November 6, 2014, the Securities and Exchange Commission announced that fraud charges had been issued against the city of Allen Park, Michigan, and two former city leaders.
- Client AlertClient AlertOctober 31, 2014
On October 24, 2014, the IRS issued Notice 2014-67, Private Business Use of Tax-Exempt Bond Financed Facilities.
- Client AlertClient AlertOctober 31, 2014
On October 24, 2014, the IRS issued Notice 2014-67, Private Business Use of Tax-Exempt Bond Financed Facilities. The Notice expands the management contract safe harbor guidelines of Revenue Procedure 97-13 to permit certain productivity awards and liberalizes the requirements for certain types of 5-year contracts that will not result in private business use.
- ArticleThe Harvard Law School Forum on Corporate Governance and Financial RegulationOctober 25, 2014
An article based on a recent Chapman Client Alert was posted by the Harvard Law School Forum on Corporate Governance and Financial Regulation.
- Client AlertClient AlertOctober 22, 2014
Issuers and obligated persons are reminded of the approaching deadline for self-reporting materially inaccurate representations in offering documents regarding compliance with continuing disclosure undertakings.
- Client AlertClient AlertOctober 17, 2014
The Internal Revenue Service Office of Tax Exempt Bonds has announced a new sequester reduction in amounts paid to issuers of direct pay bonds for which issuers elected to receive a direct payment from the U.S. Treasury pursuant to Section 6431 of the Internal Revenue Code.
Areas Of Concentration
- Debt Obligations
- Cities and Villages
- Fire Protection Districts
- Forest Preserve and Conservation Districts
- Municipal Building Authorities and Public Building Commissions
- Park Districts
- Sanitary Districts
- School Districts
- State Universities
- States, State Agencies and Authorities
- Water, Sewer and Other Districts and Agencies
- Practice Areas
- 501(c)(3) Not-for-Profit Finance
- Airport Finance
- Economic Development and Redevelopment
- Higher Education
- Housing — Multifamily
- Housing — Public
- Housing — Single Family
- Industrial Development Revenue Bonds — Manufacturing Facilities
- Not-for-Profit Health Care Finance
- Pay for Success / Social Impact Bonds
- Primary and Secondary Education
- Reinvestment Products
- Solid Waste, Sewage and other Environmental Disposal
- Sports Facilities
- State and Local Government Obligations Private Placement Group
- Student Loan Revenue Bonds
- Public-Private Partnerships
- Representational Roles
- Anna Anderson
- Latrice Baptiste
- Erin Bartholomy
- John Bibby
- Douglas Bird
- Ryan Bjerke
- Ryan Bowen
- Sarah Breitmeyer
- Nancy Burke
- James Burr
- Robert Capizzi
- Paul Carman
- Michael Cavino
- Jacquelyn Cerasuolo
- David Cholst
- Richard Cosgrove
- Amy Cobb Curran
- Stephanie DiSilvestro
- Walter Draney
- Aaron Eisenberg
- Brent Feller
- David Field
- Kent Floros
- Katherine Gale
- Thomas Glushko
- Cedric Gordon
- Kyle Harding
- James Heiser
- Kristin Hilson
- Juliet Huang
- Matthew Huebsch
- Eric Hunter
- R. William Hunter
- Gamal Hyppolite
- Evelyn Irwin
- Rachael Jensen
- David Kates
- Gregory Klamrzynski
- Jennifer Koltse
- Kelly Kost
- Jennifer Krah
- Colleen Kushner
- M. Joel Laub
- Sharone Levy
- Ronni Martin
- Timothy Mohan
- Kevin O'Neill
- Nathan Odem
- Seema Patel
- Hillary Phelps
- Christopher Preston
- Kevin Reckamp
- Megan Rudd
- Lauren Rushing
- Joseph Saverino
- Melissa Seeborg
- Robert Stephan
- Preston Swapp
- Carol Thompson
- Karen Thompson
- Richard Tomei
- Anjali Vij
- Christopher Walrath
- Lawrence White