By James E. Spiotto This is Part 4 in a 4-part article series on the Post-Fiscal Crisis State and the next fiscal crisis considerations. The information and charts come from a presentation given at the Government Finance Research Center's conference entitled "Ready or...
Chapter 9
The First Circuit Court of Appeals Ruling on ‘Assured’ Should be Reheard or Reversed; Recent Ruling Sends a Harsh Message to Municipal Bond Market
( ) Why the Municipal Bond Market Expects Pledged Special Revenues to be Timely Paid to Bondholders in a Chapter 9 Proceeding. And, Why the First Circuit's Assured Ruling in Puerto Rico’s PROMESA Title III Proceeding Should Be Reheard or Reconsidered on Appeal....
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS
PUERTO RICO’S REPUDIATION OF GENERAL OBLIGATION BONDS: A REAL RISK OR JUST KABUKI THEATER By James E. Spiotto On January 14, 2019, the Financial Oversight and Management Board, acting through its Special Claims Committee and the Official Committee of Unsecured...
Chapter 9 Municipal Bankruptcy Statistics: Use by Number, Type and Year
Historically, the use of Chapter 9 bankruptcy by a municipality is still rare, and a last resort. MuniNet Guide's update on historical and current municipal bankruptcy statistics We are providing an update on our 2015 piece on municipal bankruptcy statistics. One of...
How State and Local Governments Can Overcome Economic Downturns and Fiscal Distress
MuniNet Guide Co-Publisher James Spiotto Looks at How We Got Here, Where We Can Go, and How States Are Working to Trim Expenditures While Working on Policy Goals by James Spiotto Over the past sixteen years we have had two recessions (2001 and 2007), the...
Fiscal Distress Myths and Realities Part VIII: State Oversight and Assistance to Prevent Defaults
Part VIII of James Spiotto’s Series on Fiscal Distress Myths & Realities: Is Effective State Oversight and Assistance Available to Prevent Defaults or Aid a Financially Troubled Municipality? Myth: If a Municipality Cannot Cure or Resolve a Default, There...
Fiscal Distress Myths and Realities Part VII: Remedies in State Law
Part VII of James Spiotto’s Series on Fiscal Distress Myths & Realities: Do the State Statutes and Case Law Provide Effective Remedies? Myth: There are no Effective Remedies for State and Local Government Bond Defaults Reality: There are Effective...
Fiscal Distress Myths and Realities Part VI: Types of Public Debt Honored in Full in Chapter 9
Part VI of James Spiotto’s Series on Fiscal Distress Myths & Realities: Public Debt That Has A Pledge of Special Revenues or Statutory Liens is to be Unimpaired in Chapter 9 Bankruptcy and is to Have the Benefit of the Bargain Honored in Full Myth: All Municipal...
Fiscal Distress Myths and Realities Part IV: Can a Municipality File Chapter 9?
Part IV of James Spiotto’s Series on Fiscal Distress Myths & Realities: Whether a Municipality Can File for Chapter 9 Bankruptcy Fiscal Distress Myths and Realities Part I: Default Rate Fiscal Distress Myths and Realities Part II: Use of Chapter 9 Fiscal...
Fiscal Distress Myths and Realities Part III: Government Defaults Have Consequences
Part III of James Spiotto’s Series on Fiscal Distress Myths and Realities: Access and the Cost of Borrowing is a Reflection of the Perceived Risk of the Government Credit Fiscal Distress Myths and Realities Part I: Default Rate Fiscal Distress...