Bass, Berry & Sims is hosting a one-hour webinar on two significant developments in public finance that affect counties, cities, and other governmental issues of debt in Tennessee.
This program will discuss:
SEC Continuing Disclosure Initiative
The United States Securities and Exchange Commission (the “SEC”) has offered local governments the opportunity to self-report any failure to disclose in a bond offering document the prior non-compliance by the local government with continuing disclosure obligations relating to the filing of financial information and certain materials events. If a local government has not adequately disclosed its prior failure to meet continuing disclosure requirements in all material respects and the local government does not take advantage of this initiative, the SEC has indicated that the local government may be subject to substantial sanctions if the failure is subsequently discovered. While most local governments in Tennessee have carefully complied with their continuing disclosure obligations, local governments should be aware of this initiative and evaluate whether participation in the initiative may be beneficial. A summary of this initiative prepared by our firm is available here.
New Balloon Debt Limitations
In the most recent legislative session, the General Assembly passed legislation that will significantly limit the ability of local governments to determine the structure of their debt service without approval from the State Comptroller’s office. Under this new statute, bond issues that do not result in level debt service payments will require, in most circumstances, the approval of the Comptroller’s office. As this legislation becomes effective July 1, 2014, local governments should be familiar with the new requirements of this law. We will also highlight other legislation enacted in the most recent session that affects local public finance.
Please click here to access a recording of this video webinar presentation.