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Live Webinar

90-minute live streaming program
  • January 25
  • 1:00 - 2:30 pm EST

Also available as:

OnDemand Webinar

Municipal Debt: Methods for Restructuring

January 25

Gain an understanding of in depth issues surrounding common types of restructuring including current and advance refundings.

Many participants in the municipal marketplace are not aware of all the tools that are available to them to restructure municipal debt, whether in stable or distressed financial situations. Lack of knowledge about municipal debt restructuring options could lead to additional costs for the municipality, reduced return for debt holders and potential negative effects on the municipal debt market generally. Not all situations are created equal. For instance, a healthy municipality may wish to restructure its debt using current refundings or advance refundings to take advantage of lower interest rates or less restrictive borrowing terms and conditions. In other situations, a municipality may be distressed and both the municipality and the holders of its debt may pursue strategies to restructure the municipality's outstanding debt as a means of avoiding a much worse outcome down the road. If the House of Representatives' version of the Tax Cuts and Jobs Bill becomes law, a healthy municipality may no longer have the benefit of using tax-exempt advance refundings to restructure its debt. This topic will help those in the municipal marketplace identify the various techniques available for restructuring municipal debt to achieve lower borrowing costs and other benefits that will be preserved, and other techniques that will be expanded or created as alternatives to tax-exempt advance refundings, if the Tax Cuts and Jobs Bill becomes law. Additionally, you will learn about the municipal debt restructuring methods available to municipalities and debt holders in distressed situations.

Learning Objectives

- You will be able to discuss different types of municipal debt restructuring and the unique challenges to restructuring each type of debt.

- You will be able to review the process for refunding municipal debt as well as the reasons why a municipality may refund its outstanding indebtedness.

- You will be able to identify alternatives to tax-exempt advance refundings.

- You will be able to describe options available to a municipality to restructure its debt in both a non-distressed situation as well as in a distressed situation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction
  • Overview of Available Restructuring Before Debt Becomes Distressed
  • Distressed Restructuring
Healthy Restructuring
  • Overview of the Legislative Outcome of the Tax Cuts and Jobs Bill and Its Impact on Municipal Debt Restructuring Options
  • Current Refundings
  • Taxable Refundings
  • Derivative Products
  • General Issues to Consider in Municipal Debt Restructurings
  • Typical Documentation That Is Required for Healthy Municipal Debt Restructuring
Out-Of-Court Restructurings
  • Understanding the Collateral Package and/or Revenue Pledge
  • Importance of Understanding Governing Documents
  • Agreement Is Required - Diverse Bondholders or Recalcitrant Governing Bodies May Present Impediments to Out-Of-Court Restructurings
Non-Bankruptcy Rights and Remedies
  • State Law Rights and Remedies -- Such Remedies Depend on the Particular State in Which the Default Occurred and the State Law Under Which the Debt Was Issued
  • "Dillon's Rule States" vs. "Home Rule States"
  • Potential Section 10(b) Claims on the the Securities Exchange Act of 1934
Municipal Bankruptcy - Chapter 9
  • Threshold Requirements to File a Municipal Bankruptcy Petition
  • Debt Treatment - General Obligation Debt, Special Revenues, Statutory Liens, Pension Obligations and Unsecured Debt
  • The Plan of Adjustment
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.8 hours of continuing professional education.
     

Who should attend?

This live webinar is designed for city managers and administrators, municipal officials, board members, executive directors, public works and utilities directors, CFOs, controllers, finance managers and attorneys.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Laura E. Appleby

Laura E. Appleby

Chapman and Cutler LLP

  • Partner in Chapman and Cutler LLP's Bankruptcy and Restructuring Group
  • Represents financial institutions, bondholders, hedge funds, and other creditors in complex bankruptcy proceedings, out-of-court restructurings, and distressed transactions involving not-for-profit entities as well as municipalities
  • Provides advice in connection with potential bankruptcy implications in municipal bond offerings
  • Regularly counsels clients with respect to issues surrounding municipal distress and insolvency, including relating to cities, states and U.S. territories, as well as health care and other special municipal districts; her experience includes the representation of creditors in high-profile Chapter 9 matters
  • Presents on various bankruptcy topics, including with respect to municipal restructuring; co-wrote the book Municipalities in Distress? How States and Investors Deal with Local Government Financial Emergencies, for which the second edition was released in 2016
  • Prior to attending law school, she was a legislative assistant to a U.S. Senator, and advised on issues including agriculture policy and energy policy
  • J.D. degree, University of Michigan Law School; B.S. degree, University of Illinois at Urbana-Champaign
Latrice M. Phillips

Latrice M. Phillips

Chapman and Cutler LLP

  • Partner in Chapman and Cutler LLP's National Public and Health & Education Finance Department
  • Has acted as bond counsel, underwriter's counsel, borrower's counsel, disclosure counsel, and issuer's counsel in connection with variable rate and fixed rate general obligation, refunding, and revenue publicly offered and privately placed public activity and municipal bond issues
  • Has advised clients regarding post-issuance compliance with both tax-related statutes and regulations and bond document financial covenants
  • Recent work includes a $988 million revenue bond issue for the benefit of a multi-state system of hospitals and clinics as disclosure counsel and borrower's counsel, a $95 million revenue bond issue for the benefit of a multisite senior living organization as bond counsel, and two revenue bond issues for the benefit of a health system as underwriter's counsel in the amounts of $124 million and $110 million
  • Member of Women in Public Finance, the Municipal Forum of New York, the Association of Black Women Attorneys, the Northeast Women in Public Finance, and serves on the Board of Directors of the Chicago Summer Business Institute
  • Prior to joining Chapman in 2014, she practiced in the health care group at Jones Day
  • J.D. degree, DePaul University; B.S. degree in finance, DePaul University
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Why Lorman?

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Product ID: 400856
Published 2014, 2018
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