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Municipal Debt: Methods for Restructuring

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.

Runtime: 88 minutes
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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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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 course was last revised on January 25, 2018.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
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  • KY CPE
     
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  • MA CPE
     
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  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
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  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 1.8
     
  • 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.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

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

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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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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Product ID: 400856
Published 2018
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