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McKennon Shelton & Henn Ranked #1 in Maryland, #5 in Region

McKennon Shelton & Henn LLP is proud to announce that the firm is ranked fifth among bond counsel in the Northeast region for competitively sold bond issues in The Bond Buyer‘s “Northeast Midyear Review” for the first half of 2019. We are also ranked first in Maryland as Bond Counsel, advising clients in the issuance…

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Treasury to Suspend Sales of State and Local Government Series Securities (“SLGS”)

The U.S. Department of the Treasury (the “Treasury”) recently announced the suspension of sales of SLGS nonmarketable Treasury securities, effective 12:00 noon Eastern Time, March 1, 2019, until further notice. The Treasury stated in its announcement that suspension is necessary due to the statutory debt ceiling. The Treasury noted that subscriptions for SLGS received prior…

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Refunding Direct Payment Bonds

With the passage of the American Recovery and Reinvestment Act of 2009, Congress authorized several different types of taxable municipal bonds, including Build America Bonds and Qualified School Construction Bonds, where the federal government provides subsidies (the “Direct Payment Subsidies”) in the form of direct payments to bond issuers (“Direct Payment Bonds”).  For the most…

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SEC Amends Rule 15c2-12 Seeking to Enhance Market Transparency Regarding Municipal Securities Disclosures

On August 20, 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Rule 15c2-12 of the Securities Exchange Act (“Rule 15c2-12”) which requires brokers, dealers, and municipal securities dealers that are acting as underwriters in primary offerings of municipal securities to reasonably determine that the issuer or obligated person has agreed to provide…

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IRS Issues Guidance on Remedial Actions for Tax-Advantaged Bonds

On April 11, 2018, the Internal Revenue Service published Revenue Procedure 2018-26 providing issuers with certain additional remedial actions to preserve the tax-advantaged status of their bonds when a violation of the  tax compliance rules occurs. Notably, Rev. Proc. 2018-26 provides issuers of tax-credit bonds and direct pay bonds with remedial action options including parameters…

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MS&H Named One of U.S. News & World Report’s 2018 Best Law Firms

McKennon Shelton & Henn LLP has again been nationally recognized by U.S. News & World Report and Best Lawyers magazines as one of the 2018 “Best Law Firms,” an accolade founded on “professional excellence with persistently impressive ratings from clients and peers.”  This award is a true testament to the firm’s mission to provide only the highest quality…

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Treasury to Suspend Sales of State and Local Government Series Securities (“SLGS”)

The U.S. Department of the Treasury (the “Treasury”) recently announced the suspension of sales of SLGS nonmarketable Treasury securities, effective 12:00 noon Eastern Time, December 8, 2017, until further notice. The Treasury stated in its announcement that suspension is necessary due to the statutory debt ceiling. The Treasury noted that subscriptions for SLGS received prior…

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Treasury to Suspend Sales of State and Local Government Series Securities (“SLGS”)

The U.S. Department of the Treasury (the “Treasury”) recently announced the suspension of sales of SLGS nonmarketable Treasury securities, effective 12:00 noon Eastern Time, March 15, 2017, until further notice. The Treasury stated in its announcement that suspension is necessary due to the statutory debt ceiling. The Treasury noted that subscriptions for SLGS received prior…

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