SEC Requires Event Notices for Certain Equipment Leases
Most issuers of publicly offered municipal debt are now aware that the U.S. Securities and Exchange Commission (“SEC”) amended Rule 15c2-12 (effective February 27, 2019) to expand the list of reportable events (increasing from 14 to 16).
Pension Costs The Everchanging Landscape
Our latest NHAlert on the Everchanging Landscape of Pension Costs discusses our approach (and key questions to ask) to evaluating pension bonds and the re-investment/market timing risks associated with them.
CalPERS Discount Rate Reduction and the Impacts on Local Public Agencies
In December 2016, CalPERS (PERS) announced it will lower its discount rate (expected earnings rate) from 7.50% to 7.00%, phasing the change in over a three year period. This NHAlert highlights details on this recent change, including how the reduction will be implemented, the estimated impacts to public agencies, and NHA’s recommended next steps for addressing these impacts.
Fiscal Impacts of the California Drought On Local Public Agencies
Following extensive discussions with leading pension experts and CalPERS representatives, it has been revealed that the implied savings from issuing side fund pension obligation bonds (“POBs”) are no longer guaranteed.
Side Fund Pension Bond Savings No Longer Guaranteed by CalPERS
Following extensive discussions with leading pension experts and CalPERS representatives, it has been revealed that the implied savings from issuing side fund pension obligation bonds (“POBs”) are no longer guaranteed.