Timothy J Horstmann

December 06, 2018 | The Legal Intelligencer

An “obligated person” means any person, including the issuer, that supports the payment of all or part of the obligations on municipal securities to be publicly offered for sale.

By Timothy J. Horstmann and Erica M. Koser

7 minute read

April 05, 2018 | The Legal Intelligencer

When Congress passed the Tax Cuts and Jobs Act (TCJA) late last year, a much-heralded provision of TCJA was the reduction in the federal corporate income tax rate, from 35 percent to 21 percent.

By Timothy J. Horstmann and Penny Pollick

7 minute read

February 08, 2018 | The Legal Intelligencer

On Dec. 20, 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), the purpose of which was to stimulate economic growth through a major overhaul of the Internal Revenue Code.

By Daniel J. Malpezzi and Timothy J. Horstmann

7 minute read

December 07, 2017 | The Legal Intelligencer

After several months of negotiation, and amid a larger debate on gaming expansion, the Pennsylvania General Assembly passed Act 42 of 2017, a sweeping…

By Timothy J. Horstmann and Erica M. Koser

12 minute read

August 10, 2017 | The Legal Intelligencer

For Pennsylvania municipalities facing a rising tide of costs from implementing stormwater management plans, the available funding options vary depending on where you are and what you are—but that could change as soon as later this year. The General Assembly has passed several laws that authorize certain municipalities and municipal authorities to impose "reasonable and uniform" fees to fund stormwater management plans—and several additional bills are pending that, if passed, would extend these funding mechanisms to municipal entities across most of Pennsylvania.

By Timothy J. Horstmann and Adeolu A. Bakare

7 minute read

June 08, 2017 | The Legal Intelligencer

On June 7, new IRS regulations that change the way state and local governments issue tax-exempt bonds went into effect. The new rules change the way municipal issuers determine the issue price of tax-exempt bonds they issue, and amend existing IRS regulations under Section 148 of the Internal Revenue Code.

By Timothy J. Horstmann

7 minute read

April 06, 2017 | The Legal Intelligencer

Following his inauguration on Jan. 20, President Donald Trump issued several executive orders, one of which was issued Jan. 25 titled, "Enhancing Public Safety in the Interior of the United States." Among other things, this order punishes so-called "sanctuary jurisdictions" by stripping them of federal grants. As justification for this punitive measure, the order states that "sanctuary jurisdictions ... willfully violate federal law in an attempt to shield aliens from removal. ... These jurisdictions have caused immeasurable harm to the American people and to the very fabric of our republic."

By Timothy J. Horstmann

12 minute read

October 06, 2016 | The Legal Intelligencer

The Internal Revenue Service recently announced a major change in its treatment of management contracts related to facilities financed by tax-exempt bonds. Such contracts are entered into by governmental entities and nonprofit associations that are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code (collectively, issuers). Issuers use these contracts to outsource the management of a variety of facilities, including hospitals and water and wastewater facilities. The new rules are set forth in Revenue Procedure 2016-44, and generally will apply to any management contract entered into on or after Aug. 22, although issuers may elect to continue to apply the old rules until Aug. 18, 2017.

By Timothy J. Horstmann

15 minute read

February 13, 2016 | The Legal Intelligencer

The Pennsylvania Department of Environmental Protection, or DEP, is in the process of finalizing changes to individual and general permits for Municipal Separate Storm Sewer Systems (MS4s) that would result in stringent and costly requirements on municipalities throughout the state. Coincidentally, the Municipality Authorities Act was recently amended to allow for creation of stormwater authorities. In light of the growing regulatory burden associated with municipal stormwater permitting, municipal officials increasingly are looking to form stormwater authorities as a vehicle to comply with these requirements.

By Teresa K. Schmittberger and Timothy J. Horstmann

9 minute read

December 15, 2015 | The Legal Intelligencer

As 2015 winds down and we prepare to welcome 2016, many smaller municipalities, municipal authorities, and other public entities may be putting the final touches on last-minute financings, or preparing for new financings in early 2016. In many of these issuances, the term "bank-qualified" will be used.

By Timothy J. Horstmann

7 minute read