Timothy J Horstmann

January 19, 2015 | The Legal Intelligencer

On Dec. 30, 2014, the borough of Middletown in Dauphin County closed on a 50-year lease of its water and sewer system. Pursuant to this public-private partnership, United Water will operate, maintain and manage the system, but Middletown will retain ownership of the assets even after the contract term.

By Timothy J. Horstmann and Adam L. Santucci

8 minute read

August 26, 2014 | The Legal Intelligencer

On July 23, the Municipal Securities Rulemaking Board issued Regulatory Notice 2014-12, requesting comment on its proposed revisions to Draft Rule G-42, concerning the standards of conduct and duties of municipal advisers. The MSRB's changes to the rule incorporate many of the comments previously received from the public, the effect of which would be to substantially relax the duties owed by municipal advisers to their municipal entity clients.

By Timothy J. Horstmann

7 minute read

September 24, 2013 | The Legal Intelligencer

If you are a municipality in Pennsylvania, you do not have an easy life. In many ways, you operate like a small business: You have revenues, expenses, assets, liabilities and cash flow. But you also operate under a set of rules pursuant to state statutes.

By Timothy J. Horstmann and David Unkovic

7 minute read

February 26, 2013 | The Legal Intelligencer

A package of reform-minded bills has been introduced in the Pennsylvania Senate by state Senator Mike Folmer, R-Lebanon, and others that, if enacted, would dramatically change the process by which local government units and municipal authorities may issue bonds, notes and other public debt.

By Donna L. Kreiser and Timothy J. Horstmann

9 minute read

November 01, 2012 | The Legal Intelligencer

In recent months, the U.S. Securities and Exchange Commission has announced that it will soon begin regular examinations of broker-dealers in an effort to improve compliance with their due diligence obligations when participating in an underwriting of municipal bonds.

By Daniel J. Malpezzi and Timothy J. Horstmann

8 minute read

June 26, 2012 | The Legal Intelligencer

On May 7, the Municipal Securities Rulemaking Board issued Notice 2012-25, announcing the Securities and Exchange Commission's approval of its most recent interpretive notice on the application of MSRB Rule G-17. The notice becomes effective on Aug. 2 and will require, among other things, disclosure by an underwriter in a negotiated sale of municipal securities of its role in such transaction, its compensation received, certain potential conflicts of interest and the risks inherent in certain complex financial transactions.

By Donna L. Kreiser and Timothy J. Horstmann

9 minute read