Pennsylvania Association of Bond Lawyers

Providing information about public finance as well as state and local government borrowings for attorneys, legislators, and regulators.

Save The Date: May 24, 2018

The Thirtieth Annual Seminar of the Pennsylvania Association of Bond Lawyers is scheduled for Thursday, May 24, 2018 at the Crown Plaza Harrisburg-Hershey Hotel, 23 South 2nd Street, Harrisburg, Pennsylvania, 17101.

The Seminar, co-sponsored with the Pennsylvania Bar Institute ("PBI"), is expected to be approved for 6.5 hours of CLE credit (5.5 hours substantive, 1 hour ethics). PBI is approved by the Pennsylvania Supreme Court Continuing Legal Education Board as an accredited CLE provider. More information will follow. PLEASE SAVE THE DATE.

Current Issues & Topics-Updated 5/5/2015

Proposed Amendments To The Local Government Unit Debt Act

The sponsors of SB 901 which died at the end of the last General Assembly have introduced SB 340 to the current General Assembly amending the Local Government Unit Debt. It is similar to SB 901 in its essential terms; imposing a preliminary approval process, requiring new information to be provided to DCED in the process, limiting guaranties, and imposing explicit liability provisions for advisors. However, there are substantive changes to 901 including the elimination of some provisions to which PABL had objected and "softening" of some of the certifications proposed to be added.

The Board of PABL has determined not to provide comments to SB 340 since they would be duplicative of those made to SB 901. PABL as an exempt organization is not permitted to take a position in favor of, or opposed to, the enactment of specific legislation. However, individual PABL members and their clients are under no such constraints.

For the convenience of any member wishing to pursue changes to SB 340 or take a position in support of, or opposition to, the Bill, PABL has prepared a table that summarizes the changes to LGUDA proposed by former SB 901 and the modifications made by the new SB 340. The table is downloadable here.

PA Securities Law

Limited Obligations OS Language Requirement