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Notwithstanding objections from certain market participants, effective February 3, 2014, the Municipal Securities Remarketing Board is amending MSRB Rule G-11 by adding new section (I) which will generally prohibit dealers from providing consent to any amendment to authorizing documents for municipal securities, either in the capacity as underwriter, remarketing agent, an agent for bondholders, or…

McKennon Shelton & Henn LLP is pleased to announce that David W. Gregory has been promoted to partner effective January 1, 2014.  “Since joining the firm in 2006, David has demonstrated a capacity to acquire new skills and knowledge, particularly, to focus his intellectual curiosity to our public finance and corporate clients,” says Paul Shelton,…

IRS INITIALLY DETERMINES TEXAS ISSUER’S BONDS ARE TAXABLE DUE TO USE BY THE FEDERAL GOVERNMENT On December 30, 2013, the Burnet County, Texas, Public Facility Corporation (“Burnet County”) received a letter from the Internal Revenue Service (“IRS”) that its $35.38 million bonds issued in 2008 have been preliminary found to be taxable. In its disclosure…

McKennon Shelton & Henn LLP has announced that four of the firm’s ten attorneys have been selected for inclusion among “Maryland’s Super Lawyers®” and “Rising Stars” for 2014.  Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The objective…

McKennon Shelton & Henn LLP represented Montgomery County in the first and only stormwater management limited obligation revenue bonds issued by a local jurisdiction in the State of Maryland.  The proceeds of the bonds were used to finance and refinance the planning, design, acquisition, and construction of stormwater management facilities and other related projects in…

McKennon Shelton & Henn LLP is proud to have served as bond counsel in the first taxable direct subsidy Qualified Energy Conservation Bond issued by a local government in the State of Maryland.  The $4,165,000 Montgomery County Equipment Lease/Purchase Agreement (Taxable Direct Pay Qualified Energy Conservation Bond) closed on October 3, 2013. The proceeds of…

On October 14, 2013, Elizabeth McKennon participated in a panel at the 43rd Annual Institute of the Healthcare Financial Management Association- Maryland Chapter. Her panel discussion focused upon evaluating asset and liabilities of balance sheets to reduce member organizations’ risk profiles. In response to challenging financial conditions, member organizations gained the skills to identify structural risk,…

U.S. News and Best Lawyers®  released the 2014 “Best Law Firms” rankings, providing a comprehensive view of the U.S. legal profession that is unprecedented both in the range of firms represented as well as the range of qualitative and quantitative data used to develop the rankings.  Once again, McKennon Shelton & Henn LLP received a…

On Monday, September 30, 2013, the Internal Revenue Service announced that refund payments to state and local governments that have issued certain tax-advantaged bonds are subject to sequestration for fiscal year 2014.  Refund payments processed on or after October 1, 2013 through September 30, 2014, will be reduced by 7.2%.  This is a lower percentage…