On August 12, 2020 the Supreme Court of New Jersey held up the constitutionality of the controversial "New Jersey COVID-19 Emergency Bond Act” ("COVID Bond Act"), which authorizes the State of New Jersey ("State") to borrow up to $9.9 billion to address the fiscal crisis that has resulted from the continuation of the COVID-19 pandemic.
Today, March 20, 2020, the United States Federal Reserve announced that it would intervene in an effort to provide liquidity and maintain interest rates in the state and municipal bond markets by supporting banks' purchase of certain municipal debt obligations.
On August 9, 2019, Governor Phil Murphy Assembly Bill A-2004, (the "Bill"), which now permits municipalities in New Jersey to pay non-residential property tax appeal refunds over a period of three years.
In Parts 1 and 2 of this series, we discussed the circumstances that led to the planned phase-out of the London Inter-bank Offered Rate, commonly referred to as “LIBOR” and the proposed replacement rate known as the Secured Overnight Financing Rate (“SOFR”). In this last part of the series, we will present the proposed language recommended by the Alternative Reference Rate Committee (“ARRC”) to be used in new contracts that reference LIBOR.
Communities in New Jersey have long been in need of a means to help mitigate the effects of stormwater runoff.
Last month the New Jersey Economic Development Authority (NJEDA) announced that it would begin taking applications for tax credits through New Jersey's Offshore Wind Tax Credit Program (the "Program") from businesses that make a capital investment of at least $50 million dollars in certain qualified offshore wind facilities within Burlington, Camden, Gloucester, Salem, Cumberland, Mercer or Cape May counties.
On February 19, 2019, the New Jersey Economic Development Authority ("NJEDA") announced the expansion of the existing Business Lease Incentive Program (commonly known as the "BLI Program").
On January 17, 2019, Governor Phil Murphy and Legislative Leaders announced the collective decision to raise the minimum wage rate in New Jersey from $8.85 per hour to $15 per hour for most businesses over a five (5) year period. On January 24, 2019, the New Jersey Assembly's Labor Committee approved legislation (Assembly Bill A-15) that would implement the minimum wage increase. If approved by other Legislative Committees, passed by both the full Assembly and Senate, and signed into law by the Governor in its present form, key provisions of Bill A-15 include the following
On November 9, 2018, the New Jersey Economic Development Authority ("NJEDA") provided an outline of several new enhancements to its existing lending programs for small businesses in New Jersey. In particular, the NJEDA announced changes to its "Premier Lender Program" and its small business lending programs, as well as the implementation of the new "Access Program."
Public Finance Shareholder Jeffrey Winitsky explains the newly adopted amendments to Rule 15c2-12 of the U.S. Securities and Exchange Commission Act of 1934 that effect reporting requirements for municipal bond issuers.