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Public Finance Attorneys

Robert J. Droney
Jeffrey E. Fine
Anne L. Kleindienst
Kraig M. Kohring
Dana M. Lach
Lauren K. Mack
John D. Petersen
Lisa Greer Quateman
Timothy J. Reimers
Douglas S. Stone
Jessica Jacob Zaiger
Janet E. Zeigler

Dan Flanigan
Practice Area Chair

 

 


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October 2012

 

Direct Subsidy Bonds Falling Off the Fiscal Cliff?

 

Clients that have issued, underwritten or purchased certain Build America Bonds, Qualified School Construction Bonds, Qualified Energy Conservation Bonds, Qualified Zone Academy Bonds and Clean Renewal Energy Bonds should be aware that federal budget cuts required under the Budget Control Act of 2011 (the "BCA") may:

  • Cause a reduction in the subsidy payments for such bonds;
  • Require certain conduit borrowers to make payments to supplement subsidy reductions; and
  • Trigger certain extraordinary call provisions.

The BCA requires that the Director of the United States Office of Management and Budget calculate cuts to certain federal programs in order to reduce spending as required by the BCA. The President is required each year to order such cuts for that year. Cuts are scheduled to begin January 2, 2013, for fiscal year 2013 (the beginning of the so-called "Fiscal Cliff"). These automatic cuts may be avoided if other budget cuts or certain other actions are undertaken.

Polsinelli Shughart is a leader in public finance with a reputation built on innovative work in a wide range of projects and programs financed with public securities. Polsinelli's public finance team is supported by Polsinelli's national Public Policy practice group based in Washington, D.C.

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