At issue is a March 22 ruling by Pulaski County Circuit Judge Wendell Griffen that said bond attorneys aren't liable for misrepresentations in bond disclosure documents.
Griffen ruled in favor of Gill Elrod on March 22, saying that the Arkansas Securities Act doesn't cover bond attorneys.
The public finance seminar has been held every other year since 1989 and provides an opportunity for city, county, and local government attorneys and municipal bond attorneys
to learn about and discuss new developments in public finance law.
Most municipal bond attorneys
concur that cities that receive a questionnaire from the IRS will not be subject to SEC disclosure requirements, because the questionnaires are random.
Although some bond attorneys
correctly state that there is no absolute legal obligation for issuers to provide secondary-market information, issuers must distinguish between rigid legal requirements and their responsibilities to the marketplace.
A series of interviews was held with representatives of important user groups: debt rating agencies, debt insurers, underwriters, investment bankers, bond attorneys
, legislative and oversight officials, public finance researchers and citizen advocate and information groups.
With only a couple of weeks left, there's still no organized opposition to Amendment 2, but numerous questions have been raised by journalists and bond attorneys
about its lack of specific wording.
"Half the bond attorneys
you talk to say SBS has the authority to issue bonds and the other half say they can't," says the lobbyist.