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Expert Analysis

Restoring Confidence In Calif. General Obligation Bonds

Law360, New York (November 4, 2015, 12:10 PM EST) -- On July 13, 2015, California enacted Senate Bill 222, which clarifies that all general obligation bonds issued by most California municipalities and instrumentalities are secured by a "statutory lien" on future tax revenues (typically ad valorem property tax revenues). This change (or clarification) should reduce the risk to California GO bonds in municipal bankruptcies and therefore enhance the market status of GO bonds of distressed municipalities. While it remains to be seen whether the affected GO bonds are now completely insulated from impairment in bankruptcy, the new law is without question an important positive development for the municipal bond market....

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