Public Finance Challenges and Opportunities for Resolution

Paul S. Maco, Jane L Vris and William L. Wallander

Municipal Finance Journal, 2010, vol. 31, issue 2, 1 - 49

Abstract: Municipalities in the United States currently face extraordinary financial stress. The recent financial crisis and recession have created revenue and tax base issues, but demand for government services and expenses related to government operations necessary to provide services have remained constant or have increased. Although challenges are many, municipalities are not without options. During times of economic contraction, municipalities can seek to restructure their operations and debt obligations through a number of potential avenues, including (1) negotiated and consensual defeasement and refinancing of debt, (2) negotiated and consensual out-of-court restructuring, (3) state administrations, or (4) the filing of a case under Chapter 9 of the Bankruptcy Code. Determining which option or combination of options should be pursued depends on the specifi c circumstances facing the municipality.

Date: 2010
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