Ronald Bernardi was featured in a BDA and Nixon Peabody Webinar on Municipal Bankruptcy Wednesday, May 11th. Over 40 BDA member-firm representatives participated in the webinar, which was the fourth webinar training series focused on banker due diligence, which is exclusively for BDA member firms.

The Powerpoint presentation with audio can be viewed here.

The webinar featured the commentary of:

  • Ronald P. Bernardi, President and CEO, Bernardi Securities, Inc.
  • Elizabeth Columbo, Partner, Nixon Peabody LLP
  • Robert Christmas, Partner, Nixon Peabody LLP
  • Daniel Deaton, Partner, Nixon Peabody LLP

The webinar addressed the increasingly important topic of due diligence and disclosure of municipal bankruptcy risks. Discussion points focused on the following topics:

  • A background discussion on why municipal bankruptcy is a due diligence and disclosure issue
    • What is uniquely challenging about municipal bankruptcy to bondholders?
    • Why Chapter 9 provides additional flexibility in the U.S. Bankruptcy Code?
  • Why should you be concerned with municipal bankruptcy?
    • A discussion on how the emergence of municipal bankruptcies has changed credit analysis and why it should be performed on bonds.
  • What have we learned about how Chapter 9 treats bondholders?
    • With bonds secured by lease payments?
    • With bonds secured by a pledge that constitutes “special revenues”?
    • How are the rights of creditors administered under Chapter 9?
    • What are the rights of municipalities under Chapter 9?
  • What should a banker do on transactions that involve:
    • No pledge (unsecured credit)?
    • A pledge or lien?
    • Bonds backed by lease payments?

 

Eric Bederman, Chief Operating and Compliance Officer of Bernardi Securities, Inc. has been elected to serve on the FINRA District # 8 Committee. He will serve alongside six other individuals representing District # 8 member firms. Eric is one of two on the Committee serving as Small Firm Representative. He was elected by voting members representing broker-dealers within District # 8 in elections held in November of 2015. His term is for three years.

FINRA’s (Financial Industry Regulatory Authority) work is important in helping ensure fair, transparent and efficient markets for investors, broker-dealer firms and other market participants. Its mission is to provide investor protection and provide market integrity.

The voluntary contributions and advice provided to FINRA by industry experts like Eric play an integral part in helping FINRA fulfill its mission.

Bernardi Securities, Inc. is pleased and proud that Eric will play a leading role in helping improve the capital marketplace.

Bernardi Securities was mentioned in the October 24th, 2015 issue of the Chaska Herald regarding the city of Carver, MN road project.

“The City Council approved the sale of $1.22 million of bonds in May 2015 to the investing team of Northland Securities, Inc. and Bernardi Securities, Incorporated to finance this project and the city’s purchase of snow plows and other equipment.”

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Ronald P. Bernardi was quoted in the Bond Buyer on September 18th, 2015.

“Ron Bernardi, principal, president and chief executive officer of Chicago-based Bernardi Securities, said the report may not be representative of the muni market as a whole, as it’s based on a relatively small sample.

While he acknowledged that costs have risen, Bernardi said both regulators and market participants have made the market more efficient and transparent, with much of the progress taking place in the past five or six years.

‘The typical transaction today, disclosure and professionalism is much better today,” Bernardi said. “As the market continues to evolve, disclosure counsels are new to the market now, but as they become older, the costs should start to decline.’ ”

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Ronald P. Bernardi was quoted in the August 12th, 2015 issue of InvestmentNews regarding interest rate hikes. 

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Ronald P. Bernardi was quoted in the August 3rd, 2015 issue of InvestmentNews regarding Puerto Rico’s uncertain future that leaves muni bond fund investors in limbo. 

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Bernardi Securities was mentioned in a 6/25/14 article in the Highland Park News regarding a Youth Soccer Tournament. 

“The Highland Park Sister Cities Foundation is hosting a Youth Soccer Tournament over the Fourth of July weekend that will include a team of 12-year-old players from Puerto Vallarta, Mexico, one the community’s kindred cities. 

The Puerto Vallarta team will be accompanied by members of the Puerto Vallarta Sister City Committee and parents of some children participating in the tournament. 

Bernardi Securities is the Puerto Vallarta team sponsor.”

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On Wednesday, July 2nd, Ronald P. Bernardi will be speaking at the Municipal Bonds for America Coalition’s “Municipal Bonds 101” panel discussion on Capitol Hill regarding the municipal bond tax exemption repeal threat. Accompanying Ronald on the panel will be Mayor Steve Benjamin, Columbia, South Carolina and Kevin Burke, President and CEO, Airports Council International – North American. The panel will explain the “nuts and bolts” of municipal bonds to help translate the potential impact of federal legislation and costs that could fall on all taxpayers and consumers if the rules for tax-exempt municipal bonds are changed.

Tax-exempt municipal bonds help stimulate public and private investment in job creation, business, and industry expansion, economic and physical redevelopment, transportation and infrastructure, and renewable energy production, among many other projects. In fact, tax-exempt bonds are issued by over 50,000 state and local governments and authorities representing a three trillion dollar industry.

For more information, please visit the Municipal Bonds for America Coalition website.  

To learn more about this topic, review our most recent municipal bond tax exemption research insights.