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The first municipal bankruptcy legislation was enacted in during the Great Depression. Although Congress took care to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the Act unconstitutional as an improper interference with the sovereignty of the states.
Cameron County Water Improvement Dist. Congress enacted a revised Municipal Bankruptcy Act inPub. The law has been amended several times since In the more than 60 years since Congress established a federal mechanism for the resolution of municipal debts, there have been fewer than municipal bankruptcy petitions filed.
Although chapter 9 cases are rare, a filing by a large municipality can— like the filing by Orange County, California—involve many millions of dollars in municipal debt.
Purpose of Municipal Bankruptcy The purpose of chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
Although similar to other chapters in some respects, chapter 9 is significantly different in that there is no provision in the law for liquidation of the assets of the municipality and distribution of the proceeds to creditors. Such a liquidation or dissolution would undoubtedly violate the Tenth Amendment to the Constitution and the reservation to the states of sovereignty over their internal affairs.
Indeed, due to the severe limitations placed upon the power of the bankruptcy court in chapter 9 cases required by the Tenth Amendment and the Supreme Court's decisions in cases upholding municipal bankruptcy legislationthe bankruptcy court generally is not as active in managing a municipal bankruptcy case as it is in corporate reorganizations under chapter The functions of the bankruptcy court in chapter 9 cases are generally limited to approving the petition if the debtor is eligibleconfirming a plan of debt adjustment, and ensuring implementation of the plan.
As a practical matter, however, the municipality may consent to have the court exercise jurisdiction in many of the traditional areas of court oversight in bankruptcy, in order to obtain the protection of court orders and eliminate the need for multiple forums to decide issues.
Eligibility Only a "municipality" may file for relief under chapter 9. The term "municipality" is defined in the Bankruptcy Code as a "political subdivision or public agency or instrumentality of a State.
The definition is broad enough to include cities, counties, townships, school districts, and public improvement districts.
It also includes revenue-producing bodies that provide services which are paid for by users rather than by general taxes, such as bridge authorities, highway authorities, and gas authorities.
Section c of the Bankruptcy Codes sets forth four additional eligibility requirements for chapter 9: Commencement of the Case Municipalities must voluntarily seek protection under the Bankruptcy Code. They may file a petition only under chapter 9.
A case under chapter 9 concerning an unincorporated tax or special assessment district that does not have its own officials is commenced by the filing of a voluntary "petition under this chapter by such district's governing authority or the board or body having authority to levy taxes or assessments to meet the obligations of such district.
A municipal debtor must file a list of creditors. Normally, the debtor files the list of creditors with the petition. However, the bankruptcy court has discretion to fix a different time if the debtor is unable to prepare the list of creditors in the form and with the detail required by the Bankruptcy Rules at the time of filing.
Assignment of Case to a Bankruptcy Judge One significant difference between chapter 9 cases and cases filed under other chapters is that the clerk of court does not automatically assign the case to a particular judge.Read this essay on Chapter 9 Review Questions and Answers.
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It dereferences a pointer, allowing code to work with the value that the pointer points to. 2. The value 7 will be displayed if the expression *iptr is sent to cout. Chapter 10 Answers to Review Questions. CLASSROOM MANUAL, PAGES Short Answer Essays. 1. The transaxle relies on five solenoid valves, controlled by the PCM, to regulate shift timing, feel, and TCC application.
Two solenoids are used as shift solenoids. They control the delivery of fluid to the manual shift valve. Chapter Review Questions 9 and 10 9 What factors make the Fed independent from politics? Why is there so much political pressure on the Fed, despite its independence?
The Federal Reserve is independent of the government by virtue of the structure of governors' terms and its %(12). Chapter 9 Hebrews - To listen as you read click the version, ESV or NIV, then the sound symbol & wait about 30 sec. Then verily the first covenant had also ordinances of divine service, and a worldly sanctuary.
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