Daniel Maruccia is a Partner in Lozano Smith's Sacramento office and co-chair of the firm's Public Finance Practice area. His areas of expertise are public finance, facilities and business, and local government. Mr. Maruccia advises clients on a variety of transactional matters affecting school districts including facilities funding, public contracts, and other business transactions. He is nationally recognized as municipal bond counsel in the Bond Buyers' Municipal Marketplace Guide, commonly referred to as "The Red Book."
Previously, Mr. Maruccia was deputy legislative counsel for the State of California, Office of Legislative Counsel. During his tenure, he provided legal services to members of the California Legislature. He regularly appeared as counsel for the Assembly and Senate Committees on Education. Mr. Maruccia drafted and analyzed legislative measures concerning public education, and prepared in-depth legal opinions on a variety of constitutional and statutory educational law matters with specific emphasis on issues regarding public education governance, administration, and students.
His articles include "Deadbeat Developers and Cruel Covenants: Collecting on Delinquent Mello-Roos Taxes" published in the Daily Journal, June 2010 and "From Sacramento With Love: Impending Bond Legislation" published in the Small School Districts' Association Newsletter, January/February 2013.
Mr. Maruccia is a member of the National Association of Bond Lawyers, the State Bar of California, and has served on the Board of Directors of the Public Law Section of the Sacramento County Bar Association.
He received his J.D. from the University of San Diego School of Law and a B.A. from the University of San Diego.
The Securities Exchange Commission's (SEC) Rule 15c2-12 requires that an issuer of publicly offered municipal securities, such as bonds or certificates of participation, commit to disclosing certain material events that occur while those securities are outstanding. Now, the SEC has added two new items to the list of events requiring disclosure. They are: (1) an incurrence of a material financial obligation, or an agreement to events of default, remedies, priority r...
July 2018Number 30As previously reported, effective January 1, 2018, Assembly Bill (AB) 195 requires summary statements for all local ballot measures that impose or raise a tax to include the amount of money the tax will raise annually and the rate and duration of the tax to be levied. (See 2017 Client News Brief No. 82.)In addition to eating into the 75-word limit for summary statements, the new law poses compliance challenges specific to general obligation bonds, which are subject to market...
On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act of 2017, putting into place the most sweeping tax reform seen in three decades, including significant cuts to corporate and individual tax rates. The new law also effectively eliminates a critical tool local agencies have long used to save taxpayers money.
The tax bill eliminated the tax-exempt status of advance refunding bonds, effectively ending their use by local government agencie...
A significant new law will require local public agencies to include additional information in summary statements for local ballot measures that raise taxes, including school district general obligation bond measures. Assembly Bill (AB) 195 will amend section 13119 of the Elections Code by requiring summary statements for all local ballot measures that impose or raise a tax to include the amount of money the tax will raise annually and the rate and duration of the t...
On June 6, 2017, S&P Global Ratings (S&P) placed two of the three active municipal bond insurers, Build America Mutual Assurance Company (BAM) and National Public Finance Guarantee Corp. (NPFGC), on credit watch with negative implications.
S&P intends to review the insurers and may adjust their assigned rating based on their competitive strengths or weaknesses relative to their peers. S&P stated that its review may lead to a downgrade of BAM or NPFGC...
As Lozano Smith previously reported (see 2016 Client News Brief No. 69), on September 12, 2016, Governor Jerry Brown signed Senate Bill (SB) 1029, which requires all California public agencies to report annually on any debt sold on or after January 21, 2017. In addition to the annual reporting requirement, SB 1029 requires all public agencies to implement a debt policy covering certain minimum statutory requirements. Effective January 1, 2017, a debt policy must be implemente...
In August and September 2016, Governor Jerry Brown signed three Assembly bills and one Senate bill related to public finance, including bills regarding K-14 school districts' general obligation bonds and school district parcel taxes.
The specifics of each bill are described below.
Assembly Bill (AB) 2116: Requirement to Obtain Reasonable and Informed Projections of Assessed Valuations Prior to Ordering a Bond Election
Some critics have complained that too o...
In Part 2 of our discussion on the complex topic of clean energy projects and how they are financed, Sloan Simmons talks with Devon Lincoln and Daniel Maruccia about the options for financing such projects and the overarching themes impacting this area of the law.
In Part I of a discussion on the complex topic of clean energy projects and how they are financed, Sloan Simmons talks to Dan Maruccia and Devon Lincoln about the wide range of such projects, and the challenges public agencies face in determining how to finance them.