By: National Special Districts Coalition
While Congress is on recess until after the November election, the National Special Districts Coalition (NSDC), of which CSDA is a founding member, remains engaged in Washington D.C. with news of another cybersecurity alert from the Multi-State Information Sharing and Analysis Center and an update from collaboration efforts with the Public Finance Network on key financing flexibility issues.
Cybersecurity Alert
MS-ISAC (Multi-State Information Sharing and Analysis Center) posted this short bulletin September 25 about active Pro-Russian attacks against Operations Technology, especially against water and wastewater systems. Please read this link and be vigilant.
The Cybersecurity and Infrastructure Security Agency, (CISA) continues to respond to active exploitation of internet-accessible operational technology (OT) and industrial control systems (ICS) devices, including those in the Water and Wastewater Systems (WWS) Sector. Exposed and vulnerable OT/ICS systems may allow cyber threat actors to use default credentials, conduct brute force attacks, or use other unsophisticated methods to access these devices and cause harm.
CISA urges OT/ICS operators in critical infrastructure sectors to apply the recommendations listed in Defending OT Operations Against Ongoing Pro-Russia Hacktivist Activity to defend against this activity. To learn more about secure by design principles and practices, visit CISA's Secure by Design webpage.
For more information and guidance on protection against the most common and impactful threats, tactics, techniques, and procedures, visit CISA’s Cross-Sector Cybersecurity Performance Goals.
Municipal Bonds and Collaboration with Public Finance Network
Recently, the U.S. Senate’s Committee on Finance discussed Tax Tools for Local Economic Development. This topic will be gaining speed as some of the tax provisions of the 2017 Tax Act will be dropping off at the end of 2025. The hearing focused on retaining the tax-exempt nature of municipal bonds, reinstating advance refunding and increasing the bank-qualification limits. Additionally, the hearing discussed a number of tax credits, such as the New Market Tax Credits, Opportunity Zones, and direct-pay subsidy bonds (i.e. Build America Bonds).
Pursuant to the Financial Disclosure Transparency Act of 2022 (“FTDA”), the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Consumer Financial Protection Bureau, Federal Housing Finance Agency, Commodity Futures Trading Commission, Securities and Exchange Commission, and Department of Treasury released proposed rules to establish data standards to promote interoperability of financial regulatory data across these agencies.
“Built by Bonds” – Please help the PFN develop a database of municipal projects from across the nation that have been financed with municipal bonds. It is the goal of the PFN to identify three to four projects in each Congressional district across the country.
There are rumblings that Congress may take action on a major tax package in 2025, which could impact the state and local government’s ability to utilize tax-exempt financing and further reduce or eliminate the direct-pay subsidy bonds due to sequestration or other federal budget matters. The Built By Bonds initiative is to build a website, housed on the Government Finance Officers Association’s (“GFOA”) website, to show members of Congress how projects financed by state and local government utilizing tax-exempt municipal bonds have benefitted the communities they represent.
Information submitted will be overlaid on a map, with a brief project description, which will provide a visual of the importance that tax-exempt bond financed projects by special districts, cities, and counties build strong vibrant communities.
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