How OSHA Is Trying to Catch Up
Automation in the Construction Industry
Weekly Grind: Biggest Construction Award Winners and New Equipment to Hit the Market
Smart Buildings Continue Their Rise in 2018
Friday Funny: The Productivity Placebo
U.S. Home Construction Jumps nearly 10 percent in January
Seattle Eyes Taller, Denser in Affordable Housing Proposal
Trump's Plan to Rebuild US Roads Relies on Local Dollars
By Associated Press
January 11, 2017
NEW YORK (AP) — The Port Authority of New York and New Jersey will pay $400,000 to settle charges it misled investors by failing to disclose disputes within the agency about the legality of a scheme to use the authority's money to repair New Jersey roads, according to a settlement announced Tuesday.
The Securities and Exchange Commission says the Port Authority sold $2.3 billion worth of bonds to investors without revealing internal discussions about whether certain projects were legal to pursue. The projects included New Jersey's iconic Pulaski Skyway, which is featured in the opening of the HBO drama, "The Sopranos."
To justify spending its money to repair the skyway, port attorneys dubbed it an access road to the authority-owned Lincoln Tunnel, some eight miles away. That decision was outlined by an authority lawyer in a 2011 memo after Republican Gov. Chris Christie's appointees at the Port Authority pushed for repairing the skyway and other state-owned roads.
"The Port Authority represented to investors that it was authorized to issue bonds while not disclosing significant known risks that its actions were not legally permitted," said Andrew Calamari, director of the SEC's New York office. "Municipal bond issuers must ensure that their disclosures are complete and accurate so that investors can make fully informed decisions about whether to invest."
The Port Authority acknowledged in the settlement that it violated federal securities law, but said in a statement that no bond proceeds were ultimately used to fund the projects, so no bondholders suffered losses. The agency says it has redoubled efforts to adhere to the highest ethical standards. The Port Authority controls airports, seaports and bridge and tunnel crossings between New York and New Jersey.
The agency said that as part of the settlement, its law department will be required to certify that some proposed board actions are legally authorized and an independent monitor will assess its policies regarding disclosing legal risks in bond offerings.
"The Port Authority's settlement with the SEC will ensure that Port Authority governance is further improved," the agency said.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Weekly Grind: Trump, Mars, OSHA, and more!
Ever wonder what’s the difference between a general contractor and construction manager? Well, you’re not alone! To help clear up any confusion, we’ve broken down the roles and responsibilities of ... Read More
If you're a construction worker, you're most likely working physical labor and it can get hot if you're working under the sun. Here's a guide for h... Read More
Pete says that Procore quickly breaks down the complicated pieces of data in his jobs, and presents them to the end user in a digestible format. "T... Read More
Hear Brad Hyatt, Associate Professor at California State University Fresno, discuss what students are learning in school to prepare them for const... Read More
Construction has always had a somewhat complicated relationship with technology. Over the last few decades there have been improvements in material... Read More
J. Colin Cagney, a director, KPMG Major Projects Advisory, knows that while most companies want to use data analytics to increase, they’re often no... Read More
Congress has passed the final version of the federal tax reform bill, and it will soon head to President Donald Trump to be signed into law. The qu... Read More
January 9, 2018