Build America Bond subsidy payments are subject to federal budget sequestration, and public power agencies that floated the bonds are not eligible for refunds, the U.S. Court of Appeals for the Federal Circuit ruled Friday. The ruling stems from a three-year-old lawsuit brought against the United States by six Midwestern public power agencies, led by the Indiana Municipal Power Agency. The agencies together issued more than $4 billion in direct-pay Build America Bonds before 2011.
Source: The Bond Buyer
