Issue link: https://mbozikis.ufcontent.com/i/1422521
244 3. Bondholders General obligation bonds are considered general debts and the municipality is not required to make payments thereon during the case and can seek to restructure them under a plan. By contrast, under Section 928, special revenue bonds will continue to be secured and serviced during the course of the case through the application and payment of ongoing special revenue, if available. Neither general obligation nor special revenue bondholders are subject to preference liability with respect to prepetition payments on account of bonds or notes. 11 U.S.C. § 926(b). H. Chapter 9 Plan Section 941 of the Bankruptcy Code requires that the debtor file a plan for adjustment of its debts and provides that if the plan is not filed with the petition, it shall be filed at such time as the court fixes. There is no provision permitting a creditor or other party in interest to file a plan. A Chapter 9 debtor is permitted to modify a plan at any time before confirmation as long as the modified plan meets the requirements of Chapter 9. 11 U.S.C. § 942. Upon modification, the modified plan becomes the plan. Id. I. Plan Confirmation A plan must meet the confirmation requirements set forth in Section 943(b), which also incorporates certain Chapter 11 confirmation standards made applicable under Section 901(a). The court is required to confirm a plan if the following conditions are met: (i) the plan complies with the provisions of title 11 made applicable by Sections 103(e) and 901; (ii) the plan complies with the provisions of Chapter 9; (iii) all amounts to be paid by the debtor or by any person for services or expenses in the case or incident to the plan have been fully disclosed and are reasonable;