Municipal Finance and Bonds

By Angela W. Adolph

The Municipal Securities Rulemaking Board (“MSRB”) requires a dealer to disclose to its customers all material information about a proposed transaction that is known to the dealer as well as material information about the security that is available to the market from established industry sources. Since 2002, dealers have distinguished their

By Angela W. Adolph

“Broker’s brokers” are intermediaries between selling dealers and bidding dealers of municipal securities.  They provide secondary market liquidity in the municipal securities market, which helps ensure that retail investors receive fair and reasonable pricing of municipal securities. One way that broker’s brokers bring buyers and sellers together is through a

By Angela W. Adolph

Last week, the Securities and Exchange Commission (SEC) approved new rules regarding the disclosure duties of underwriters to municipal issuers of securities that were proposed last summer by the Municipal Securities Rulemaking Board (MSRB).  The new rules include explicit and expanded requirements for underwriters aimed at protecting municipal issuers. Current rules

By Angela W. Adolph

Last week, the Community Development Financial Institutions Fund (CDFI) began using updated census tract eligibility data  that is based on the 2006-2010 American Community Survey (ACS).  In 2005, the Census Bureau launched the ACS to replace the long-form census survey.  ACS collects socioeconomic and housing information continuously from a national sample 

By Angela W. Adolph

Last week, Standard & Poor’s (“S&P”) proposed a new methodology for rating local governments’ general obligation debt. It would not apply to special purpose districts, such as school districts, or revenue bonds. The new methodology uses the same general factors currently used to rate local government debt, but provides increased transparency

By Angela W. Adolph

Non-profit organizations have the opportunity to finance the acquisition or renovation of property where they do their good works using qualified 501(c)(3) bonds, which often provide better financing terms and rates than those available from traditional lenders. The proceeds of qualified 501(c)(3) bonds may also be used by the non-profit organization

By Angela W. Adolph

The American Jobs Creation Act of 2004 amended the New Markets Tax Credit program (“NMTC”) to provide that certain targeted populations may be treated as low-income communities. The Internal Revenue Service provided some guidance on the topic in Notice 2006-60 and in proposed regulations that were issued in 2008. Following a