Rep. Young Reintroduces FFARM Act Expanding Aggie Bonds
The National Council of State Agricultural Finance Programs (NCOSAFP) and CDFA are pleased to announce that Rep.Young (R-IA) has reintroduced the Facilitating Farmers' Access to Resources and Machinery Act (FFARM Act), expanding certain exceptions to private activity bond rules for first time farmers. To view the Bond Buyer article, click here.
JCT's Analysis is Hurting Case for Tax-Exempts
The analysis used by the Joint Committee on Taxation to show tax-exempts are inefficient is flawed and unfairly hurts municipal bonds, George Friedlander, a managing partner at Court Street Group Research, said at a conference in Florida last week.
Groups Urge MSRB to Drop Idea of Requiring CUSIPs for Private Placements
Most municipal market groups are urging the Municipal Securities Rulemaking Board to abandon what they say is a dangerous proposal to require dealers to obtain CUSIP numbers for private placements.
Alarms Sound About IL Ratings
Market participants are increasingly contemplating the impact of the state's potential fall to junk. From the buyside's perspective, such a drop would both sting the state's reputation and drive up borrowing costs as investment grade accounts are forced to shed the state's paper and forgo further purchases.
Groups Paper Lawmakers with Pleas to Save Tax Exemption
More than 50 state, local and industry groups including the U.S. Conference of Mayors, Government Finance Officers Association and the American Society of Civil Engineers sent letters to Capitol Hill urging House leaders and tax-writers to maintain the tax-exempt status of municipal bonds.
NABL Releases Draft Model Issue Price Certificates for New Rules
The National Association of Bond Lawyers has released several draft model issue price certificates to help muni transaction participants comply with the Treasury's new issue price rules, which take effect on June 7.
WV Senate Passes Bill Giving Parkways Authority Ability to Issue Revenue Bonds
Sen. Mike Hall said the bill allows the authority to issue a program in which drivers would pay a flat fee to travel on the road rather than pay individual toll fees. It also authorizes the agency to have reciprocal tolling with other states and would allow it to issue revenue bonds.
SIFMA Proposes 'Revocable Bids' in Draft Document for Issue Price Rules
The Securities Industry and Financial Markets Association has released draft riders to model bond documents to make it easier for dealers and issuers to comply with issue price rules, including one that would allow revocable bids in competitive sales – a new concept in the municipal market.
NAMA Wants MSRB to Withdraw Proposed Muni Advisor Advertising Rule
The National Association of Municipal Advisors is urging the Municipal Securities Rulemaking Board to withdraw its proposed rule on MA advertising. If it does not abandon the rule, the MSRB must make a slew of changes to it, said NAMA, many of which dealer groups and other MAs are also requesting.
St. George, UT Approves IDB to Help Manufacturer Expand
A St. George-based manufacturer that started its operation in a garage over 40 years ago is getting help expanding to a 75,000-square-foot facility thanks to the City Council's unanimous decision to approve $10 million IDB issuance.
What You Need to Know About Tax Reform and Infrastructure
Legislative experts at a recent conference agree; in the midst of enormous uncertainty about the future of tax reform and its impact on municipal bonds, it is critical for muni market participants to continue to lobby lawmakers to preserve the tax exemption.
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