9781118006757

There is no Municipal Bond Encyclopedia, or dictionary, or guide, in existence. There is no comprehensive, objective volume that covers the history and mechanics of the municipal market in straight English. This book will cover the more technical aspects of the market, including yield curve, taxation issues, and interest rates, as well as the topical events -- the financial crisis and the impact on muni's, default rates and impact, fraud and regulation, and will also carry entires on important historical events with context--the Orange County default, the looming debt issues in Illinois, the rise and function of the secondary market. It will be an essential reference guide for investors, professionals, regulators, insurers, anyone involved in the muni market.

Joe Mysak joined The Bond Buyer in 1981 as a copy editor and learned about municipal bonds from the ground up, eventually rising to editor and publisher of the newspaper. In 1994, he founded a series of municipal market–related biweekly newsletters for the Interest Rate Publishing Corporation. In 1999, Mysak joined Bloomberg News as a columnist. He is also the author of the book Handbook for Muni-Bond Issuers.

Acknowledgments ix

Introduction xiii

A 1

ability to pay acceleration additional bonds test advance refunding advertised sale “All bonds go to heaven” Ambac AMT appropriation arbitrage Arkansas Default of 1933 auction-rate securities auction sale authorities

B 14

bank-qualified basis points Baum pools Bell, California, pay scandal bid rigging black-box deals blind pools Blue List BOCES bond anticipation notes bond banks The Bond Buyer Bond Buyer indexes bond counsel “Bond Daddies” bond purchase agreement bond year book-entry-only system Bradford zeroes Build America Bonds

C 28

CAFR calls Canadian interest cost capital appreciation bond capital gains certificates of participation Chapter 9 charter schools closed-end funds cogeneration projects colleges and universities community development districts competitive sale computers constitutional protection of tax-exemption convention centers CPI-linked municipals cram-down credit default swaps credit enhancement current refunding CUSIP

D 43

“Deadly Sins” debt per capita default Denver International Airport Dillon’s rule dirt bonds disclosure Dodd-Frank Wall Street Reform and Consumer Protection Act Mrs. Dodge

E 52

elections EMMA escrow churning escrowed to maturity

F 63

feasibility studies Fed Flow of Funds report Ferber trial 50 percent coupon financial advisers fiscal year 501(c)(3) issuers flipping floaters/inverse floaters flow control

G 71

garbage gas prepayment bonds GASB general obligation GFOA golf courses government census guaranteed investment contracts

H 78

Hammersmith Heartland fund implosion house museums

I 84

“Ideas in public finance blow in from the West” indenture Indian tribes industrial development bonds initiative and referendum insider trading insurance interest inverse floaters investment pools issue price issuer concentration

J 101

Jefferson County, Alabama

K 109

Kentucky Department of Finance v. Davis

L 111

laddering last looks lease financings legal opinion letters of credit liens limited obligation

M 115

market activity Marks-Roos Mello-Roos mini bonds moral obligation mortgage bonds MSRB Municipal Assistance Corporation municipal utility district mutual funds

N 122

negotiated sale net asset value net interest cost New Jersey pension obligation bonds of 1997 New Jersey Turnpike scandal of 1993 New York City financial crisis of 1975 NRO

O 131

official statement OPEB open-end funds Orange County, California original issue discount out-of-state authorities

P 142

par pay-to-play pension obligation bonds pensions “People don’t buy municipal bonds to get rich; they buy municipal bonds to stay rich” Philadelphia trial PIT bonds preliminary official statement premium bonds premium laundering prerefunded bonds price to the par call pricing principal private placements Proposition 21/2 Proposition 13 public–private partnerships Puerto Rico pyramid bonds

Q 162

Qualified School Construction Bonds; Qualified Zone Academy Bonds

R 163

ratings the ratio Recalibration of 2010 redemption refunding repudiation reserve fund retail order periods revenue bonds RFPs risk factors rollover Rule 15c2-12 rum bonds

S 174

Saco, Maine scales sealed bids secondary market serial bonds William F. G. Shanks stadiums state intercept programs swaps synthetic fixed rates

T 181

take and pay, take or pay takedown tax anticipation notes tax caps tax-exemption tax increment financing taxable municipals taxable tails tender-option bond programs term bonds Texas Permanent School Fund tobacco bonds toll roads total return tourist attractions Tower Amendment trick coupons true interest cost trustee

U 197

ultra vires underwriters unfunded pension liabilities

V 200

value per capita variable-rate demand obligations

W 203

Washington Public Power Supply System waste-to-energy facilities Who owns municipal bonds? willingness to pay window bonds

Y 209

yield burning yield curves yield to maturity

Z 213

zero-coupon bonds

About the Author 215

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Encyclopedia of Municipal Bonds A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge

Encyclopedia of Municipal Bonds A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge

1118006755

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