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Municipal Finance Fundamentals

The global economy has endured tremendous stress and fluctuation during the past three years. Investors are seeking investments that will provide them with a favorable rate of return and yet afford them a higher degree of security. Increasingly, investors are looking to the United States tax-exempt municipal market to obtain those two objectives. As a result, the volume of the municipal market in primary and secondary trading has expanded significantly over the last decade. Many of the new investors in the municipal market have been long-term participants in the corporate market and are familiar with those securities. However, municipal securities are different from their corporate cousins and prudent investors should know the fundamentals of public finance.

This OnDemand Webinar will help you understand the municipal securities market. It describes their nature, their benefits and their limitations. This OnDemand Webinar also provides you with an overview of the items for which you should be looking in order to allow the ability to understand various aspects of a municipal securities transaction. This program is for anybody interested in participating in the $2.67 trillion municipal securities market.


Runtime: 87 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introductions/Overview of Municipal Finance

Who Are the Players

  • Issuers
  • Borrowing Entity
  • Investment Bankers/Underwriters
  • Banks
  • Investors
  • Trustee

Structuring the Deal

  • Public Offerings
  • Private Placements/Limited Offerings
  • Bank Qualified Debt
  • Credit Enhancement

Documentation

  • Trust Indenture/Resolution
  • Bond
  • Loan Agreement/Financing Agreement
  • Promissory Note
  • Mortgage/Deed of Trust
  • Offering Document
  • Bond Purchase Agreement
  • Letter of Credit and Reimbursement Agreement
  • Other Credit Enhancement
  • Tax Documentation
  • Opinions
  • Other

Tax Considerations

  • General Guidelines
  • Section 103: Tax-Exempt Bonds
  • Governmental Bonds Versus Private Activity Bonds
  • General Rules for Governmental Bonds and Private Activity Bonds
  • Additional Rules for Private Activity Bonds
  • Tax Credit and Direct Subsidy Bonds

Securities Considerations

  • Securities Laws Applicable to Municipal Finance
  • Exemptions
  • Antifraud Provisions
  • Rule 15c2-12
  • Blue Sky - State Securities Laws

Helpful Websites/Understanding Terms

  • MSRB.org
  • EMMA.MSRB.org
  • investinginbonds.com (SIFMA.org)
  • irs.gov (Tax-Exempt Bond Community Section)
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on September 19, 2011.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kimberly C. Betterton

Kimberly C. Betterton

Ballard Spahr LLP

  • Partner in the Baltimore office of Ballard Spahr LLP
  • Practice focuses primarily on the tax aspects of tax-exempt and tax-favored financings for state and local governments and 501(c)(3) organizations for 15 years
  • Member of the board of directors, National Association of Bond Lawyers, 2011 to present
  • Participates regularly in seminars and workshops regarding public finance
  • Editor-in-chief of Federal Taxation of Municipal Bonds (LexisNexis)(2008); participates regularly in American Bar Association and National Association of Bond Lawyers comment projects to the Treasury/Internal Revenue Service
  • Member of National Association of Bond Lawyers and American Bar Association
  • J.D. degree, William & Mary Law School; B.A. degree, University of Pennsylvania
  • Can be contacted at [email protected]
Teri Guarnaccia

Teri Guarnaccia

Ballard Spahr LLP

Teri M. Guarnaccia

  • Partner in the Baltimore office of Ballard Spahr LLP
  • Served as bond counsel for state and local governments and authorities in various other states, as well as counsel to underwriters, borrowers and banks in taxable and tax-exempt bond transactions for 15 years
  • Involved in more than 45 innovative public-private partnerships for student housing transactions nationwide, including more than 15 in the State of Maryland
  • Involved in determination and recommendation of alternative municipal financing tools to fund the construction, expansion, or renovation of public facilities, specifically public schools, recreation centers, and historic park buildings throughout Baltimore City
  • Involved in more than 20 Capital Fund Financing Program transactions throughout the country, serving as bond counsel, underwriter’s counsel, and special HUD counsel to housing authorities
  • Chair of the Securities Laws and Disclosure Committee, National Association of Bond Lawyers (2009-2010); vice chair (2007-2009)
  • Participates regularly in seminars and workshops regarding public finance
  • Editor-in-chief of Federal Securities Laws of Municipal Bonds Deskbook (LexisNexis)(4th Ed. 2009); (Editor - 3rd Ed. 2007 and 2nd Ed. 2006)
  • J.D. degree, Cornell Law School; B.A. degree, cum laude, Tulane University - Newcomb College
  • Can be contacted at [email protected]
Bradley D. Patterson

Bradley D. Patterson

Ballard Spahr LLP

Bradley D. Patterson is a partner in the Public Finance Department of Ballard Spahr Andrews & Ingersoll, LLP. His areas of practice include bond counsel and underwriter’s counsel engagement in Western states for all types of financings, including traditional governmental bonds, and conduit transactions. He concentrates his practice in initial and continuing disclosure. Mr. Patterson is a member of the Utah State Bar, and the National Association of Bond Lawyers (NABL). Mr. Patterson graduated from Brigham Young University with a B.A. degree and earned his J.D. degree from Columbia University where he was a member of the International Law Society and served as President of the J. Reuben Clark Law Society.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 387738
Published 2011, 2019
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