M

marketing to investors

• Marketability
• 5.7 How Bonds Are Marketed to Investors
  In an effort to achieve the financing objectives of the issuer, including the lowest interest costs, a public agency issuer may seek to market a debt issuance to investors in a particular market
• 6.4 Other Marketing Activities and Other Public Statements (See “investors – marketing strategy”)

Marks-Roos bonds (See “Marks-Roos Local Bond Pooling Act of 1985”)

• Marks-Roos Bonds

Marks-Roos Local Bond Pooling Act of 1985

• Marks-Roos Bonds
• i.5.2.2 Marks- and Mello-Roos Bonds
• 3.7.7 Pool Bonds
  Pool bonds are bonds issued to purchase the underlying bonds issued by pool members. TRANS are an example of a pool bond.
• 3.8 Joint Exercise of Powers Agencies
  A joint exercise of powers agency or authority (JPA) is a separate governmental entity formed by two or more governmental entities.
• 7.1.5 Marks-Roos Reports
• 7.2.3 Joint Powers Authority Notices
• A.4 Joint Powers Agencies/Authorities

Mello-Roos Community Facilities Act of 1982

• Mello-Roos Bonds
• i.5.2.2 Marks- and Mello-Roos Bonds
• 3.3.7.2 Mello-Roos Bonds (Community Facilities Districts)
  Mello-Roos bonds are payable from special taxes imposed on real property.
• 7.1.4 Mello-Roos Community Facilities District Reports
• 7.2.6 Mello-Roos Community Facilities Reports
• A.5 Financing Tools Contained in Statute

Mello-Roos local goals and policies

• 3.3.7.2 Mello-Roos Bonds (Community Facilities Districts)
  Mello-Roos bonds are payable from special taxes imposed on real property.

Mello-Roos special tax

• Mello-Roos Bonds
• i.5.2.2 Marks- and Mello-Roos Bonds
• Figure 1-1 Public Agency Revenue Sources by Category
• 1.4.6 Special Taxes
  Sources of Revenues securing debt obligations: Special taxes defined
• 3.3.7.2 Mello-Roos Bonds (Community Facilities Districts)
  Mello-Roos bonds are payable from special taxes imposed on real property.
• 4.6.2 Private Security or Payment Test
  One of several tests of private activity or benefit.
• B.1.4.1 Community Facilities Districts/Mello-Roos Bonds

municipal advisor

• Municipal Advisor
• i.4.1.1 Pre-Issuance Phase
• i.4.1.2 Issuance Phase
• i.4.1.3 Post-Issuance Phase
• 3.7.6 Refunding Bonds
  Refunding obligations are any municipal debt obligations used to pay principal, interest and premium on other municipal debt.
• 5.1.1 Sale Methods – Competitive or Negotiated Sale
• 5.6.2 The Credit Rating Process
• 6.2.1 Municipal Advisors and Underwriters
• 7.2.1 Local Bond Disclosures
• 9.1 A Team Approach to Investing Bond Funds
  Designing and implementing an investment strategy that maximizes earnings, while ensuring the safety and liquidity of invested funds and complying with federal tax law, is an important component of minimizing overall, or “net,” borrowing costs.

municipal affairs

• Municipal Affairs
• Home Rule
• 1.1.3 Borrowing Authority of Charter Cities
  Authority to borrow provided to charter cities by their charter.
• 1.5.1 Charter City Powers – Municipal Affairs vs. Statewide Concerns
  Basis of authority provided to charter cities
• 1.5.2 Charter City Financing (See “charter city powers”)
  How the authority of a charter city may affect its debt financings

Municipal Securities Rulemaking Board (MSRB)

• Municipal Securities Rulemaking Board (MSRB)
• Introduction
• Chapter 6. Securities Laws Pertaining to Municipal Debt
  Municipal bonds, notes, certificates of participation, and similar obligations sold to investors (“municipal securities”) are generally subject to federal and state securities laws.

• Electronic Municipal Market Access (EMMA)
  • Electronic Municipal Market Access (EMMA)
  • Nationally Recognized Municipal Securities Information Repository (NRMSIR)
  • i.5.1.3 Investor Relations Policies
  • 5.6 Credit Ratings
    Credit ratings reflect the opinion of the credit rating agency as to the probability that interest or principal payments on a security will not be paid in full and on time.
  • 5.8.1 Investor Relations and Outreach
  • 8.4 Continuing Disclosure
    Public agencies take on certain responsibilities to file information regularly when they issue municipal securities, including an annual report and notices of certain events.
  • 8.4.1 Annual Reports
    Annual financial reports submitted as a part of continuing disclosures made by issuers.
  • 8.4.2 Event Notices
    Event notices required by SEC Rule 15c2-12.
  • 8.5.4 Managing Disclosure Risk (See “disclosure”)
    Approaches to managing the risk improper disclosure.
• Rules
  • i.4.1.3 Post-Issuance Phase
  • 5.3.2 Disadvantages of a Negotiated Public Offering
  • 6.2.1 Municipal Advisors and Underwriters