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underwriter

• underwriter
• underwrite
• underwriters counsel
• i.2.3 Decision #3 – Can the municipal market help the public agency meet its capital financing needs?
• i.3.2.1 Compliance with Municipal Securities Laws – Disclosure
• i.4.1.1 Pre-Issuance Phase
• i.4.1.2 Issuance Phase
• 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.
• 4.8.3 Yield
  The yield on a bond issue defined.
• 5.1 What is a public offering?
  Characteristics defining a public sale of debt.
• 5.2 Competitive Sales
  The sale of debt using a competitive pricing approach.
• 5.2.1 Advantages of a Competitive Sale
• 5.2.2 Disadvantages of a Competitive Sale
• 5.2.3 Documentation for a Competitive Sale
• 5.3 Negotiated Public Offerings
  The sale of debt using a negotiated approach to pricing.
• 5.3.1 Advantages of a Negotiated Public Offering
• 5.3.2 Disadvantages of a Negotiated Public Offering
• 5.3.3 Documentation for a Negotiated Public Offering
• 5.3.4 Pricing of a Negotiated Public Offering
• 5.4.2 Underwriting Fees and Expenses
• 5.5 Private Placements
  Private placements are sale transactions in which the issuer sells the entire issue of debt to a single or to a limited number of investors.
• 5.6.2 The Credit Rating Process
• 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
• 5.7.1 Marketing Strategy
• 5.7.2 Targeting Investors
• 5.8.1 Investor Relations and Outreach
• 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.
• 6.1.4.1 Recent SEC Enforcement Focus
• 6.1.4.2 Lessons from SEC Cases
• 6.2 Roles and Responsibilities of Other Financing Participants
  The duties and obligations of consultants and advisors subject to rules and professional responsibility standards.
• 6.2.1 Municipal Advisors and Underwriters
• 6.4 Other Marketing Activities and Other Public Statements
• 7.2.1 Local Bond Disclosures
• 8.2.3 Record keeping and Reporting
  Record keeping essential to maintaining tax exempt status of bonds.
• 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.
• 8.4.2 Event Notices
  Event notices required by SEC Rule 15c2-12.
• 8.4.4 Incentives for Compliance
  Failure to comply with the requires of SEC Rule 15c2-12 must reported in any subsequent public offering.
• A.6 General Bond Statutes

• underwriter’s counsel
  • i.4.1.1 PreIssuance Phase
  • 6.2.2 Attorneys
  • 6.3 The Official Statement
    The offering document in a public offering of municipal securities.
  • 6.3.1 Role and Purpose of the Official Statement and the Preliminary Official Statement

underwriter’s discount

• underwriters gross spread (underwriter’s discount)
• 2.2.2.3 Variable-Rate Debt
• 4.2.2 Political Subdivision Sovereign Powers Requirement
  Political subdivision defined for purposes of the Tax Code.
• 4.8.2.1 Categories of Proceeds
• 4.8.3 Yield
  The yield on a bond issue defined.
• 5.2 Competitive Sales
  The sale of debt using a competitive pricing approach.
• 5.2.2 Disadvantages of a Competitive Sale
• 5.3 Negotiated Public Offerings
  The sale of debt using a negotiated approach to pricing.
• 5.3.2 Disadvantages of a Negotiated Public Offering
• 5.3.4 Pricing of a Negotiated Public Offering
• 5.4 Costs of Issuance
  The costs of issuance (COI) are the expenses paid by or on behalf of the issuer in connection with the sale and issuance of publicly offered bonds.
• 5.4.2 Underwriting Fees and Expenses

unfunded accrued actuarial liability (UAAL)

• 3.3.2.2 Pension Obligation Bonds