Fundamentals of Municipal Finance, Second Edition
This book offers an introductory overview, for nonspecialist attorneys, to the often intricate process of financing local capital projects through the sale of municipal bonds. It considers the major institutional and individual players in the bond issuance process, as well as those sometimes complex facets of the law that establish the ground rules for - and some limitations on - municipal debt financing.
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Fundamentals of Municipal Finance, Second Edition
This book offers an introductory overview, for nonspecialist attorneys, to the often intricate process of financing local capital projects through the sale of municipal bonds. It considers the major institutional and individual players in the bond issuance process, as well as those sometimes complex facets of the law that establish the ground rules for - and some limitations on - municipal debt financing.
89.95 In Stock
Fundamentals of Municipal Finance, Second Edition

Fundamentals of Municipal Finance, Second Edition

Fundamentals of Municipal Finance, Second Edition

Fundamentals of Municipal Finance, Second Edition

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Overview

This book offers an introductory overview, for nonspecialist attorneys, to the often intricate process of financing local capital projects through the sale of municipal bonds. It considers the major institutional and individual players in the bond issuance process, as well as those sometimes complex facets of the law that establish the ground rules for - and some limitations on - municipal debt financing.

Product Details

ISBN-13: 9781641055215
Publisher: American Bar Association
Publication date: 11/07/2020
Edition description: Second Edition
Pages: 155
Product dimensions: 6.00(w) x 9.00(h) x (d)

About the Author

Joel A. Mintz is professor of law at Nova Southeastern UniversityLaw Center, where he has been a full- time faculty member since 1982. He holds a B.A. from Columbia College, Columbia University, a J.D. from New York UniversitySchool of Law, and LL.M. and J.S.D. degrees from Columbia Law School. Professor Mintz is the author or coauthor of six other books and numerous journal articles and book chapters. Among his publications are State and Local Government Environmental Liability (1995, with annual updates) and State and Local Taxation and Finance in a Nutshell (3d ed. 2007). Professor Mintz has taught courses in state and local government law, environmental law, land use planning, and torts, among other subjects. Before entering academia, he was an attorney and chief attorney with the U.S. Environmental Protection Agency in Chicago and Washington, D.C. Since 1991, Professor Mintz has been the editor-in-chief of the newsletter of the Section on State and Local Government Law of the Association of American Law Schools. He has received awards both for his work as an attorney and for his academic research, and he is a member of the American Law Institute. May 2010

Ronald H. Rosenberg is the Chancellor Professor of Law and the associate dean for academic affairs at William and Mary Law School. He holds his undergraduate degree from Columbia College, Columbia University, and a master of city and regional planning and law degrees from the Universityof North Carolina at Chapel Hill. He joined the William and Mary Law School faculty in 1982 after serving on the legal staff of the Environmental Protection Agency in Washington, D.C. Professor Rosenberg has taught at Cleveland State School of Law and was a visiting professor at the Chapel Hill School of Law at the Universityof North Carolina. In addition, he was a Fulbright Senior Scholar in 1997-1998. Professor Rosenberg is author of Controversies in Constitutional Law, Evolution of the Law of Takings, and articles in the Duke Law Journal, Journal of Local Government Law, Annual Survey of American Law, the Arizona Law Review, and the North Carolina Law Review; in addition, he is general editor of Virginia Local Government Law. Professor Rosenberg coauthored five volumes of Environmental Policy Law and Problems in Environmental Law. He has served as a member of the Executive Board of the Historic Rivers Land Conservancy; the Planning Commission of York County, Virginia; and the Board of Zoning Appeals of James City County, Virginia. Professor Rosenberg was appointed by the governor of Virginia to serve as a board member of the Chesapeake Bay Local Assistance Board. In addition, Professor Rosenberg has served on the Editorial Board for the Washington Lawyer, District of Columbia Bar Association. He has served as chair or member of numerous American Bar Association committees and sections, including the Section of State and Local Government Law Publications Oversight Board; Section of Environment, Energy, and Resources; Standing Committee on Environmental Law; and the Professionalism Committee of the Section of Legal Education and Admissions to the Bar. May 2010

Table of Contents

Acknowledgments ix About the Authors xi 1 Introduction: Overview of Municipal Finance 1 2 Borrowing Instruments 7 Introduction 7 Traditional Types of Bonds 8 Creative State and Local Financing 15 Insuring against Natural Disasters: Catastrophe, Disaster, and Resilience Bonds 18 Insuring against Bond Defaults: Credit Default Swaps and the Financial Crisis of 2008 19 3 Key Players in the Issuance of Municipal Bonds 23 Elected Officials and Appointed Staff Members 24 Financial Advisors 25 Bond Counsel 26 Underwriters 27 Other Parties 314 The Crucial Role of Rating Agencies 33 Criticism Following the 2008 Financial Crisis 35 Credit Rating Agency Reform Act 35 Influence of Rating Agencies 36 Credibility of Rating Agencies 37 The Rating Process 38 Appendix: Ratings Definitions of Major Bond Rating Agencies 43 5 State Law Limitations on Local Government Borrowing 47 Introduction 47 Debt Limitations or Debt Ceilings 50 Procedural Requirements for Local Government Debt Issuance Including Voter Approval by Referendum 59 6 Regulation of Municipal Securities 69 The Origins of U.S. Regulation of the Securities Market 69 An Overview of Federal Securities Law 70 Federal Securities Law Anti-Fraud Provisions and Their Application to Municipal Securities 76 7 Federal Taxation of Municipal Debt 91 Introduction 91 The Constitutional Basis for Federal Income Tax Exemption 93The Federal Statutory Tax Exemption: § 103 of the Internal Revenue Code 97 General Rules Applying to All Tax-Exempt Bonds 102 Public Purpose and Private Activity Debt Obligations 103 8 Issues and Procedures in Municipal Finance Litigation 121 Introduction 121 Legal Bases for Municipal Bond Lawsuits 122 Jurisdictional Issues 124 Venue 127 Justiciability and Related Questions 128 Pleading 131 Motion Practice 132 Class Actions 133 Discovery 138 Trial 141 Remedies 143 Index 149 Contents vii min55215_
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