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

Overview

The world of municipal bonds is a vast market with enormousdiversity. And while it's filled with some excellent opportunities,some people fail to take advantage of all it has to offer due tounfamiliarity with this arena or other factors.

Nobody understands "MuniLand" better than author JoeMysak—an articulate and well-informed journalist, who's beencovering this market for thirty years. And now, in the Encyclopediaof Municipal Bonds, he shares ...

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

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Overview

The world of municipal bonds is a vast market with enormousdiversity. And while it's filled with some excellent opportunities,some people fail to take advantage of all it has to offer due tounfamiliarity with this arena or other factors.

Nobody understands "MuniLand" better than author JoeMysak—an articulate and well-informed journalist, who's beencovering this market for thirty years. And now, in the Encyclopediaof Municipal Bonds, he shares his extensive insights with you.

Engaging and objective, this groundbreaking volume examines thehistory—much of which has never been put between hard coversbefore in any kind of comprehensive way—and mechanics of themunicipal market in clear and understandablelanguage. It alsoaddresses numerous aspects of the market, including pricing,trading, taxationissues, and yields, as well as topical events suchas the recent financial crisis, hysteria about defaults, andChapter 9 municipal bankruptcy, fraud, and regulation. Along theway, Mysak skillfully defines terms and tells stories that maylikely be unfamiliar to most people not in this market.

Encyclopedia of Municipal Bonds contains essential insights andprovides much-needed context for this field. Topics touched uponthroughout these pages include:

The 2008 Jefferson County, Alabama default, the 1994 OrangeCounty, California bankruptcy, and the 1975 New York Citycrisis

How anyone who wants to find details ofprices and trades—aswell as complete copiesof official statements—can now do soonline, and in most cases for free

Why one of the most questionable of allmunicipal marketbehaviors, yield-burning, has been so hard to eliminateThe reasonsmunicipal bonds don't react to bad news or tend to trade off

And much more

Encyclopedia of Municipal Bonds is an accessible guide foreveryone from investors and financial professionals to regulatorsand insurers. Anyone involved in, or aspiring to enter, themunicipal bond market needs to read this book.

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Product Details

  • ISBN-13: 9781118006757
  • Publisher: Wiley
  • Publication date: 1/3/2012
  • Series: Bloomberg Financial Series , #139
  • Edition number: 1
  • Pages: 240
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

Joe Mysak joined The Bond Buyer in 1981 as a copy editor andlearned about municipal bonds from the ground up, eventually risingto editor and publisher of the newspaper. In 1994, he founded aseries of municipal market–related biweekly newsletters forthe Interest Rate Publishing Corporation. In 1999, Mysak joinedBloomberg News as a columnist. He is also the author of the bookHandbook for Muni-Bond Issuers.

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Table of Contents

Acknowledgments ix

Introduction xiii

A 1

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

B 14

bank-qualified basis points Baum pools Bell, California, payscandal bid rigging black-box deals blind pools Blue List BOCESbond anticipation notes bond banks The Bond Buyer Bond Buyerindexes  bond counsel “Bond Daddies” bond purchaseagreement bond year book-entry-only system Bradford zeroes BuildAmerica Bonds

C 28

CAFR calls Canadian interest cost capital appreciation bondcapital gains certificates of participation Chapter 9 charterschools closed-end funds cogeneration projects colleges anduniversities community development districts competitive salecomputers constitutional protection of tax-exemption conventioncenters CPI-linked municipals cram-down credit default swaps creditenhancement current refunding CUSIP

D 43

“Deadly Sins” debt per capita default DenverInternational Airport Dillon’s rule dirt bonds disclosureDodd-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 50percent coupon financial advisers fiscal year 501(c)(3) issuersflipping  floaters/inverse floaters flow control

G 71

garbage gas prepayment bonds GASB general obligation GFOA golfcourses 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 andreferendum insider trading insurance interest inverse floatersinvestment 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 ofcredit liens limited obligation

M 115

market activity Marks-Roos Mello-Roos mini bonds moralobligation  mortgage bonds MSRB Municipal AssistanceCorporation municipal utility district mutual funds

N 122

negotiated sale net asset value net interest cost New Jerseypension obligation bonds of 1997 New Jersey Turnpike scandal of1993 New York City financial crisis of 1975 NRO

O 131

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

P 142

par pay-to-play pension obligation bonds pensions “Peopledon’t buy municipal bonds to get rich; they buy municipalbonds to stay rich” Philadelphia trial PIT bonds preliminaryofficial statement premium bonds premium laundering prerefundedbonds price to the par call pricing principal private placementsProposition 21/2 Proposition 13 public–private partnershipsPuerto Rico pyramid bonds

Q 162

Qualified School Construction Bonds; Qualified Zone AcademyBonds

R 163

ratings the ratio Recalibration of 2010 redemption refundingrepudiation reserve fund retail order periods revenue bonds RFPsrisk factors rollover Rule 15c2-12 rum bonds

S 174

Saco, Maine scales sealed bids secondary market serial bondsWilliam F. G. Shanks stadiums state intercept programs swapssynthetic fixed rates

T 181

take and pay, take or pay takedown tax anticipation notes taxcaps tax-exemption tax increment financing taxable municipalstaxable tails tender-option bond programs term bonds TexasPermanent School Fund tobacco bonds toll roads total return touristattractions Tower Amendment trick coupons true interest costtrustee

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 facilitiesWho 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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