Category: Point of View

MBFA Chair Submits Commentary in the Bond Buyer

Why mayors are `completely baffled’ by loss of advance refunding The beginning of Infrastructure Week 2018 presents us with the perfect opportunity to highlight a major blow to community control and to local government infrastructure investment: the repeal of advance refunding of municipal bonds in the Tax Cuts and Jobs Act. I deeply appreciate that…
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MBFA Chair Contributes Op-Ed in The Hill

Today, Steve Benjamin, Mayor of Columbia, S.C., and Chair of the Municipal Bonds for America (MBFA) Coalition, contributed an op-ed in The Hill, which can be read here. The article focuses on how those faced with the devastation left behind by Hurricanes Harvey and Irma can look to the traditional bond market to rebuild stronger, smarter…
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NAHEFFA Non Profits Economic Impacts Study

National Association of Health and Educational Facilities Finance Authorities released a report on non profits economic impacts.

AMWA/NACWA Report on the Cost of Municipal Bond Reforms

This report evaluates the cost implications to public water utilities of several proposals to amend or eliminate the federal tax exemption for municipal bond interest.

US Metro Economies: Job Impact of Proposals to Limit the Municipal Bond Market

The National League of Cities and U.S. Conference of Mayors published a report detailing the job impacts that limiting the municipal bond market would bring. To download full report, click here.

2013 Report for America’s Infrastructure

The ASCE recently released it’s 2013 Report for America’s Infrastructure. Please click here for more information.

NALHFA Statement to the Tax Reform Working Groups

To view statement, click here.

New York Times Rebuttal: Private Activity Bonds Support Job Creation & Economic Development

–Flawed, Inaccurate New York Times Article Debunked–

Toby Rittner, President & CEO, Council of Development Finance Agencies

The New York Times article, A Stealth Tax Subsidy for Business Faces New Scrutiny, is riddled with inaccuracies and misinterpretations of one of the nation’s most important economic development tools: qualified private activity bonds (PABs). The story, sensational and misleading throughout, highlights perceived misuses and infers abuses of the U.S. tax code, all the while ignoring the essential public purpose that these bonds serve. PABs are exactly as they sound, a bond instrument, supported and endorsed by the United States Congress since 1914, that catalyze private investment in projects and industries that may otherwise not receive conventional financing. PABs are one of the oldest tax policies on record and were included in our Nation’s first formal tax code.

Local Leaders Issue Report: Protecting Bonds to Save Infrastructure and Jobs

A report identifying the importance of municipal bonds used in our communities to maintain existing infrastructure, expand economic development projects and to create jobs in our communities.

Repealing Tax-Exemption: Impact on Small and Medium-Sized Communities

Bernardi Securities has published a white paper that demonstrates the potentially detrimental effects on taxpayers and residents if municipalities are forced to issue taxable debt.

Wells Fargo Securities 2013 Municipal Market Outlook

Wells Fargo has provided a Municipal Market Outlook for 2013, which includes an analysis of threats from the elimination or limitation of the tax exemption on municipal bonds. Download it here.

Guest opinion: Don’t let Coloradans fall off the fiscal cliff

In an opinion piece printed in the Aspen Times, the potential threat to muni bonds is discussed in relation to the Fiscal Cliff.

Tax-Exempt Municipal Bonds – The Case for an Efficient, Low-Cost, Job Creating Tax Expenditure

This analysis, created by Bernardi Securities, explains why tax-exempt bonds have been a critical source of capital for states and municipalities, and, as a readily available financing vehicle,  support one of the nation’s most consistent and reliable sources of job creation. Download Summary Download Full Analysis

Tax Credit Bonds are a Flawed Financing Mechanism

A paper created by Nixon Peabody for the Bond Dealers of America identifying the inefficiencies in tax credit bonds. Download PDF

Summary Report on Jefferson County, AL, Chapter 9 Proceedings

A memorandum prepared for BDA firms by Nixon Peabody telling the story of Jefferson County. The preliminary skirmishes in JeffCo are now behind us, but its future path is still hard to map out. However, with each ruling issuers and purchasers of municipal debt gain valuable guidance about how various types of municipal debt might…
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Tax-Exempt Bonds: Their Importance to the National Economy and to State and Local Governments

National Association of Bond Lawyers paper examining tax-exempt bonds and their importance to the national economy and to state and local governments. Download Summary Download White Paper

Recent Bankruptcies and Defaults Raise Concerns Over General Obligation Bonds

A FirstSouthwest Company white paper discussing recent bankruptcies and defaults, which have raised concerns over general obligation bonds. This paper is intended to provide an understanding of the background and effects of such distressed credits. Download PDF