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.
The ASCE recently released it’s 2013 Report for America’s Infrastructure.
Please click here for more information.
To view statement, click here.
–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.
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.
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.
A paper created by Nixon Peabody for the Bond Dealers of America identifying the inefficiencies in tax credit bonds.
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 be treated in a municipal chapter 9 case. The discussion about the possibility of the municipal issuer becoming the debtor in a chapter 9 case is likely to become more robust in future public disclosure documents and the purchasers of municipal debt are likely to be able to make more informed decisions.
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.