The Fundamentals of Municipal Bonds

Front Cover
John Wiley & Sons, Feb 2, 2001 - Business & Economics - 288 pages
Praise for the Classic Guide to the Bond Market

"This is simply the most comprehensive, useful look-it-up book onmunicipal bonds I've ever read (said with all due respect to TheABC of Municipal Bonds my dad wrote in 1937 when I was nine). ReadFundamentals cover to cover. I'm keeping mine in my briefcase,under my arm, at my fingertips. No accountant, financial advisor,attorney, new bond salesman, reporter, regulator, test-writer,cautious, suspicious first-time investor in municipal bonds, ordinner guest is ever going to catch me again with a question aboutmunicipal bonds I can't answer."-Jim Lebenthal, Chairman, Lebenthal& Co.

"Judy Wesalo Temel gives us the Rosetta stone of the municipal bondmarket, the key to unraveling the many mysteries of 'muni's.' Herbook, a fresh take on the old standard Fundamentals of MunicipalBonds, updates chapter and verse on everything from investing tounderwriting, from over-the-counter to over-the-Internet. The styleis clean, crisp, and as simple as this complex subject can be. Areyou a novice who wonders how to invest in bonds? She lays out thebasics. Examples are easy to follow-even the mathematical ones thatare critical to explaining how municipal bonds work. At the sametime, there is plenty of meat for the pros. Whether you need tostart from square one and learn all about municipal bonds and howthey work, or need a ready reference for specific technicalquestions you run across as a market professional, this book is foryou."-Kathleen Hays, Economics Editor, Credit Markets Reporter, and"Bond Belle" CNBC

"This is a must-read for every scholar, banker, and public officialconcerned with local government finance in the United States. JudyWesalo Temel has done the impossible: she has clearly andinsightfully explained how we finance the development of thenation's vital public infrastructure. This is an important book,one that will be required reading for professionals responsible forplanning, designing, and evaluating publicly financed projects-thehealth care, transportation, and educational facilities that allcitizens rely upon. The bond market is an essential element in thelife of local and state government, and this book makes itunderstandable to all Americans."-Mitchell Moss, Henry Hart RiceProfessor of Urban Planning and Director, Taub Urban ResearchCenter, Robert F. Wagner Graduate School of Public Service, NewYork University
 

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Contents

CHAPTER
1
CHAPTR
3
CHAPTER 2
21
The Issuers
49
The Security for Municipal Bonds
55
The Financing Process
62
Assessing the Impact of the Debt
72
State and Local Government Accounting
78
Municipal Futures
116
MSRB RecordKeeping Rules
124
CHAPTER 7
159
The Rating Process
171
Revenue Bonds
181
Other Factors Affecting Credit
190
CHAPTER 9
206
CHAPTER 10
224

The Basics of Underwriting
85
Competitive Underwriting
93
Orders and Procedures
100
Selling Municipal Bonds
108
Appendix A
230
Bibliography
258
About the Writer 275
Copyright

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About the author (2001)

THE BOND MARKET ASSOCIATION is the trade association representingsecurities firms and banks that underwrite, trade, and sell debtsecurities, both domestically and internationally. The Bond MarketAssociation actively speaks for the bond industry, advocating itsposition and representing its interests in Washington, D.C., NewYork, Europe, and Asia. The Association's membership collectivelyaccounted for over 97% of the nation's bond underwriting activityin 1999. For more information about the Association, visit www.bondmarkets.com.
JUDY WESALO TEMEL has spent her career in the municipal bondbusiness, on both the broker-dealer and issuer sides. She workedfor seventeen years at Goldman, Sachs & Co., followingemployment at Lehman Brothers, and the Office of the Comptroller ofthe City of New York. She serves on the boards of several largenot-for-profit agencies and speaks and writes widely about manyaspects of the business. Temel is a graduate of Cornell Universityand holds an MPA from New York University.

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