Lawson and others with his firm sold millions of dollars of municipal revenue bonds
to clients, which were underwritten by LFC and related to an Arizona charter school and two assisted living facilities in Alabama -- borrowers that Robert Lawson and LFC knew faced financial difficulties.
Municipal Revenue Bonds
May Offer Higher Yield Potential - Municipal revenue bonds
have the potential to offer both a high level of absolute and relative after-tax current income potential versus GOs of equal maturity (which, generally, are perceived to have a higher credit quality as they are backed by the state's taxing power).
WTE facilities require a significant capital investment and are typically financed through the sale of municipal revenue bonds
, SWANA said in the paper.
Take a look at Figure 1, which illustrates the yield increments the market is paying an investor to buy BBB-rated municipal revenue bonds
versus AAA general obligation municipal bonds.
Effective March 13, 2000, well-capitalized state member banks were authorized by the GLB Act to deal in, underwrite, purchase, and sell municipal revenue bonds
without any limitations relative to the bank's capital.
The GLBA also authorizes national banks to directly underwrite, purchase, and deal in municipal revenue bonds
For the nation's cities, the financial services reform legislation would let banks directly underwrite municipal revenue bonds
, while potentially significantly diluting the Community Reinvestment Act's authority to ensure that financial institutions invest in working and low income neighborhoods in cities and towns.
Since that time, regulatory approvals have been obtained, operating permits transferred and the municipal revenue bonds
issued by the City to finance construction of the plant paid off.
LFC) and against Robert Lawson, the firm's president and chief executive officer, charging them with securities fraud in connection with the sale of millions of dollars of municipal revenue bonds
The authors find that investors associate sinking fund provisions in municipal revenue bonds
with riskier projects or riskier issuers, either of which results in increased borrowing costs for issuers.
28(b)(1), (3), (6), (7), and (8)); and underwriting and dealing in, to a limited extent, certain municipal revenue bonds
, 1-4 family mortgage-related securities, consumer receivable-related securities, and commercial paper, as previously approved by the Board in Crestar Financial Corporation, 83 Federal Reserve Bulletin 512 (1997).
In a decision which could dear the way for small and midsize banks to help cities and towns underwrite or sell municipal revenue bonds
, the Office of the Comptroller of the Currency last week awarded Zions First National Bank the power to underwrite all municipal revenue bonds