Read e-book online The Handbook of Municipal Bonds (Frank J. Fabozzi Series) PDF

By Sylvan G. Feldstein

ISBN-10: 0470108754

ISBN-13: 9780470108758

ISBN-10: 0470283084

ISBN-13: 9780470283080

Within the instruction manual of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzi supply investors, bankers, and advisors—among different participants—with a well-rounded examine the of tax-exempt municipal bonds. bankruptcy through bankruptcy, a various staff of skilled participants offer distinct reasons and a number of appropriate examples that light up crucial components of this sector. With this publication as your advisor, you’ll quick get to grips with either purchase part and promote aspect concerns in addition to very important techniques during this box.

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Moreover, the states often delegate critical issues— selection of voting machinery, ballot design, whether to undertake a manual recount, whether to accept a technically flawed absentee ballot, whether dangling or dimpled chad is sufficient to mark the intent of a voter—to local officials. To be sure, as the Supreme Court’s Bush v. S. 98 (2000), decision indicates, the federal constitution constrains state and local decision making. indd 4 3/9/08 1:22:43 PM The Central Place of States and Local Governments in American Federalism 5 reacted to the events of 2000 with new legislation increasing the federal role in the mechanics of voting.

There is not even a consistent terminology for local governments; different states include such diverse local units as parishes, boroughs, townships, as well as the more common forms of local government such as county or city. Unlike the states, local governments may—and frequently do—overlap each other’s territory. Unlike the states, local governments are frequently created, modified territorially, or abolished. Unlike the states, local governments lack inherent law-making authority. So, too, while the federal Constitution makes frequent reference to the states, the federal Constitution is entirely silent on the subject of local governments.

GASB has established uniform and more thorough reporting standards that municipal bond issuers and investors rely upon. GASB has helped improve the transparency of state and local government accounting. As this book goes to press, there is an assault on GASB by some issuers and politicians to weaken or eliminate its role. The result, if successful, in addition to introducing confusion to this area of the industry, would also allow issuers to obfuscate budget deficits and long-term liabilities. Years ago these practices resulted in budgetary disasters and bond defaults.

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The Handbook of Municipal Bonds (Frank J. Fabozzi Series) by Sylvan G. Feldstein


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