COMING SOON FROM D.C.
IN THIS ISSUE:
Water Districts Deserve Strong Credit Ratings
School Districts Can Now Go Long with the Government
Code
Is Now the Time for School Districts to Get Their Fix?
Ballot Measure to Protect Vital Services
School G.O. Election Deadlines
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It appears that authorization of Build America Bonds may be extended past the current end date of December 31, 2010. An Obama administration nominee for a high post in the Treasury Department called BABs “extraordinarily successful...” and “too successful to go away.” One potential revision to the BAB program could be a reduction of the 35 percent subsidy.
Separate legislation recently introduced to the House and Senate both call for registration of municipal financial advisors. The House bill provides for oversight of financial advisors by the Securities Exchange Commission (SEC) while the Senate bill subjects financial advisors to rules established by the Municipal Securities Rulemaking Board (MSRB). The National Association of Independent Finance Advisors (Fieldman Rolapp is a member and Tom Johnsen, a member of the NAIPFA Board of Directors) endorses the registration of financial advisors and strongly prefers the House bill with SEC oversight. Oversight by MSRB, an organization whose members have legal responsibility to investors, could create conditions that compromise the fiduciary duty of a financial advisor to its issuer clients.
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