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| Regulatory Changes Impact Issuers |
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| “During 2011 and for the next several years, how certain public finance participants operate and what processes they follow will change. Changes are based on a wide ranging regulatory regime that will impact local governments issuing bonds. The regulatory regime most prominently includes . . .” |
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| Schools Look To G.O.s To Reduce Expenditures |
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| “As a result of the difficult economy, school districts have suffered massive cuts to their sources of revenue. Despite these huge cuts, school districts continue to educate children. For some school districts, mostly in Northern California or along the coast, parcel taxes have . . .” |
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| Reflecting On The 2010 CFD Market |
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| “During most of 2010 the market for CFD bonds improved. Yields lowered slowly yet consistently through most of the year. CFD issues with bond sizings correlated to special tax revenues generated by developed property, exhibiting high levels of . . .” |
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| Fund Cash Flows Impact Rates |
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| “The bar graph to the right shows the monthly flow of funds from municipal bond mutural funds for the year April 1, 2010 to March 31, 2011. As indicated, starting the month of November 2010, fund cash flows reversed and . . .” |
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