Municipal Securities: Rapid Fire

What this video covers

• Why general obligation (GO) bonds require voter approval and revenue bonds do not, and how each is analyzed (debt ratios versus feasibility study and debt service coverage ratio (DSCR))
• How to calculate taxable equivalent yield (TEY) by dividing the tax-exempt yield by (1 minus marginal tax rate), and why in-state triple tax-free bonds require combining federal and state rates
• The Puerto Rico, Guam, and U.S. Virgin Islands exception: triple tax-exempt status for investors in ALL states
• Why the legal opinion covers legality and tax status only, not creditworthiness, and why municipal issuers are exempt from Securities and Exchange Commission (SEC) registration but not anti-fraud rules
• Eastern (undivided) versus Western (divided) syndicate accounts, and the exact "Please Get Dessert Made" order priority for pre-sale, group, designated, and member orders
• The critical muni numbers: 15 minutes for Real-Time Transaction Reporting System (RTRS) reporting, 10 business days for material event notice to Electronic Municipal Market Access (EMMA), 30 calendar days for syndicate settlement, and 90 days as the current versus advance refunding line
• Why the net revenue pledge is the default (operations and maintenance get paid before bondholders) and how the gross pledge reverses that priority