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Author:  W. Bartley  Hildreth.


Source: Volume 22, Number 04, Winter 2001 , pp.1-85(85)




Municipal Finance Journal

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Abstract: 

Since 1992, the Municipal Finance Journal and the National Federation of Municipal Analysts have cooperated to place into print the insights and opinions of top analysts in the municipal market. Accordingly, we are pleased to present edited presentations from the annual conference held in Las Vegas on May 11, 2001. Las Vegas is a unique place, as State Treasurer Brian Krolicki outlines in his keynote presentation, with growth presenting a range of challenges for the city and state. Offering additional insights on the future of the gaming industry is a panel organized by Amy Doppelt, a credit-rating managing director. Economics professor Keith Schwer provides a detailed review of the “first mover” history of Las Vegas and Nevada. His comments on the impact of the Gulf War on the gaming economy and the concern for safety and travel is prescient today. Market analyst Lawrence Klatzkin has substituted, as permitted, his presentation with one on recent initiatives regarding the gaming industry in New York. Investment banker Jesse Smith discusses the expanding tribal debt market, and industry participant Andrew Laub expands on the nature of tribal gaming. Tax-exempt securities rest on complicated rules promulgated by the Internal Revenue Service, placing pressure on bond issuers to comply or else subject bondholders to tax on the interest earned. Mark Scott, director of tax-exempt bonds at the IRS, discusses proposals that help rationalize and clarify those interactions. A very interesting session on tax opinions and tax covenants with three lawyers from different vantage points in the market is introduced by NFMA President Alan Polsky. The panel moderator is investment research analyst Ed Nahmias. Joining him are tax lawyer Richard Chils and Leslie Richards-Yellen, legal counsel with an institutional investment firm. One item that emerges from the session is the extent to which legal opinions differ depending upon the standard used. This panel offers rich details and insights into a part of the bond issuance process that may have been overlooked in the past as merely a technical matter, but which now demands attention and inquiry by market participants. Online trading of municipal securities enhances market transparency and liquidity, as discussed in a panel moderated by municipal analyst William Hogan. Senior research analyst Greg Smith compares equity and fixed income trading platforms. From his position as chief executive, Rich Meister reviews the evolution of an electronic-bond trading platform. John Craft, as marketing director, sheds light on the market potential of electronic trading. Municipal bonds with low credit quality carry high yields. Institutional investment analyst Paul J. Flynn moderates a panel on this market segment. Investment banker Gregory B. Carey provides details on how these transactions are structured to deal with the risks involved. High-yield fund manager Gary Lasman sits on the buy side of the market, with his own perspectives on why this market segment offers value.

Keywords: 

Affiliations:  1: Wichita State University.

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