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Abstract: 

Municipal Finance Journal is pleased to continue its relationship with the National Federation of Municipal Analysts by publishing edited presentations from their 1999 conference in Boston. The NFMA consists of nearly 1,000 municipal securities analysts and municipal portfolio managers. This issue contains the first half of the presentations, with the rest to follow in Volume 20 Number 4. Many state and local governments want to capitalize through the issuance of municipal bonds the future flow of funds from the tobacco settlement. This process and its implications are addressed in a panel moderated by credit analyst Michael Brooks. International trade affects our national economy and can influence particular state and local economies, as discussed in a panel introduced by David Hitchcock, director of municipal ratings for S&P. Finally, a third panel examines the financing of infrastructure projects in foreign markets. In addition to the NFMA material, Paul Maco, director of the SEC’s office of municipal securities, reviews recent enforcement actions by the Securities and Exchange Commission and the categories of market participants targeted. Finally, the issue concludes with a detailed subject and author index of past articles prepared by Professor Sam Yeager of Wichita State University.

Keywords: Tobacco settlement; foreign trade; international infrastructure financing; SEC enforcement

Affiliations:  1: Wichita State University.