Municipal Debt Finance Law: Theory and Practice, 2nd Edition (1-year Online Subscription)

Chapter 1. INTRODUCTION TO MUNICIPAL DEBT FINANCE

• §1.1 The Financial Role of Local Government—An Introduction to Public Finance
• §1.2 A Brief History of State and Local Indebtedness
• §1.3 The Classifications and Characteristics of Municipal Securities
• §1.4 The Municipal Bond Market and the Mechanics of Bond Issuance

Chapter 2. PREREQUISITES TO ISSUANCE OF BONDS

• §2.1 Introduction
• §2.2 Source and Scope of the Power to Issue
• §2.3 Local Accountability and the Judicial Definition of “Local Authority”
• §2.4 Debt Elections
• §2.5 Interlocal Agencies and Delegation of Municipal Power
• §2.6 The Interstate Compact Clause
• §2.7 Pre-Issuance Bond Validation
• §2.8 Bond Elections and the Voting Rights Act

Chapter 3. PUBLIC PURPOSE AND LOAN OF CREDIT RESTRICTIONS ON THE USES OF BOND PROCEEDS

• §3.1 Introduction: The Rationale and Historical Origins of Public Purpose Limitations
• §3.2 State Constitutional Sources of the Public Purpose Doctrine
• §3.3 The Federal Constitution as a Source of the Limitation
• §3.4 Federal Constitutional Constraints on the Use of Bond Proceeds: First Amendment Considerations
• §3.5 Defining Public Purpose
• §3.6 An Economic View of Public Purpose
• §3.7 Prohibitions on Gifts or Loans of Credit

Chapter 4. DEBT LIMITS AND THEIR AVOIDANCE

• §4.1 Introduction and Overview
• §4.2 The Various Forms of Debt Limitations
• §4.3 Calculating “Taxable Property” to Determine the Amount of the Limitation
• §4.4 Obligations Outside the Debt Limitation – The “Special Fund” Doctrine
• §4.5 The Source of Repayment as a Measure of Debt: Ad Valorem Property Taxes and the Special Fund Doctrine
• §4.6 Implications of the Special Fund Doctrine
• §4.7 Financing Improvements, Extensions, and Additions to Existing Facilities as Elements of Debt
• §4.8 Service Contracts as Debt
• §4.9 “Take-or-Pay” Obligations as Debt
• §4.10 Moral Obligations as Debt
• §4.11 Tax Increment Financing as Debt
• §4.12 Debt Limitations for Public Authorities and Special Districts
• §4.13 Overlapping Jurisdictions and Overlapping Debt Limitations
• §4.14 Conduit Financing: Building Authorities and Lease-Purchase Obligations as Debt Obligations
• §4.15 A Critique of Debt Limitations

Chapter 5. RIGHTS OF BONDHOLDERS

• §5.1 Introduction
• §5.2 Security Arrangements in Revenue Bond Financings
• §5.3 Events of Default
• §5.4 The Right to Payment
• §5.5 The Right Not to Have the Bondholders' Security Impaired: Introduction to the Contracts Clause
• §5.6 To Whom Does the Contracts Clause Apply?
• §5.7 What Constitutes a “Law” for Purposes of the Contracts Clause?
• §5.8 What Constitutes an Impairment of the Obligation of Contract?
• §5.9 What Does Not Constitutean Impairment?
• §5.10 What Constitutes an Unconstitutional Impairment of Contract
• §5.11 What Constitutes an Unconstitutional Impairment of Contract—Critique
• §5.12 Invalid or Defective Bonds
• §5.13 Contractual Rights of Bondholders
• §5.14 Statutory Protections for Bondholders
• §5.15 Municipal Debt Adjustment or “Bankruptcy”

Chapter 6. FEDERAL SECURITY LAW AND MUNICIPAL SECURITIES

• §6.1 Introduction
• §6.2 The Federal Securities Laws
• §6.3 Definition of “Security”
• §6.4 Rule 131
• §6.5 What is a “Municipal Security?”
• §6.6 Municipal Securities as “Exempt Securities”
• §6.7 Guarantees as Securities and Exempt Securities
• §6.8 Antifraud Provisions
• §6.9 Disclosure
• §6.10 Aiding and Abetting and Scheme Liability
• §6.11 Rule 15c2-12
• §6.12 The Roles of Participants in the Disclosure Process
• §6.13 Mark-Ups and Yield-Burning
• §6.14 Self-Regulation and the Municipal Securities Rulemaking Board
• §6.15 State Securities Regulation
• §6.16 Constitutional Issues in Federal Regulation of Municipal Securities

Table of Cases

Index