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Articles In This Month's Issue: August 2005

The Central Post Office: Making Your Life Easier and the Market More Efficient

(PDF)GFR August 2005 Cover
It has been almost a year since the Central Post Office opened for business, allowing issuers of municipal bonds to file their disclosure documents electronically through a single location. Learn how municipal market disclosure practices have evolved through the years and how the Central Post Office has improved the disclosure process for all involved.
Patrick P. Born and Susan A. Gaffney

 

Understanding Municipal Derivatives

The use of derivative products in the public sector has exploded in recent years. While derivatives can be a helpful debt management tool, they also carry risks that issuers must carefully consider before incorporating these products into their overall financing strategy.
David L.Taub

 

Auction Rate Securities: A Primer for Finance Officers

Auction rate securities have become an attractive alternative to other variable rate debt because they have no “put” or tender feature, no letter-of-credit requirement, and no need for an annual short-term bond rating. This article provides an overview of the market, mechanics, costs, benefits, and risks associated with auction rate securities.
Douglas Skarr 

 

Navigating the Municipal Bond Market

Municipal bond issuance has reached alltime highs the last several years. To obtain the most favorable terms in today’s market, small and midsize issuers need to understand what rating agencies and bond insurers consider and then strategically address these issues before going to market.
John Hallacy

 

The Road to Fiscal Sustainability: Five Principles of Effective Financial Planning

Public managers and elected officials count on the expertise of finance officers to chart a course toward fiscal sustainability. While there is no magic formula for achieving this goal, the five principles outlined in this article are an excellent place to start.
Craig Clifford

 

Priming the Revenue Pump: Little Rock’s Business License Collection Program

Motivated by a substantial budget shortfall and stagnant revenue growth, the City of Little Rock launched an initiative to identify unlicensed businesses and motivate them to obtain a license. Theresu lts include a significant increase in annual business license revenues, improved equity among local businesses, and enhanced stakeholder perception of the city’s management ability.
Bob Biles and Scott Massanelli