An accessible reference that explores every aspect of the
municipal bond market

Until now, there has been no accessible encyclopedia,
dictionary, nor guide to the world of municipal bonds.
Comprehensive and objective, this groundbreaking volume covers the
history and mechanics of the municipal market in clear and
understandable terms. It covers all aspects of the market,
including pricing, trading, taxation issues and yields, as well as
topical events such as the financial crisis, hysteria about
defaults and Chapter 9 municipal bankruptcy, fraud, and
regulation.

Encyclopedia of Municipal Bonds also contains entries on
important historical events and provides much-needed context for
this field.

* Everything you ever wanted to know about municipal bonds in one
comprehensive resource

* Joe Mysak is the author of the Bloomberg bestseller Handbook
for Muni Issuers

* Demystifies the world of municipal bonds for both the novice
and professional investor

* Explores issues such as the Orange County bankruptcy, the
Jefferson County default, the New York City financial crisis, and
the surprisingly recent creation of the modern municipal
market

Encyclopedia of Municipal Bonds offers an essential
reference guide for investors, professionals, regulators, insurers,
and anyone else involved in the municipal bond market.

JOE MYSAK joined The Bond Buyer in 1981 as a copy editor and learned about municipal bonds from the ground up, eventually rising to editor and publisher of the newspaper. In 1994, he founded a series of municipal marketrelated biweekly newsletters for the Interest Rate Publishing Corporation. In 1999, Mysak joined Bloomberg News as a columnist. He is also the author of the book Handbook for Muni-Bond Issuers.

The world of municipal bonds is a vast market with enormous diversity. And while it's filled with some excellent opportunities, some people fail to take advantage of all it has to offer due to unfamiliarity with this arena or other factors.

Nobody understands MuniLand better than author Joe Mysakan articulate and well-informed journalist, who's been covering this market for thirty years. And now, in the Encyclopedia of Municipal Bonds, he shares his extensive insights with you.

Engaging and objective, this groundbreaking volume examines the historymuch of which has never been put between hard covers before in any kind of comprehensive wayand mechanics of the municipal market in clear and understandable language. It also addresses numerous aspects of the market, including pricing, trading, taxation issues, and yields, as well as topical events such as the recent financial crisis, hysteria about defaults, and Chapter 9 municipal bankruptcy, fraud, and regulation. Along the way, Mysak skillfully defines terms and tells stories that may likely be unfamiliar to most people not in this market.

Encyclopedia of Municipal Bonds contains essential insights and provides much-needed context for this field. Topics touched upon throughout these pages include:

• The 2008 Jefferson County, Alabama default, the 1994 Orange County, California bankruptcy, and the 1975 New York City crisis
• How anyone who wants to find details of prices and tradesas well as complete copies of official statementscan now do so online, and in most cases for free
• Why one of the most questionable of all municipal market behaviors, yield-burning, has been so hard to eliminate
• The reasons municipal bonds don't react to bad news or tend to trade off
• And much more

Encyclopedia of Municipal Bonds is an accessible guide for everyone from investors and financial professionals to regulators and insurers. Anyone involved in, or aspiring to enter, the municipal bond market needs to read this book.

Zusammenfassung
An accessible reference that explores every aspect of the municipal bond market

Until now, there has been no accessible encyclopedia, dictionary, nor guide to the world of municipal bonds. Comprehensive and objective, this groundbreaking volume covers the history and mechanics of the municipal market in clear and understandable terms. It covers all aspects of the market, including pricing, trading, taxation issues and yields, as well as topical events such as the financial crisis, hysteria about defaults and Chapter 9 municipal bankruptcy, fraud, and regulation.

Encyclopedia of Municipal Bonds also contains entries on important historical events and provides much-needed context for this field.

• Everything you ever wanted to know about municipal bonds in one comprehensive resource
• Joe Mysak is the author of the Bloomberg bestseller Handbook for Muni Issuers
• Demystifies the world of municipal bonds for both the novice and professional investor
• Explores issues such as the Orange County bankruptcy, the Jefferson County default, the New York City financial crisis, and the surprisingly recent creation of the modern municipal market

Encyclopedia of Municipal Bonds offers an essential reference guide for investors, professionals, regulators, insurers, and anyone else involved in the municipal bond market.

Introduction xiii

A 1

ability to pay acceleration additional bonds test advance refunding advertised sale All bonds go to heaven Ambac AMT appropriation arbitrage Arkansas Default of 1933 auction-rate securities auction sale authorities

B 14

bank-qualified basis points Baum pools Bell, California, pay scandal bid rigging black-box deals blind pools Blue List BOCES bond anticipation notes bond banks The Bond Buyer Bond Buyer indexes bond counsel Bond Daddies bond purchase agreement bond year book-entry-only system Bradford zeroes Build America Bonds

C 28

CAFR calls Canadian interest cost capital appreciation bond capital gains certificates of participation Chapter 9 charter schools closed-end funds cogeneration projects colleges and universities community development districts competitive sale computers constitutional protection of tax-exemption convention centers CPI-linked municipals cram-down credit default swaps credit enhancement current refunding CUSIP

D 43

Deadly Sins debt per capita default Denver International Airport Dillon's rule dirt bonds disclosure Dodd-Frank Wall Street Reform and Consumer Protection Act Mrs. Dodge

E 52

elections EMMA escrow churning escrowed to maturity

F 63

feasibility studies Fed Flow of Funds report Ferber trial 50 percent coupon financial advisers fiscal year 501(c)(3) issuers flipping floaters/inverse floaters flow control

G 71

garbage gas prepayment bonds GASB general obligation GFOA golf courses government census guaranteed investment contracts

H 78

Hammersmith Heartland fund implosion house museums

I 84

Ideas in public finance blow in from the West indenture Indian tribes industrial development bonds initiative and referendum insider trading insurance interest inverse floaters investment pools issue price issuer concentration

J 101

Jefferson County, Alabama

K 109

Kentucky Department of Finance v. Davis

L 111

laddering last looks lease financings legal opinion letters of credit liens limited obligation

M 115

market activity Marks-Roos Mello-Roos mini bonds moral obligation mortgage bonds MSRB Municipal Assistance Corporation municipal utility district mutual funds

N 122

negotiated sale net asset value net interest cost New Jersey pension obligation bonds of 1997 New Jersey Turnpike scandal of 1993 New Yo…