Municipal Advisory Council of Texas
News and Events
News Items (Historical)
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New Monthly Bond Volume Information Add to Website 6/4/2008
Bond Volume is an option under Data Search. We have added additional information to that page including Insured vs Uninsured and a breakout by sale type (competitive, negotiated, private placement). Also new on this page is the Monthly Bond Volume link. At the suggestion of MAC Member Reggie Coon with Coastal Securities, we added a breakout by issuer type and month of bond volume and bond count. We hope you find this new information helpful and welcome new ideas from out members. Thanks Reggie!
MAC Memorial Day Schedule 5/23/2008
The MAC office will close at 1:00 pm on May 23rd in observance of Memorial Day. We will reopen on Tuesday, May 27th.
New Feature on Home Page of MAC Website - Trade Data Summary 4/25/2008
Using the MSRB trade data, we have added a summary of Texas bond trades compared to all trades in the U.S. to the website. Trades are summarize by count and volume for today, yesterday, 30 days, 60 days and 1 year time periods. Let us know if you find this new feature useful.
March 2008 Issue of MAC Insights Now Available 3/26/2008
MAC Offices Closing Thursday, March 20th at 1:00 pm, Reopening Monday, March 24th 3/18/2008
Updated Material Event Service 3/13/2008
Our current Material Events Notification service sends an email as we receive material events. Due to the recent volume of "Rating Change" material events, we have created a new notification service that sends out an email no more than twice a day, once at noon and once at 4 p.m. Each of these messages will contain all the material event notices received for that period in a digest format.
If you would like to sign up for this service send us a Comment or just call Elaine at 512-476-6947.
CIFG Comments on Rating Change by S&P 3/12/2008
Moody's downgrades CIFG to A1, from Aaa 3/6/2008
New York, March 06, 2008 -- Moody's Investors Service has downgraded to
A1, from Aaa, the insurance financial strength ratings of CIFG Guaranty,
CIFG Europe and CIFG Assurance North America, Inc. (collectively
"CIFG"). These rating actions reflect Moody's assessment of CIFG's
weakened capitalization, impaired business opportunities, and uncertain
strategic direction, as a result, in part, of its exposures to the US
residential mortgage market. The rating outlook is stable.
Economic Statistics - Monthly Data for U.S. Department of the Treasury 2/20/2008
Summary of Current Ratings of Insurance Companies 2/15/2008
We have added a spreadsheet to the website to view a summary of ratings by each of the rating agencies for the Insurance Companies. The link is titled "Insurance Company Ratings Summary (Excel Spreadsheet)" and is located on the home page.
MAC Offices Closing February 15 at 1:00 pm, Reopening February 19th 2/13/2008
President's Day Holiday
MAC Offices Closing January 18th at 1:00 pm, Reopening January 22 1/16/2008
Martin Luther King Holiday. Enjoy the long weekend!
MAC Office Closing at 1:00 pm Dec 24th, Reopening Dec 26th 12/18/2007
Wishing you a safe and happy holiday!
MAC Offices Closing Dec 31st at 1:00 pm - Reopening on Jan 2nd 12/18/2007
Best Wishes for a Wonderful 2008!
Click to View December Issue of MAC Insights 12/11/2007
MAC Offices Closed Thursday & Friday for Thanksgiving Holidays 11/19/2007
The MAC offices will be closed November 22 & 23 for Thanksgiving Holidays. In addition, we will be closing early on Wednesday, November 21.
MAC offices will be closed on November 12th for Veteran's Day 11/12/2007
The MSRB has published guidance on the implementation of the new supervisory requirements under Rule G-27 11/8/2007
The MSRB has also filed certain technical amendments to Rule G-27 with the SEC. The new supervisory requirements, as amended, become effective on February 29, 2008. Click the link to view the full notice.
Irving ISD Is Requesting Proposals to Provide Underwriting Services 11/8/2007
The Irving Independent School District (the “District”) is requesting proposals to provide underwriting
services for negotiated sales of the District’s fixed rate Unlimited Tax School Building Bonds (the “Bonds”)
over the next five-years. The District anticipates selecting a pool of 5-7 firms to conduct the underwriting of
its fixed rate bond sales over such time.
Gov. Perry Names Riter as Texas Higher Education Coordinating Board Vice Chairman 11/6/2007
AUSTIN - Gov. Rick Perry named A. W. "Whit" Riter III of Tyler as vice chair of the Texas Higher Education Coordinating Board for a term to expire at the pleasure of the governor. The board sets policies and coordinates efforts to improve Texas higher education.....
Gov. Perry Appoints Shaw to Texas Commission on Environmental Quality 11/6/2007
Nov. 01, 2007
AUSTIN - Gov. Rick Perry today appointed Dr. Bryan W. Shaw of Bryan to the Texas Commission on Environmental Quality for a term to expire Aug. 31, 2013. The commission establishes, oversees and implements clean air, clean water and other environmental policies for the State of Texas.
Conference Survey Emailed Last Friday 11/5/2007
If you attended the MAC Annual Conference and Meeting in San Antonio last month, you should have received an email on Friday asking from your comments and opinions about the events. If you have not already done so, please take a few minutes to respond to the survey and let us know what you think. Thank you!
Team from MAC participated in Race for the Cure 5K on November 4 11/5/2007
A team from the MAC know as the MACnificent Marchers ran/walked in the Race for the Cure 5K and exceeded the team goal of raising $1,500 to help end breast cancer. Click link to view photo of team.
Front row (L to R): Felix Tovar, Krystal Petty, Syndey Boeshart, Christian Wenck, Teri Wenck, Leslie Lukens
Back Row: Laura Slaughter, Chris Wenck, Molly Tovar, Analicia Perez, Krystal Shepard, Amy Aguilar, Elissa Boeshart, Alice Spencer, Debbie Fenley.
Not Pictured: Ben & Elizabeth Slaughter
League of Women Voters Guide for the 2007 Constitutional Amendment Election 11/1/2007
MAC membership selects three new board members at 53rd Annual Meeting. 10/26/2007
At the MAC's 53rd Annual Meeting on October 19th, the MAC membership elected three new members to the MAC Board of Trustees for fiscal year 2007-2008. The three new board members are: Anderson Bynam of Citigroup Global Markets, Doreen Fisher of UBS Securities LLC and Duncan Lamme of RBC Capital Markets. Welcome to the MAC board!
MAC Board of Trustees selects new Chairman and Vice-Chairman 10/26/2007
The MAC Board of Trustees elected Duane Westerman of SAMCO Capital Markets in San Antonio as the 2007-2008 MAC Chairman. The Board also elected Doug Whitt of Southwest Securities in Dallas as its Vice-Chairman. The MAC is looking forward to another year with great leadership!
Big Thank You to Three Outgoing Board Members 10/26/2007
Thank you Gary Machak of RBC Capital Markets, Pat Fox of UBS Securities LLC and Chris Whitlock of Citigroup Global Markets, Inc for the years you spent serving on the MAC Board. Your leadship and vision was invaluable to the organization.
Katy ISD Request for Proposal for Underwriter 10/26/2007
The Katy Independent School District, Texas is requesting proposals for the purpose of retaining underwriters to provide underwriting services for its $59,765,000* Unlimited Tax Refunding Bonds Series 2008.
The deadline for submissions in response to this proposal is 5:00 p.m., Thursday, November 1, 2007. Click link to view details.
*Preliminary, subject to change.
Gov. Perry Appoints McDaniel to Texas Economic Development Corporation 10/11/2007
AUSTIN - Gov. Rick Perry appointed Tracye McDaniel of Houston to the Texas Economic Development Corporation for a term to expire at the pleasure of the governor. The corporation supports programs and activities of the Governor’s division of Economic Development and Tourism. Under this corporation, the TexasOne program was created to promote Texas as a desirable location for business.
October Issues of MAC Insights Now Available 10/5/2007
The MSRB Interpretive Letter 9/25/2007
The MSRB has published an interpretive letter relating to payments to non-political accounts of political organizations under Rule G-37, on political contributions and prohibitions on municipal securities business. Click to view full notice
Request for Statement of Interest and Qualifications for Selection of a Financial Advisor, Brownsville Public Utilities Board, Brownsville, Texas 9/17/2007
MSRB Notice 2007-26 - RTRS web enhancement: extended hours 8/23/2007
On Tuesday September 4, the MSRB will implement an enhancement to its Real-Time Transaction Reporting System (RTRS) Web interface. The enhancement will provide dealers with twenty-four hour/seven day per week access to RTRS Web for purposes of viewing historical trade information and utilizing the various search tools and reports available for monitoring transaction reporting compliance. The hours for submitting new trade reports and modifying and cancelling existing trade reports using RTRS Web will continue to be limited to 6:00 A.M. until 9:00 P.M. on RTRS Business Days.
Austin Community College RFP for Financial Advisory Services 8/15/2007
Austin Community College is soliciting proposals for financial advisory services for the issuance of bonds or other tax exempt obligations. Proposals must be submitted on or before September 13, 2007 at 2 p.m. to the ACC Purchasing Department, 9101 Tuscany Way, Austin, TX, 78754.
SIFMA CEO Lackritz to retire 8/1/2007
Mark Lackritz, CEO of SIFMA, has announced his retirement in the coming months. The organization has announced a search for his successor.
MAC Awards Page 7/24/2007
We are very proud of the honors the MAC has received over the years and now we have a location on the website specifically to display the awards. All three awards are national recognition we have received for our work in the industry.
Jerry Turner appointed to Texas Tech University Board of Regents 7/19/2007
Texas Governor Rick Perry has named Jerry E. Turner, a partner in the Austin office of Vinson & Elkins’ public finance section to the Texas Tech University Board of Regents.
Mr. Turner has been a director of the Texas Tech Foundation for over a decade, and has served as chairman for the past three years. He received his J.D. in 1971 from Vanderbilt University where he served as Managing Editor of the Vanderbilt Law Review. Mr. Turner joined V&E in 1971, left the firm from 1971 to 1974 to serve in the Navy (JAG corps) and returned in 1975. He has been a partner with V&E since 1980.
SEC's Cox Sees `Urgent Need' for New Muni Bond Rules 7/18/2007
SIFMA’s Lackritz On SEC Chairman Cox’s Municipal Securities Speech of July 18 7/18/2007
Washington, D.C., July 18, 2007 – The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from CEO Marc Lackritz on SEC Chairman Cox’s speech relating to the municipal securities market.
Texas Attorney General issues All Bond Counsel Letter on time requirements for bond review and appro 5/23/2007
Lynn Stuck, Chief of the Texas Attorney General's Division of Public Finance has issued an "All Bond Counsel" letter regarding a temporary increase in time requirements for bond review and approval.
Texas Permanent School Fund Bond Guarantee Program as of February 28, 2007 4/23/2007
The monthly Texas Permanent School Fund Bond Guarantee Program Summary for the month ending February 28, 2007 has been released and shows available funds (after new money issues in process and approved) in the amount of $6,633,708. This report is updated monthly and available on the TEA website.
Competitive Sealed Bids for Banking Depository Services for City of Joshua 3/26/2007
Competitive sealed proposals for Banking Depository Services for the City of Joshua, Texas will be received at the city hall, 101 South Main ST., Joshua, Texas from 8AM until 5:00pm on Thursday, March 29th, through Friday, April 20th, at 2:00pm. All proposals will be publicly opened and read aloud at 2:00pm on Friday, April 20th in the Council Chamber of The Joshua City Hall. All proposals must be clearly marked on the outside of the sealed envelope "Banking Service Depository Proposal" "Attention Ladonna Davis, Finance Manager". The city reserves the right to reject any or all proposals and waive any or all irregulatities. Proposals shall be valid for a period of ninety (90) days from the date proposals are opened.
MSRB NOTICE 2007-11 (MARCH 20, 2007) - MSRB Forum on Transaction Reporting Improvements: NIIDS and C 3/20/2007
The Municipal Securities Rulemaking Board (MSRB) will be hosting a forum on proposed rule changes described in MSRB Notice 2007-10 that are designed to improve transaction reporting of new issue municipal securities.
NABL Submits Comments on Record Retention to IRS 3/11/2007
The National Association of Bond Lawyers (NABL) submitted comments in response to Notice 2006-63 relating to record retention requirements for tax exempt bonds.
Southwest ISD (Bexar County) RFQ for Underwriters 3/9/2007
Southwest Independent School District (Bexar County) will evaluate qualified underwriters. If interested in serving on the Underwriting Team, please contact Manuel Valles, Purchasing Agent of Southwest Independent School District, to request the Request for Qualification (“RFQ”) package. The due date for the RFQ will be Tuesday, April 4, 2007. Contact Information: Mr. Manuel Valles, Purchasing Agent, Southwest ISD, 7314 Old Rearsall Road, San Antonio, Texas 78252, (210) 623-6246, mvalles@swist.net
Texas Higher Education Coordinating Board solicting responses for financial advisory and other servi 1/30/2007
THE TEXAS HIGHER EDUCATION COORDINATING BOARD (THECB) IS SOLICITING RESPONSES FROM PROPOSERS INTERESTED IN PROVIDING FINANCIAL SERVICES AND ADVICE INCIDENT THERETO TO THECB NECESSARY FOR THECB’S ADMINISTRATION OF ITS STUDENT LOAN PROGRAMS AND THE FINANCING THEREOF THROUGH THE ISSUANCE OF COLLEGE STUDENT LOAN BONDS, ALL AS AUTHORIZED BY ARTICLE III, SECTION, 50B ET.SEQ. OF THE TEXAS CONSTITUTION, CHAPTERS 52 AND 56 OF THE TEXAS EDUCATION CODE AND THE RULES PROMULGATED BY THECB. The solicitation can be found at http://esbd.tbpc.state.tx.us/bid_show.cfm?bidid=68924
Notice on Use of “List Offering Price/Takedown” Indicator: MSRB Rule G-14 1/29/2007
MSRB NOTICE 2007-03 (JANUARY 19, 2007). On January 8, 2007, certain amendments to Rule G-14 concerning the “List Offering Price/Takedown” indicator became effective. These amendments require the use of the “List Offering Price/Takedown” indicator on primary market sale transactions executed on the first day of trading of a new issue:
• by a sole underwriter, syndicate manager, syndicate member or selling group member at the published list offering price for the security (“List Offering Price Transaction”); or
• by a sole underwriter or syndicate manager to a syndicate or selling group member at a discount from the published list offering price for the security (“RTRS Takedown Transaction”).[1]
MSRB audited financial statements for fiscal years 2005 and 2006. 1/29/2007
The MSRB is publishing its audited financial statements for fiscal years ended September 30, 2006 and 2005.
MAC closed due to inclement weather in Austin 1/16/2007
Due to inclement weather in the Austin area, the MAC is closed until further notice. If you have any questions, you can reach Dan Black at 512.431.9743 or Laura Slaughter at 512.633.5764.
Honoring President Gerald R. Ford - MAC closes early January 2nd at 1:00pm Central 12/28/2006
In honor of Gerald Rudolph Ford, Jr. (July 14, 1913–December 26, 2006[1]) the 38th President (1974–1977) and 40th Vice President of the United States (1973–1974) the MAC will close early on January 2nd at 1:00pm Central time. He was the first person appointed to the Vice-Presidency under the terms of the 25th Amendment; and, upon succession to the presidency, he became the only president in U.S. history to fill that office without having been elected either President or Vice-President. He was also the longest-lived United States president, having surpassed Ronald Reagan's record on November 12, 2006.
McLennan County Junior College District Solicitation For Underwriting Services due December 28th 12/20/2006
The McLennan County Junior College District is requesting proposals from qualified financial institutions to provide underwriting services for the sale of the District's fixed rate Limited Tax Bonds. At this time, the District anticipates the issuance of $74,465,000 of fixed rate Limited Tax bonds in one or multiple bond sales, subject to the District's actual capital needs.
General Election Day is today! 11/3/2006
General election day is today! Over 70 bond elections will take place today with a par amount of over $7 billion!
Hays CISD Solicitation For Underwriting Services 10/31/2006
Hays Consolidated Independent School District is requesting proposals from qualified financial institutions to provide underwriting services for the sale of the District's fixed rate bonds over the next three years subject to the District's actual capital needs and voter approval.
Hays CISD Solicitation For Placement Agent/Remarketing Agent Services 10/31/2006
Hays Consolidated Independent School District is requesting proposals from qualified financial institutions to provide placement agent/remarketing agent services for the issuance of the District's Variable Rate Bonds expected to be sold over the next three years subject to the District's actual capital needs and voter approval.
MAC membership selects three new board members at 52nd Annual Meeting. 10/16/2006
At the MAC's 52nd Annual Meeting on October 13th, the MAC membership approved three new members to the MAC Board of Trustees for fiscal year 2006-2007. The three are: Kathy Tenison of BOSC, Inc. in Dallas, Doug Whitt of Southwest Securities in Dallas and U.S. Williams with Estrada Hinojosa & Co., Inc. in Dallas. Welcome to the MAC board!
MAC Board of Trustees selects new Chairman and Vice-Chairman 10/16/2006
The MAC Board of Trustees at its first meeting for MAC fiscal year 2006-2007 elected Drew Masterson of First Southwest Company in Houston as its Chairman for the upcoming year. The Board also elected Duane Westerman of SAMCO Capital Markets in San Antonio as its Vice-Chairman. Congratulations and we look forward to another exciting year for the MAC!
DisclosureUSA.org celebrates 2nd birthday! 9/18/2006
DisclosureUSA.org celebrated its 2nd birthday September 7th! DisclosureUSA is the website developed by The Municipal Advisory Council of Texas that enables issuers to meet the filing requirements of Rule 15c2-12 by means of a single filing location. The website has had 73,930 filings since its inception on Sept 7, 2004 and 3,800 accounts opened. The past year's filings are 55,542 filings, an increase of over 3 times.
MAC services fee change effective November 1, 2006 9/7/2006
Effective November 1, 2006 the MAC services fee will change. Members will pay $250 per month up from $200 a month. However, the underwriting assessment exemption will remain. A member is exempt from the monthly fee for a year if the member has paid an underwriting assessment in the previous calendar year.
Issuers pay the same fee as members and will see an increase from $200 per month to $250 monthly.
Non-member subscribers will see an increase from $400 per month to $500 per month.
Texas issuers Charles Cox and Kathy DuBose selected to Executive Board of GFOA 9/7/2006
Charles Cox, Director of Finance for the City of Farmers Branch, has been voted the next President of the Government Finance Officer's Association and Kathy DuBose, Director of Finance for the City of Corinth, has been elected to the Executive Board of the GFOA.
New website feature - trade data with coupon and yields 9/6/2006
The Technology Committee Chaired by Pat Fox met in August and made several suggestions. One of those was to make available on the website under MSRB Recent Trades the coupon and yields which will make the "data more meaningful and user friendly" according to Larry McCormick. This change has been implemented. Click on the "MSRB Recent Trades" link and view this updated page.
NABL comments on GASB preliminary view on issues related to Derivatives Accounting and Financial Rep 8/4/2006
NABL has submitted comments that relate to the Preliminary Views of GASB on issues related to Accounting and Financial Reporting for Derivatives.
MSRB proposes Real-Time reporting changes for some trades 8/1/2006
MSRB NOTICE 2006-21 (JULY 31, 2006: Request for comment on Rule G-14 Transaction Reporting Procedures for Block Order Execution. Comments due by September 15th.
SIA/BMA Merger Approved by Members, SIFMA Transition Begins 7/31/2006
The Securities Industry Association and The Bond Market Association announced that their respective member firms have voted to merge the two organizations to create the Securities Industry and Financial Markets Association, or SIFMA. The vote was overwhelmingly in favor of forming the new organization, which will be a single, powerful voice on legislative, regulatory and market practice issues. The merger is expected to be completed by the fourth quarter.
SIFMA will be comprised of three business groups, the Capital Markets Group, the Private Client Group and the Asset Management Group.
MSRB asks for comments on "Access Equals Delivery" 7/28/2006
The MSRB is seeking comments on MSRB Notice 2006-19 (July 27, 2006) regarding application of "Access Equals Delivery" standard to official statement dissemination of new issue municipal securities. Comments must be received by September 15, 2006.
S&P article "Texas' New School Funding Formula Should Not Have A Big Effect On School Debt Ratings 6/14/2006
S&P does not expect new legislation that significantly revamps Texas' school finance system, reducing school property taxes by one-third over two years, to have sweeping credit implications.
PSF Bond Guarantee Program updated as of March 31, 2006 5/15/2006
The Texas Permanent School Fund Bond Guarantee Program Status Report has been updated as of March 31, 2006. This information includes the Total Amount of Issues Currently Guaranteed as well as the Amount Available for Guarantee.
MSRB Request For Comment For Reporting Special Condition Indicators On Certain New Issue Transac 5/7/2006
The MSRB is requesting comment for proposed revisions to the transaction reporting procedures on the first day of trading in a new issue. The proposed revisions include draft amendments to Rule G-14 RTRS (Real-Time Transaction Reporting System) Procedures and draft technical specifications. COMMENTS SHOULD BE SUBMITTED TO THE MSRB BY JUNE 5, 2006.
Competitive Sealed Bid Requirements 5/6/2006
In line with a conversation with the Texas State Attorney General's Public Finance Division regarding electronic bids for water districts, the Division will not question electronic bidding procedures on competitive sealed bids for ALL issuers if the procedures are not open for review among bidders, and if the issuer certifies that the bidding is by competitive sealed bids.
MAC has a new addition! Terrence Spencer a father! 5/1/2006
Terrence Spencer, MAC Director of Information Technologies, and his wife Alice have a new addition to the family. The boy's name is Ansel and mother is doing well.
NABL Hosts 501(c)(3) Teleconference on May 10th 4/14/2006
The National Association of Bond Lawyers will host a teleconference on May 10th from 12:00 p.m. to 1:30 p.m. central time on the IRS's new audit initiative relating to qualified 501 (c)(3) bonds. This will afford listeners the opportunity to hear directly from IRS officials as to why they have chosen these qualified bonds as the next audit initiative and other items. Please register online no later than May 8th by 12:00 p.m. central time.
Merger of Securities Industry Association and the Bond Market Association 4/8/2006
The boards of directors of the Bond Market Association and the Securities Industry Association voted today endorsing the concept of merging the two associations into a new entity which will more effectively represent the member companies and the industry while enhancing the public???s trust and confidence in the markets. Once the organizational details have been decided, the boards will vote on the merger by June 30th, followed by a vote of the full membership.
Bond Search new feature on MAC website! 4/6/2006
We have a new website and another new feature! Search for the bonds based on Issuer Type (such as schools, cities), County (any Texas County), Swap Agreement, Variable Rate, All Outstanding Debt, Revenue Pledge (Water, Sewer, etc), GO Pledge (BANs, etc), Instrument (COs, COPs), Issue Type (Negotiated or Competitive) or Issued Year! The link is on the left side of the screen under "Bond Search (New!)". Take a look at this additional outstanding tool.
State narrows area for toll road twin to I-35 4/5/2006
Cross-state toll road would run east of I-35, cut through Blackland Prairie, south to Laredo. The Trans-Texas Corridor toll road twin to Interstate 35 will flank the freeway to the east from Dallas to San Antonio, include the Texas 130 turnpike in Central Texas and go to Laredo rather than Brownsville, according to a draft environmental report that state officials released Tuesday.
Business tax in eye of the beholder 4/5/2006
The new Texas tax proposal looks like an unconstitutional business income tax to some accounting experts, but the plan's proponents say they have taken steps to ensure that it's legal.
NABL request for guidance from Treasury on several issues. 3/30/2006
Recommendations by the National Association of Bond Lawyers for the Department of Treasury Office of Tax Policy and the Internal Revenue Service 2005-2006 Priority Guidance Plan
Austin American Statesman article on Texas Tax Reform Commission's proposal 3/29/2006
Nonsmoking Texans of all income levels would pay less in taxes under a plan that Gov. Rick Perry will roll out today, according to an analysis from the nonpartisan Legislative Budget Board. The board analyzed the Texas Tax Reform Commission's proposal to reduce school property taxes by one-third over two years and replace that money, in part, with an expanded business tax and some of the state's $4.3 billion surplus.
Dallas Morning News article on Texas Tax Reform Commission proposal 3/29/2006
Texas families at all income levels would get a tax break ??? with the wealthiest Texans receiving the biggest relief ??? under a massive tax-swap plan that Gov. Rick Perry and his Texas Tax Reform Commission will unveil today. The proposal, which the Legislature will consider in a special session that begins April 17, would provide a net tax cut of nearly $1.3 billion a year for individual taxpayers. Smokers, however, would pay a higher tax for cigarettes and other tobacco products.
Tax Reform Commission draft of proposed tax bill 3/29/2006
Standard & Poor's Article on Credit Implications of Property Tax Reform in Texas 3/24/2006
"The Texas State Legislature is considering passing law that will attempt to lower the property tax rates imposed by local school districts and utilize alternative revenue sources to address chool funding needs."
MAC rolls out new website! 3/22/2006
We have rolled out a new version of www.mactexas.com. This new version has the same functionality, but a new format and new technology driving it. You will also notice a few new features such as "Watched Reports" and "Recently Viewed".
We are keeping the old version of the website running in parallel until April 17. If you need to refer back to the old version of the website, there will be a link on the front page of the new site. On April 17 we will say good-bye to the old version of the site and run completely on the new version.
Please send us your feedback by using the "Comments" link right below the "CUSIP Search" feature at the top left hand side of the page. We encourage and value all comments and suggestions. So hit the new site and let us know what you think!
SLGS sales resumed Friday, March 17th at 10 AM ET 3/17/2006
The Treasury Department has resumed sales of State and Local Government Series securities Friday, March 17th at 10 AM ET. This was announced by Treasury exactly a month after Treasury closed the SLGS window to avoid hitting the national debt limit.
Bond Market Association Testifies on Tax-Preferred Bonds on Capitol Hill 3/17/2006
In testimony before the House Ways and Means Subcommittee on Select Revenue Measures, Association President Micah S. Green said the tax-exempt municipal bond markets are the most efficient way to deliver federal asistance to state and local governents. The municipal bond markets provide for both local control over and a market test of infrastructure financing decisions, Green told the Committee.
Total U.S. Bond Issuance Expected to Decline in 2006, 3/3/2006
Overall bond issuance in the United States is expected to drop 13.3% in 2006, according to the Bond Market Association???s annual survey , but, while some sectors like mortgage-related securities are forecast to drop even more, volume in other market segments, including corporate bonds, CDO???s and commercial paper, are expected to increase. Two underlying assumptions largely explain and drive the differing results.
SLGS sales suspended at 3:00 p.m. EST on February 16 until further notice. 2/16/2006
The U.S. Treasury Department suspended sales starting Thursday of its non-marketable state and local government series, or SLGS, debt securities. SLGS sales were suspended at 3:00 p.m. EST on Feb. 16 until further notice, the Treasury said in a press release. "The suspension is necessary because the statutory debt ceiling has not been raised," it said. "The suspension will facilitate Treasury's managing debt subject to limit."
Texas Water Development Board updates its financial assistance application. 2/5/2006
The Texas Water Development Board has updated its financial assistance application procedures.
Texas Bond Review Board 2005 annual report now available 1/18/2006
The 2005 annual report of the Texas Bond Review Board is now available on the agency website. The report covers the state's debt position relative to other states, total state debt outstanding and other information.
SEC approves MSRB 3-Hour Reporting Extension 12/21/2005
The SEC granted approval on December 16th to a proposed MSRB rule change extending by 1 or 2 years the 3-hour exception to its 15-minute transaction reporting deadline for new municipal securities and any munis that firms have not traded during the previous 12 months. Click on the link to view Rule SR-MSRB-2005-16 and to submit comments to the rule.
TEA proposed amendments concerning: School Facilities, Assistance with Payment of Existing Debt. 12/5/2005
The Texas Education Agency will hold a public hearing to solicit testimony and input from the public on proposed amendments to 19 TAC Chapter 61, School Districts, Subchapter CC, Commissioner's Rules Concerning School Facilities, ??61.1035, Assistance with Payment of Existing Debt. To view the proposed amendments, click on the link. The hearing will be held on Thursday, December 8, 2005, at 10:30 a.m. in Room 2-195 of the William B. Travis Building, 1701 North Congress Avenue, Austin, Texas. For questions, please contact the Division of State Funding at (512) 463-9238.
Rules for Bond Guarantee Program 11/9/2005
Click on the link to The Texas Education Agency's rules for the Bond Guarantee Program. The numeric limitation to approval of the guarantee is a district with less than $1,250 of annual debt service per student in ADA at the time of the application for a guarantee. However, there are two exemptions to the $1,250 rule. They are (1) if an election authorizing the issuance of bonds was called before July 15, 2004 and (2) If the school district has enrollment that is 25% higher than the enrollment reported five years earlier, based on PEIMS (Public Education Information Management System) data available at the time of application.
Gary Machak new MAC Chairman! 10/18/2005
At its October 14th Board Meeting, the MAC Board of Trustees elected the following members to new positions on the board:
Gary Machak of RBC Dain Rauscher in Dallas as the new Chairman
Drew Masterson of First Southwest Company in Houston as the new Vice-Chairman
Mark McLiney of Southwest Securities in San Antonio retires as Chairman but will stay on the Board as Immediate Past Chairman.
Jodie Jiles named to Houston Branch of the Federal Reserve Bank 10/17/2005
Jodie Jiles, a Senior Vice President with First Albany Capital in Houston has been appointed to the board of directors of the Houston branch of the Federal Reserve Bank. He will fill a vacant position and will serve until December 31, 2007.
DisclosureUSA.org Celebrates One Year Anniversary! 9/8/2005
The Muni Council announced today that 2,150 users registered at the Central Post Office's, DisclosureUSA.org., in the twelve months since the site went live. The website has received 19,275 filings from all 50 states, DC, Puerto Rico and the U.S. Virgin Islands covering over 568,000 CUSIP numbers.
