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EMMA provides free on-line access to centralized new issue municipal securities disclosure documents (known as official statements), [1] on-going continuing disclosures for all municipal securities, [1] escrow deposit agreements for advance refundings (i.e., refinancings) of outstanding bonds, [2] real-time municipal bond trade price ...
In 2000, Proposition 39 reduced the supermajority to 55% to approve taxes for local school bonds. [4] According to the California Policy Center, a conservative think tank, since Proposition 39 was passed, voters in California have decided on almost 1,150 school bond measures and have approved 911 of them. [5]
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
Municipal bonds, or “munis,” are debt security investments in the daily operations or long-term projects of a state, county, city or other government organization. Government entities ...
The existing supermajority requirement for local bond approval goes back to the series of tax restrictions in California's Constitution inaugurated by the passage of Proposition 13 in 1978.
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended by the Securities Acts Amendments of 1975, Pub. L. 94–29, and codified at 15 U.S.C. § 78o-4(b)) to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and banks in the municipal securities business.
In other words, the muni pays the taxable equivalent of a bond offering 4.28 percent – the threshold where you would be indifferent to the muni over the regular bond.
55 – Passed – Kindergarten-University Public Education Facilities Bond Act of 2004. 56 – Failed – State Budget, Related Taxes, and Reserve. Voting Requirements. Penalties. Initiative Constitutional Amendment and Statute. 57 – Passed – The Economic Recovery Bond Act. 58 – Passed – The California Balanced Budget Act.