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. • <br />i! <br />f- <br />ft!:. <br />f; <br />;F- <br />I ' <br />.-I' <br />I'-- <br />\ <br />,« <br />''?■ <br />'i/ <br />!■n <br />:a-r <br />it- <br />'• <br />Iky-’•it *\i # <br />K <br />Sfi'- ■ <br />t^.'* ■ <br />ky‘ • <br />■yv <br />1C ft NEWSLETTER <br />OFFICEt M MWNEAPOUS, MM • WAUKESHA, W1 • JAMESTOWN. ND <br />VOLUME 36. NUMBER 2 <br />AUGUST, 1991 <br />FILE: Rnancial Specialists: Ehlers and Associates, inc. <br />Please distribute to governing body members <br />Tex'exempt Merest rate* continue to be very <br />earacave for municipal borrowers aiKf wUI likely <br />remain attractive tor Issuers through the end of the <br />year. This Irertd should oontlrtue sirtoe budget <br />■hortfels could MmN the Issueitoe or supply of long­ <br />term munUpel debt end Increased taxes could <br />moraeae tie a ttractiveness of municipal debt or <br />to buyers. Both factors should ^l^ <br />munleipol botMto remain attracdve for issuers. <br />$UnOMAL AtSOCUmOM OF moePENDEHT <br />mAMCIAL ADVISORS CERTIFY SIX MEMBERS <br />OF EHLERS AND ASSOCIATES. <br />The National Assodaflon of Independent Public <br />Finanoe Advisors is an organization of professionals <br />speolelMng bi provkAng financial advioa to public <br />for bdrastnidure financing. lr "}-term <br />I. and <br />JiMI AMI Mm Mm <br />JW.tMt Jeeey. IMI <br />Rigionil Mh • to yw uo%U1% <br />M Mti •» VMl 7.10%7J0M <br />nowme Sons Mn • 30 ywr 714%7jn <br />ottwr Anandal advisory engagements. The sevenieen-member association, opened last year, brings together <br />leacing Inde pen dent firms from across the Urtlied .o concentrate efforts on improving service, support to <br />and protecting the best interests of pubte agende. <br />At Ks anmial mealiitg in Jurte, six members of Ehlers and Assodates were reo?grtized as charter certified <br />Independanl public financial advisors. They include Steven F. Apfelbacher, Caroly. Orude. William E. Fahey. <br />Jana RIstamaki. Seega r W. Swanson arxi Jeanne Frederick Vanda. This recognition reflects highly on their skills <br />and on the Association ’s motto *Professional advice. iiKfependent of conflict*, the most important component in <br />die pubHc finanoe process lor transforming ideas into reality. <br />MS REtmURSEMEMT REQUUTIONS EFFECTWE SEPTEMBER 7, 1991 <br />Pubic age ndae Iradttiortany have been allowed to issue bonds to reimburse themselves for capital <br />etqMrtdMuras ttey paid from fUrtds on hand, even if they did not pass a resolution stabng their intention to <br />do so. These bortds have been labeled 'pyramid bonds* meaning an issuer could go back far enough in <br />time to reiritburae itself fbr buikSrtg the Egyptian pyramids. Pyramid bonds are viewed by the IRS as a way <br />for pubic a gertdea to earn arbifrage or avoid other tax limitations or restrictions. In other words, the public <br />agoTKy iseuea debt fbr a pro^ it had no intention of issuing debt, paying itself back artd investing the <br />bOTKl proceed s at a higher interest rate on the bonds or financing public improvements that could rwt be <br />financed by tax-exempt debt <br />2950 NoTMMt CsMe • 90 Soul) SeenSi Stoal • Minoespolis, MN 55402-4100 • 612-339-0291 • FAX 612-3390654 <br />fe-