Bond Purchase Agreement
This party usually signs the BPA as the buyer of the bonds in a negotiated sale
The underwriter
This document provides investors with material information about the issuer, the bonds, security, risks, and financial information
the Official Statement or the offering document or the Limited Offering Memorandum
This city claims more fountains than any city in the world except Rome, earning it the nickname “City of Fountains.”
Kansas City
These are factual statements in the BPA made by the issuer, such as no litigation and valid organization
representations and warranties
This type of bond issue is subject to volume cap and often benefits a private borrower, such as a 501(c)(3), affordable housing project, or manufacturing facility
private activity bond
This city was the first U.S. city to host the modern Olympic Games and these Olympics were the first games that the gold, silver, and bronze medal awards were instituted
St. Louis
The underwriter's legal opinion confirming the offering complies with securities laws is delivered at this stage
Closing
This issuer-created fund is commonly used to pay debt service if pledged revenues are temporarily insufficient
debt service reserve fund
This city is the most populous city in the U.S. without a professional sports team
Austin, TX
Under SEC Rule 15c2-12, the issuer typically enters into this agreement (separate from the BPA) to ensure ongoing disclosure to bondholders
Continuing Disclosure Agreement
This self-regulatory organization oversees broker-dealers in the municipal securities market
The MSRB (Municipal Securities Rulemaking Board)
This city was home to Walt Disney’s first animation studio and Mickey Mouse was inspired by a real-life mouse in the building
Kansas City
This document is often attached to the BPA and shows each maturity’s principal amount, coupon, yield, price, and CUSIP
Pricing wire/maturity schedule/debt service schedule
This IRS provision, if violated, can cause previously tax-exempt bonds to be declared taxable retroactively
an arbitrage violation
This city hosted the first Kentucky Fried Chicken franchise location
Salt Lake City