Secondary Market Tax-exempt Asset Securitization for Sponsors, Investors, Other Market Participants, and Their Counsel

Front Cover
Darrell R. Larsen
American Bar Association, 2005 - Law - 341 pages
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This book is a valuable tool that provides a comprehensive and in-depth analysis of business considerations as well as legal issues for secondary market securitization of tax-exempt assets, including the securitized TOB market. It discusses and analyzes solely the securitization of state and local government obligations, interest on which is federally tax-exempt, using partnerships, custodial arrangements, trusts and other structures that pass through to investors the interest income without changing its character for federal income tax purposes.
  

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Contents

Acknowledgments
xiii
Chapter 2
xviii
What This Book Is Not About
xxiii
Understanding Secondary Market TEA Securitization 1
33
Type and Creation of Conduit
34
Basic Terms and Concepts 6
38
Structuring a Securitization Program 25
40
Liquidity for Variable COBIs
51
Securities Law Considerations
195
Antifraud and the Securities Exchange Act of 1934
207
The Investment Company Act of 1940
214
Other Securities Laws
228
Conclusion
247
Bankruptcy Law Considerations
249
Bankruptcy Risks From Without
283
Sections 23A and 23B of the Federal Reserve Act
290

Placement and Remarketing of Variable COBIs
59
Roles and Relationships of Trustee and Other Parties
66
Rating COBIs Issued by a Conduit
86
Ownership of Securitized Assets by a Conduit
115
Income Allocations
131
Tax Shelter Provisions and Regulations
142
State Income Tax Considerations
148
State Law Considerations at the Conduit Level
161
Regulatory Capital Requirements
303
Section 4c6 of the Bank Holding Company Act
310
Shortfall Obligation of Residual Certificate Owner
316
Federal Income Tax Law and Policy
322
Index of Defined Terms
329
Index of Tables
335
Copyright

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