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SEC Rule 2a-7
Information as of September 2009
NACCTFO signs on to comments submitted to the SEC by the national organizations regarding money market funds and muni bond credit ratings. This issue was adopted in July as a part of NACo's 2009-2010 FIGA Resolutions (pg. 4).
SEC Rule 15c2-12
Information as of March 2009
Municipal Securities Rulemaking Board Provides Educational Materials Regarding SEC Rule 15c2-12 Want to know about changes to SEC Rule 15c2-12 on municipal bond continuing disclosure and the new information repository where issuers will need to submit continuing disclosures beginning July 1, 2009?
"In December 2008, the SEC voted to simplify continuing disclosure filing requirements for municipal securities issuers. Beginning July 1, 2009, issuers or obligated parties will no longer need to file documents at multiple Nationally Recognized Municipal Securities Information Repositories (NRMSIRs) but instead will file at a single designated location. The SEC decision also will provide free public access to continuing disclosure documents filed by issuers."
The Municipal Securities Rulemaking Board has put together Fact Sheets and short presentation. Please view for more information.
Fact Sheet Continuing Disclosure What Issuers, Obligors and Agents Need to Know
Federal Reserve Assistance
Information as of October 2008
NACCTFO recently joined NACo and several other national organizations in requesting that Fed Chairman Ben Bernanke and the Federal Reserve find a mechanism that would allow for the ability to continue to purchase tax-exempt securities under the Federal Reserve Act and the newly created Commercial Paper Funding Facility (CPFF).
Some local governments are finding that it has become more difficult to access capital markets at commonly acceptable rates, especially in the short-term markets such as commercial paper and certain anticipation notes. Recent comments from the Federal Reserve indicate that the CPFF would not assist the tax-exempt, short- term market. Without the ability to access these markets, it is feared that local municipal governments will face increasing costs to handle short-term debt. These costs ultimately are shifted to our taxpayers.
Read the entire letter.
Property Tax Reporting Requirement
Information as of February 2007
Under current law, taxpayers can claim an itemized deduction for state and local real estate taxes. However, these taxes are only deductible if they are based on the assessed value of the real property and charged uniformly against all property under the jurisdiction of the taxing authority; fees for services such as trash collection and user fees and assessments for streets, sidewalks, water mains, sewer lines and other improvements are not deductible.
Click here to read NACCTFO's official statement sent to Senator Max Baucus, Senate Finance Committee Chairman; Senator Charles Grassley, Senate Finance Committee Ranking Member; Representative Charles Rangel, House Committee on Ways & Means Chairman; and Representative James McCrery, House Committee on Ways & Means Ranking Member.
For more background on the issue see the full text of the proposal which begins on page 11.
Resolution for Consideration
Also read NACo & NACCTFO Joint Resolution to the Finance & Intergovernmental Affairs Committee opposing the proposed property tax deductibility reporting requirement for consideration under normal order at the legislative conference.
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