TITLE

SEC Action Coming On Note Deals

AUTHOR(S)
Hume, Lynn; Ambrosio, Gillian D'
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
U.S. Securities and Exchange Commission is preparing to settle securities law violations with at least one school district in Pennsylvania in connection with a three-year note issue and is investigating a number of other such note issues sold by school districts in the state. U.S. Internal Revenue Service has determined that roughly a dozen three-year school district financings in the state violated the federal tax laws because they were arbitrage-driven and the issuers and transaction participants had no reasonable expectations that the note proceeds would be used to finance the projects within three years.
ACCESSION #
10022188

 

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