SEC Action Coming On Note Deals

Hume, Lynn; Ambrosio, Gillian D'
June 2003
Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p1
Trade Publication
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.


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