Welcome to AGFS
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SPECIAL DOCUMENTBLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS--TABLE OF CONTENTS |
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AGFS® is a private firm located in Sacramento, California, providing consulting services relating to state and local government securities and transactions in municipal securities.
Robert Doty, President and proprietor of AGFS,® has participated for more than 35 years in billions of dollars of successful transactions in municipal bonds, other municipal securities offerings, and corporate finance transactions benefiting local governments and private corporations in approximately two dozen states across the nation. AGFS® continues to serve as consultant to, and municipal bond expert witness on municipal finance for, legal counsel to municipal securities issuers, underwriters, municipal advisors, bond counsel, trustees, investors and governmental agencies.
AGFS® no longer provides financial advisory services to state and local governments or obligated persons involved in municipal securities offerings. AGFS'® former financial advisory business has been merged with the financial advisory business of Government Financial Strategies, an independent financial advisory firm also located in Sacramento. Mr. Doty is now General Counsel and Senior Vice President of Government Financial Strategies.
Mr. Doty's recent book is the BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS (John Wiley & Sons and Bloomberg Press, 2012). The book is available at Amazon.com, John Wiley & Sons, and Barnes & Noble
The BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS discusses in plain English the diversity and complexity of municipal finance. There is a great deal of confusion as to the nature and security of various types of municipal securities. For example, Stockton, California, is threatening not to pay debt service on general fund lease obligations (and certain redevelopment bonds). The general fund securities are structured and secured very differently from the similarly named traditional general obligation bonds backed by specific tax pledges, as well as from traditional municipal utility revenue bonds. Stockton did not agree to increase taxes to pay its bonds. Stockton is continuing to pay, and indeed, would be required to raise rates to pay, its water revenue securities.
School districts often issue both general obligation securities and general fund lease-purchase securities. They also issue land-secured Mello-Roos and special assessment securities, which also are explained in the book.
A caution: Although Jefferson County, Alabama, atypically labeled securities on which the County recently defaulted as “general obligation” warrants, the warrants were not approved by the County’s voters; the County did not promise to increase ad valorem property taxes, if necessary, in order to pay the warrants; and as the County stated deep in the County’s official statement, the County did not “specifically pledge[]” taxes for that purpose. Instead, the County promised to pay the warrants solely from the County’s “general fund revenues.”
The BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS explains these and other key financial and legal issues relating to the municipal securities market.
The mission of the BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS is to explain, as a definitive resource, in easily readable and understandable language, municipal securities structures and the municipal securities market for investors, issuers, professionals and students. The BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS makes a key point that traditional municipal securities are sound. In addition, among other things, the book points out municipal market sectors that offer greater rewards for greater risks and identifies factors that are indicative of greater risks.
One of the key messages in the BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS is that many pundits have been seriously wrong about the risks of traditional municipal bonds. In fact, those traditional bonds are even safer than generally supposed.
The Following is an introductory video regarding the Bloomberg Visual Guuide to Municipal Bonds--
INTRODUCTORY VIDEO TO THE BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS
Another key message is that the pundits, as well as regulators and many market participants, have missed the significantly higher risks of other municipal bond market sectors or present in transactions that are readily-identifiable in advance.
In other words, the pundits have been wrong not once, but twice.
That information has significant implications for how issuers and offering participants should conduct their business and how investors and regulators should view the market.
The BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS discusses a number of topics of current local and national significance in the light of Stockton’s invocation of the Chapter 9 bankruptcy mediation process under California law and the Chapter 9 bankruptcy filings by Jefferson County and threatened to be filed by Harrisburg, Pennsylvania.
The BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS has significant contributions from Jim Spiotto of Chapman and Cutler (bankruptcy information and data), John Petersen of George Mason University (economic and default analysis), Mike Bartolotta of First Southwest and Tim Schaefer of Magis Advisors (trading, pricing and liquidity), Matt Fabian of Municipal Market Advisors (default data), all three rating agencies (default data) and other key market participants.
As you will see the BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS is well-illustrated by John Wiley & Sons, with substantial data and graphical illustrations provided by Bloomberg L.P. It is in four-color throughout, with many tabular and graphical illustrations, Tips for Investors, Definitions, Key Points, Step by Step guides, references to resources, discussion of the MSRB’s EMMA, and other features.
The electronic edition of the BLOOMBERG VISUAL GUIDE TO MUNICIPAL BONDS for I-Pads, Kindle, and Nooks adds videos, tests for investors active web links, pop-ups and other active and colorful features that make the book a unique and highly professional product that is easy to use and understand.
Please feel free to contact Robert Doty & AGFS
to learn more about how our independent financial consulting services can help you.
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Robert W. Doty, President AGFS® 1721 Eastern Avenue, Suite 4 Sacramento, CA 95864-1745 |
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Phone: (916) 483-7378 Fax: (916) 483-7565 E-mail: http://www.agfs.com |
Copyright © 2012
AGFS, Sacramento, CA. All rights reserved.
A private company - Not a government agency
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