A memorandum to the Underwriter(s), typically prepared by Underwriter’s Counsel, setting forth the requirements of the state securities laws in the states where the Bonds are anticipated to be sold. This memorandum may be followed by a supplemental Blue Sky Memorandum which indicates the states where any required action has been completed so that the Bonds may be sold in such states.
Learn more about the various aspects of state laws and how they intersect with municipal securities.
State securities laws, which regulate the offering of securities. Although these laws vary from state to state, most contain provisions concerning (a) prohibitions against fraud; (b) regulation of brokers and dealers doing business in the state; and (c) registration of Securities.
Type of private activity bond (PAB) permitted to be issued as a tax-exempt bond under Section 142 of the code for the purpose of funding many categories of exempt facilities.
