GUIDE LIBRARY
Guides to investing bond proceeds.
147 guides for finance officers and bond counsel, grouped by topic. New to the subject? Start with How to Invest Bond Proceeds.
Jump to a topic
- Where the proceeds sit9
- Reinvestment products13
- Product comparisons8
- Competitive bidding10
- Arbitrage, yield restriction and rebate18
- Reinvestment strategy7
- Refundings, escrows and defeasance4
- Municipal bond fundamentals8
- Municipal advisors and regulation7
- Rates and markets3
- By issuer sector12
- By state30
- State investment pools16
- Glossary1
9 GUIDES
Where the proceeds sit
How to invest each fund a bond issue creates.
- What Funds Hold Bond Proceeds, and How Is Each Fund Invested?
- Capitalized Interest Funds
- Cost of Issuance Funds
- How Are Debt Service Funds Invested and Treated Under the Arbitrage Rules?
- How Should a Debt Service Reserve Fund Be Invested?
- How to Invest a Construction (Project) Fund
- Replacement Proceeds
- Unspent Bond Proceeds
- What Is a Rebate Fund and How Should It Be Invested?
13 GUIDES
Reinvestment products
GICs, repurchase agreements, SLGS, Treasuries and the other permitted investments.
- Bond-Proceeds Reinvestment Products
- Can Bond Proceeds Be Invested in Money Market Funds?
- GIC Withdrawal Provisions
- Guaranteed Investment Contracts (GICs) for Municipal Bond Proceeds
- How Are Guaranteed Investment Contract Rates Set?
- How Is a GIC Protected if the Provider Is Downgraded?
- Repo Collateral and Margin
- Should Bond Proceeds Go Into a Local Government Investment Pool?
- SLGS (State and Local Government Series)
- Structured Treasury Portfolios for Bond Proceeds
- What Investments Are Permitted for Bond Proceeds? Indenture, State Law and Policy
- What Is a Forward Delivery Agreement for Bond Proceeds?
- What Is a Full-Flex Repurchase Agreement for Bond Proceeds?
8 GUIDES
Product comparisons
Side-by-side comparisons for choosing between reinvestment products.
- Flex Repo or Treasury Portfolio for a Construction Fund?
- GIC or Full-Flex Repo for Bond Proceeds
- GIC vs SLGS for Yield-Restricted Bond Proceeds
- GIC vs Structured Treasury Portfolio for Bond Proceeds
- Investment Agreement vs Securities Portfolio for Bond Proceeds
- LGIP vs GIC for Bond Proceeds
- Money Market Fund or GIC for Bond Proceeds?
- SLGS or Open-Market Treasuries for a Refunding Escrow
10 GUIDES
Competitive bidding
The fair-market-value safe harbor, bid specifications and the Bidding Agent.
- Competitive Bidding of Bond-Proceeds Investments
- How Are Bidding Agent Fees Set and Who Pays Them?
- How Should an Issuer Compare Investment Bids for Bond Proceeds?
- Provider and Bidding Agent Certifications for Bond Counsel
- The Reinvestment Compliance File
- What Does the Fair-Market-Value Safe Harbor Require for a GIC or Repo?
- What Goes Into Bid Specifications for a Bond-Proceeds Investment?
- What Happens When a Bond-Proceeds Investment Draws Fewer Than Three Bids?
- What Is a Bidding Agent for Bond-Proceeds Investments?
- When to Bid Bond-Proceeds Investments
18 GUIDES
Arbitrage, yield restriction and rebate
Federal tax rules that limit what bond proceeds can earn.
- Arbitrage Rules for Tax-Exempt Bond Proceeds Explained
- Arbitrage Spending Exceptions
- How and When Is Form 8038-T Filed? Rebate and Yield Reduction Payments
- How Arbitrage Yield Is Calculated on a Municipal Bond Issue
- How Does the 18-Month Spending Exception Work for Bond Proceeds?
- How Is an Arbitrage Rebate Liability Calculated?
- Negative Arbitrage
- Post-Issuance Compliance for Tax-Exempt Bonds
- Reasonably Required Reserve Funds
- Temporary Periods for Bond Proceeds
- The 2-Year Construction Spending Exception
- The 6-Month Spending Exception
- The Small Issuer Rebate Exception
- What Is the Arbitrage Rebate Requirement for Tax-Exempt Bonds?
- What Is the Minor Portion Exception for Bond Proceeds?
- Yield Burning in Municipal Escrows
- Yield Reduction Payments
- Yield Restriction on Bond Proceeds
7 GUIDES
Reinvestment strategy
Draw schedules, investment policies and the economics of reinvestment.
- How GIC Earnings Can Improve Pro-Forma Debt Service Coverage
- How Should Bond-Proceeds Reinvestment Change When Rates Rise or Fall?
- How to Build a Construction Draw Schedule for Bond Proceeds
- Is Your Bond-Proceeds Investment Earning What It Should?
- Safety, Liquidity, Yield
- What Happens When Projects Spend Faster or Slower Than Planned
- What Should a Bond Proceeds Investment Policy Include?
4 GUIDES
Refundings, escrows and defeasance
How refunding escrows are structured, verified and invested.
8 GUIDES
Municipal bond fundamentals
The background a finance team needs before proceeds arrive.
- General Obligation Bonds vs Revenue Bonds
- How Are Bond-Fund Investments Valued Under an Indenture?
- How Municipal Bonds Are Issued, Step by Step
- The Municipal Bond Financing Team
- What Are Private Activity Bonds and How Are Their Proceeds Invested?
- What Does a Bond Indenture Say About Investing Bond Proceeds?
- What Is a Municipal Bond? The Issuer's Perspective
- Why Do Tax-Exempt Bonds Have Arbitrage Rules and Taxable Bonds Don't?
7 GUIDES
Municipal advisors and regulation
What a municipal advisor does and the rules that govern one.
3 GUIDES
Rates and markets
Where to find the rates that drive reinvestment decisions.
12 GUIDES
By issuer sector
Reinvestment considerations for airports, hospitals, universities and other issuers.
- How Bond-Proceeds Reinvestment Differs by Issuer Sector
- How Should Airports and Air Cargo Invest Their Bond Proceeds?
- How Should Cities and Counties Invest GO Bond Proceeds?
- How Should Conduit Issuers Invest Their Bond Proceeds?
- How Should School Districts Invest Their Bond Proceeds?
- How Should Water and Sewer Systems Invest Bond Proceeds?
- Investing Bond Proceeds for Colleges and Universities
- Investing Bond Proceeds for Hospitals and Health Systems
- Investing Bond Proceeds for Housing Finance Agencies
- Investing Bond Proceeds for P3 and Private Activity Bond Projects
- Investing Bond Proceeds for Public Power and Utilities
- Investing Bond Proceeds for Toll Roads and Transportation
30 GUIDES
By state
Each state's permitted-investment law for bond proceeds.
- What Can Bond Proceeds Be Invested In, State by State?
- Investing Bond Proceeds in Alabama
- Investing Bond Proceeds in Arizona
- Investing Bond Proceeds in Colorado
- Investing Bond Proceeds in Florida
- Investing Bond Proceeds in Georgia
- Investing Bond Proceeds in Illinois
- Investing Bond Proceeds in Indiana
- Investing Bond Proceeds in Kentucky
- Investing Bond Proceeds in Maryland
- Investing Bond Proceeds in Massachusetts
- Investing Bond Proceeds in Michigan
- Investing Bond Proceeds in Minnesota
- Investing Bond Proceeds in Missouri
- Investing Bond Proceeds in Nevada
- Investing Bond Proceeds in New Jersey
- Investing Bond Proceeds in New York
- Investing Bond Proceeds in North Carolina
- Investing Bond Proceeds in Oklahoma
- Investing Bond Proceeds in Oregon
- Investing Bond Proceeds in Pennsylvania
- Investing Bond Proceeds in South Carolina
- Investing Bond Proceeds in Tennessee
- Investing Bond Proceeds in Texas
- Investing Bond Proceeds in Virginia
- Investing Bond Proceeds in Wisconsin
- What Can California Issuers Invest Bond Proceeds In?
- What Can Louisiana Issuers Invest Bond Proceeds In? R.S. 33
- What Can Ohio Issuers Invest Bond Proceeds In? Permitted Investments and Rules
- What Can Washington Issuers Invest Bond Proceeds In? RCW 39.59 and 39.53
16 GUIDES
State investment pools
How each state's local government investment pool compares with a bid investment.
- COLOTRUST and Bond Proceeds
- CSAFE and Bond Proceeds
- Florida PRIME and Bond Proceeds
- LAIF and Bond Proceeds
- Michigan CLASS and Bond Proceeds
- Oregon LGIP and Bond Proceeds
- PLGIT and Bond Proceeds
- PSDLAF and Bond Proceeds
- Should California Issuers Keep Bond Proceeds in CalTRUST?
- Should Georgia Issuers Keep Bond Proceeds in Georgia Fund 1?
- Should Ohio Issuers Keep Bond Proceeds in STAR Ohio?
- Texas CLASS and Bond Proceeds
- TexPool and Bond Proceeds
- TexSTAR and Bond Proceeds
- The Illinois Funds and Bond Proceeds
- Utah PTIF and Bond Proceeds
1 GUIDE
Glossary
Plain definitions of the terms used across these guides.
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