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Mark Your Calendar for 2012 Referendum Dates
The next available referenda in Illinois is Tuesday,
March 20, 2012. The deadline for adopting a resolution or ordinance is Tuesday,
January 3, 2012.
After the March election, the next available date to have a public question on the ballot is Tuesday, November 6, 2012. The deadline for adopting a resolution or ordinance is Monday, August 20, 2012.
Ehlers financial advisors are experienced with referenda. Please contact us today for assistance.
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Ehlers Market Commentary
Are you up to date with current market trends? If not, be sure to check out the Ehlers Market Commentary, which is released every other week.
Be sure to sign up to receive your email copy, or read past articles here.
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The 12 Ways to Health Holiday Song
 The holidays are a time to celebrate, give thanks, and reflect. They are also a time to pay special attention to your health.
Learn how to stay safe and healthy with this festive song, The 12 Ways to Health, courtesy of The Centers for Disease Control and Prevention.
For more holiday health and safety tips, click here.
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Are you a follower?
Being a follower isn't always a bad thing. You can get current information and network with the entire Ehlers team. Click on the logo to follow us on LinkedIn.
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We encourage you to forward The Advisor to others who may be interested or ask them to sign up to receive their own copy.
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Ehlers
550 Warrenville Road
Suite 220
Lisle, IL 60532-4311
Phone: 630-271-3330
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Season's Greetings!
As 2011 draws to a close, we're already looking ahead to 2012. There are several stories in this issue of The Advisor we wish to share with you in preparation for the coming year.
First, the Office of the Secretary of State and the Illinois State Library have announced a new public library construction program, the Public Library Construction Act Grant Program.
Despite stock market fluctuations, interest rates have remained low and steady. Our clients have had positive bond sale results that we'd like to share with you.
We continue to keep you informed of the Dodd-Frank Wall Street Reform and Consumer Protection Act as the roll out progresses. In this issue, we're sharing the background of the body of rules the Municipal Securities Rulemaking Board maintains to prevent fraud. These rules are to protect you and your communities, and they will impact the public finance industry. The rules will change parts of how we do business, but Ehlers remains committed to serving you and your community's best interest.
On behalf of the entire Ehlers team, we hope that you and your families enjoy the best that the season has to offer. We appreciate your relationship and interaction with Ehlers.
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 President and CEO |
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Financial Planning for Library Construction Grants
 The Office of the Secretary of State and the Illinois State Library have announced a new public library construction program: the Public Library Construction Act Grant Program. This grant assists eligible Illinois public libraries with the construction costs in their facilities. Ehlers can help you with the financial planning occurring before and after the grant submittal deadline of April 16, 2012.
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Recent Bond Sales - Overview and Listing of Results
 Despite stock market fluctuations, short and long term interest rates in the bond market have remained low and relatively steady. Ehlers' clients using our Debt Planning and Issuance Services issued a total of $56,304,000 in bonds in the last three months.Eight of the 13 issues listed below were sold through competitive sales and attracted an average of 6 bids from underwriters and banks. Almost all the issues were sold on a "bank qualified" basis which can result in lower long-term interest rates for the issuer and savings for taxpayers. |
MSRB Rulemaking Program
The federal government passed legislation that will affect how financial advisory firms like Ehlers provide advisory services. The legislation requires a fiduciary responsibility to you by Ehlers - which is how we have always viewed our relationship. There are certain processes Ehlers will need to follow as a regulated "municipal advisor".
One such process is the Municipal Securities Rulemaking Board (MSRB) Rulemaking Program. The following is intended to give you a high-level understanding of the Program, and we'll focus on specific rules that will have an impact on you in future newsletters.
The Municipal Securities Rulemaking Board (MSRB) is monitored by the Securities and Exchange Commission (SEC). Both are federal agencies responsible for federal securities laws and regulating the securities industry. The MSRB writes rules and operates market information systems for municipal securities dealers, banks, and municipal advisors, and regulates agents in the municipal market through an array of programs aimed at protecting issuers, investors, state and local government entities, and others whose credit stands behind municipal securities. These rules are to protect you and your communities, and they will impact the public finance industry.
MSRB Rulemaking Program
The MSRB maintains a body of rules designed to prevent fraud and manipulation in the market, to promote the mechanisms of a free and open market, to promote just and equitable principles of trade and to serve various other specific purposes described in the Securities Exchange Act.
Timely and well-informed rulemaking and interpretive guidance responsive to changing market conditions are critical to the MSRB's mission to protect investors. The MSRB frequently publishes rule interpretations providing guidance on the application of MSRB rules in the context of typical situations that may occur in the market.
The Dodd-Frank Wall Street Reform and Consumer Protection Act granted the MSRB regulatory authority over municipal advisors. The MSRB is adopting a comprehensive set of rules for municipal advisors, click here.
General Rules
The MSRB's General, or "G", rules create a number of specific responsibilities for dealers (a person or entity who buys and sells shares, securities, or other financial assets as a principal, rather than as a broker or agent) affecting municipal securities transactions. These include requirements to ensure that the material facts about a proposed transaction are disclosed to investors, to ensure that recommended transactions are suitable for investors, and to ensure that transaction prices are fair and reasonable.
Several rules address dealer behavior with respect to potential conflicts of interest that may arise in the underwriting, sales and trading of municipal securities. These include rules relating to political contributions made to officials of issuers of municipal securities, gifts or gratuities made to persons with which the dealer is engaging in business, and dealers acting as financial advisors to municipal securities issuers. Other MSRB rules specify disclosure and other responsibilities of dealers underwriting municipal securities.
The rules will change parts of how we do business, but Ehlers remains committed to serving you and your community's best interest.
To read more about the MSRB rules, click here.
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