Excerpt from The Law of Municipal Bonds Sec. 13. Estoppel by recital to set up an excessive issue of bonds in vio lation of the enabling act. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Prentice-Hall Tax Service for 1919 This allowance is not based upon the difference between the actual war cost of such facilities and what they would have cost at pre-war prices. Obviously the taxpayer is not entitled to recover or extinguish through amortization more than the difference between the war cost of such property and what he can sell the property for after the war, or if he continues to need and use it in his business, what it would have cost him after the war. As the rule is expressed in Article 183 of the Regulations: The total amount to be extinguished by amortization, in general, is the excess of the unextinguished or unrecovered cost of the property over its maximum value (either for sale or for use as part of the plant or equipment of a going business) under stable post war. Conditions.' About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals—investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators—who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.

Excerpt from The Law Governing the Issuing, Transfer, and Collection of Municipal Bonds The law of municipal bonds, in the United States, is a development of the last half century. The great body of the litigation involving such securities has been, and will continue to be, prosecuted in the Federal courts, and the rules of decisions of those courts in such cases are now recognized by all courts as the law of municipal securities. In a continuous experience of about twenty years in the examination and collection of municipal bonds, it has been necessary for the author of this work to become familiar with the decisions of both the State and Federal courts on the subject; and, judging from his own experience, it has seemed to him that a full digest of all the decisions of the Federal courts of final jurisdiction involving the validity of municipal bonds would be of appreciable service to the bond lawyer, the bond buyer, and possibly to municipal officials who are required to issue bonds or, provide for and direct their issuance. It has been the intention and aim of the author to digest and cite in this volume all tb reported cases which have been decided by the Supreme Court and the several Circuit Courts of Appeals of the United States in which the validity of municipal bonds and the laws relied upon as authority for their issuance have been involved. If any have been omitted, such omission has been unintentional. Departing from the usual course in digesting, I have quoted liberally front the opinions, and I am induced to believe that the practical value of the work is thereby materially enhanced. Such quoted matter is indicated by the usual quotation marks; and the subject-matter, in each instance, of the language quoted as well as of my own digests, or the point decided, in each instance, is indicated by an appropriate headnote. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from The Law of Recitals in Municipal Bonds In the settlement of our vast extent of country, the mushroom rise of municipali ties, the numerous and extra demands made upon them on account of modern inventions and conveniences have compelled municipali ties to resort to some other method of ob taining money than by the system of taxation. The burden was too strong for the present generation, so a means was devised to shift it upon posterity. This has been accomplished by the issu ance of obligations denominated municipal bonds, running periods of twenty to forty years, or thereabouts, thus deferring the pay ment by taxation to a later date. This means, being found so adequate, so efficient, and so easily obtained, soon came into vogue in the creation of all public utili ties and improvements. Municipalities found it so easy to thus sad dle an indebtedness upon future generations, that in numerous instances posterity has had left to it a bankrupt municipality, bonded far beyond the valuation of its property. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Municipal Bonds: A Statement of the Principles of Law and Custom Governing the Issue of American Municipal Bonds With Illustrations From the Statutes of Various States The literature on the subject of municipal bonds begins with the late Judge Dillon's masterly treatise on the law of municipal corporations. There is, however, an hiatus be tween the Law of Municipal Corporations and articles in various textbooks covering the general field of investments, and casual articles by investment bankers. The general principles of municipal-bond law can be stated for the student and the bond man. The adoption of the Uniform Negotiable Instruments Law by all the States (ex cept one) has inevitably tended to produce more or less uni form decisions on mooted points. While there are curious decisions in many jurisdictions, it is probably true that these decisions are the result of hard facts, which are said to make bad law. Generally speaking, fundamental canons have been worked out and further judicial decisions must tend more and more toward recognition of established rules. The work of the legal specialist is statutory construction. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Indebtedness, like inequality, has become a ubiquitous condition in the United States. Yet few have probed American cities’ dependence on municipal debt or how the terms of municipal finance structure racial privileges, entrench spatial neglect, elide democratic input, and distribute wealth and power. In this passionate and deeply researched book, Destin Jenkins shows in vivid detail how, beyond the borrowing decisions of American cities and beneath their quotidian infrastructure, there lurks a world of politics and finance that is rarely seen, let alone understood. Focusing on San Francisco, The Bonds of Inequality offers a singular view of the postwar city, one where the dynamics that drove its creation encompassed not only local politicians but also banks, credit rating firms, insurance companies, and the national municipal bond market. Moving between the local and the national, The Bonds of Inequality uncovers how racial inequalities in San Francisco were intrinsically tied to municipal finance arrangements and how these arrangements were central in determining the distribution of resources in the city. By homing in on financing and its imperatives, Jenkins boldly rewrites the history of modern American cities, revealing the hidden strings that bind debt and power, race and inequity, democracy and capitalism.