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Understanding Private Activity Bonds in the World of Municipal Bonds

John Elliott June 4, 2025

Private Activity Bonds (“PABs”) are a specific type of municipal bond (“muni bonds”) where the ultimate borrower is often a nonprofit private entity. PABs allow these nonprofit organizations to issue tax-exempt bonds through conduit issuing authorities, unlike state and local governments that issue tax-exempt bonds under their own authority. PABs provide these entities an important vehicle for funding capital projects at a lower cost of capital than the taxable bonds market

Series 50 and Series 54: The Path to Becoming a Municipal Advisor

John Elliott March 20, 2025

Borrowers will often see mention of the Series 50 and Series 54 examinations. These qualifying exams are important for ensuring borrowers are getting top-tier advice from independent, qualified municipal advisors. To become a “Municipal Advisor Representative” per Rule G-3 of the Municipal Securities Rulemaking Board (“MSRB”), an individual must take the Series 50 qualification examination. “Municipal Advisor Principals” must pass the Series 54 examination. An entity engaging in municipal advisory activities without a registered Municipal Advisor Representative violates MSRB rules and other federal securities laws

Understanding Green Bonds

John Elliott January 16, 2025

Green labeled bonds belong to a family of designations affixed to bonds issued under the “ESG” labels (“Environmental”, “Social”, and “Governance” bonds). There exist readily available standards to which borrowers can use for labelling their green bonds, such as the International Capital Market Association’s (ICMA) standards and the Climate Bond Initiative’s (CBI) standards. Third-party verifiers – often charging a fee – can assist throughout the entire process of evaluating a project through the lens of any of these standards, from the initial evaluation through execution, as well as beyond with post-issuance reporting