underwriting outline

• no SEC registration: municipal bonds DO NOT 

bond disclosure:

GO bonds disclosure

• per capita debt

revenue bond disclosure 

• expected income from facility built with bond $
• how muni will spend $
• engineering info

 Exempt

• munis from Securities Act of 1933 registration requirements 
• official statement-not required by SEC

Municipal Securities Rulemaking Board Rules (MSRB)

• publish official statement
• official statement-marketing purposes

prospectus

• for corporate offerings

 official statement

• for municipal offerings

 Priority allocation of orders

1. presale orders
2. group net orders
3. designated orders
4. member orders-@takedown

• munis can be sold before underwriter's underwriting process