“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” Text of the Sixteenth Amendment, ratified February 3, 1913 This year marks the 100th anniversary of the 16th Amendment legalizing federal income taxation. Importantly, unlike […]
The first month of 2013 began quietly for the municipal bond market. It ended, here in Illinois, with a thud. This month brings us the thirteenth year of the third millennium as measured by the Gregorian calendar. The Chinese calendar recognizes 2013 as the year of the black snake. The Mayan Long Count Calendar doesn’t […]
Finally, bond yields moved higher in December reversing the predominant 2012 trend line and reminding many that losses are possible even in Mr. Bernanke’s contrived bond market utopia. Centuries ago the bard from Avon opined (as did our own January 2004 commentary) “Sell when you can, you are not for all markets”. For a man […]
As Chief Compliance Officer of Bernardi Securities, Inc., I make a point of attending as many meetings and seminars as I can to keep our firm apprised of new rules, regulations and legislation that affect our organization and clients. Along with serving on FINRA’s Small Firm Advisory Board, I recently attended a joint Municipal Securities […]
This past October, at the Illinois Municipal League’s annual conference held in Chicago, I participated in a panel discussion,“Repealing Tax Exemption- A Clear and Present Danger”. The other panelists included Matt Posner of Municipal Market Advisors and Michael Belsky, former two- term Mayor of Highland Park, Illinois. The audience was comprised of elected and administrative […]
$2.735 Million General Obligation Waterworks & Sewerage Alternate Revenue Source Bonds, Series 2013 The Bonds are being issued to finance capital improvements to the City’s waterworks and sewerage systems and to pay costs associated with the issuance. The Series 2013 Bonds are general obligations of the City payable from net revenues of the waterworks and […]
September began with “AAA” rated, 10-year non-taxable municipal bonds yielding 1.70%. 10-year bond yields spiked mid-month to 1.93% and ended the month and 3rd quarter yielding 1.70%. The supply of new issues slowed this past month relative to September 2011. Nonetheless, 2012 new issue supply through September ($250 billion +) has nearly eclipsed 2011 totals […]