On March 4, 2024, the Treasury Department published a final rule that amends the regulations concerning State and Local Government Series securities (SLGS). Among other changes, the updated regulations notably: (1) require that the maturity lengths of Time Deposit SLGS be no longer than reasonably necessary for the underlying governmental purpose of the investment and … Continue Reading
Treasury has announced that, after what seemed like a forever long hiatus, effective August 5, 2019, at 12:00 noon eastern, it will reopen the SLGs window. Treasury can reopen the SLGS window because of the enactment of the Bipartisan Budget Act of 2019, which suspends the application of the federal debt ceiling until July 31, … Continue Reading
Update: Treasury has announced that the sale of SLGS is being suspended at 12:00 p.m. ET on Friday, December 8, 2017. SLGS subscriptions filed before 12:00 p.m. ET on December 8, 2017 will be honored. As we reported on November 22 in this blog (SLGS Will Soon be Unavailable for Subscription), beginning on or before … Continue Reading
Are we having fun yet? To add further stress to the advance refunding issues that everyone is scrambling to close by the end of the year, subscriptions for SLGS will not be available on or after December 8, if not earlier. The most recent suspension of the application of the federal debt ceiling expires on … Continue Reading
Treasury has re-opened the sale of SLGS, now that the debt limit has been lifted through December 8. The SLGS window likely will close again around December 8, unless Congress takes further action. (Though the strictures of legal ethics and of logic would counsel us against insinuating that we had anything to do with it, we … Continue Reading
For those of you keeping track, the SLGS window has been closed since March 8, 2017. With the recent discussions in Washington regarding a three-month debt limit increase, it is possible that the SLGS window will soon reopen, at least for a short time. (For prior coverage of the history of the SLGS window opening … Continue Reading
On July 18, 2016, the Treasury Department published final regulations on non-issue price arbitrage restrictions (the “Final Regulations”) in the Federal Register. The Final Regulations finalize regulations proposed in 2007 and 2013 (collectively, the “Proposed Regulations”). Click here for a copy of the Final Regulations, and read below for a high-level summary of them. We … Continue Reading
Every year, the National Association of Bond Lawyers (“NABL”) hosts the Tax and Securities Law Institute (“TSLI”), which is an advanced conference with various workshops related to pressing issues confronting tax and securities lawyers in the public finance arena. Essentially, the annual TSLI is like Chrismukkah for tax and securities lawyers. This year’s meeting … Continue Reading
On the heels of the November 2 budget deal, Treasury has announced that it will re-open the SLGS window effective at noon on Tuesday, November 3, 2015. Treasury had previously closed the SLGS window on March 13, 2015.… Continue Reading
Well, it’s official: http://www.slgs.gov/news/pressroom/pressroom_1503slgsoff.htm It’s a good day to be a bidding agent for open market securities. If you’ve got refunding deals coming up, plan accordingly, and refer to Bob Eidnier’s post from Wednesday for the details of what you need to do.… Continue Reading
The federal debt limit, which has been suspended since February 2014, will be reinstated Sunday, March 15. At that time, the debt limit will be equal to the amount of debt then outstanding – in other words, there will be no room for additional debt. If Congress does nothing to change this (which seems likely), … Continue Reading
