Curriculum Guide · Courses
Public Finance: Tax and Securities Aspects
LL.M Seminar 823 (cross-listed) | 2 credit hours
Much of our American infrastructure depends on the municipal securities market for financing. State and local governments issue municipal bonds to pay for a variety of public projects, manage their cash flow, and advance other governmental objectives. Acting on behalf of private organizations that wish to secure tax-exempt interest rates, local governments also fund projects involving public and private universities (including Georgetown), non-profit hospitals, low and moderate income housing, and clean renewable energy. Municipal securities occupy an important place in our capital markets, with more than $400 billion of debt issued annually. Public finance lawyers play a critical role in bringing public and private offerings of municipal securities to market. In addition, lawyers working in other areas, such as real estate, municipal law, health care, non-profit law, and securities law will benefit from an understanding of public finance principles. By way of background, this course will begin with an overview of relevant state law and public finance concepts. Students will then examine in depth the securities and tax laws that apply to municipal securities. Guest lecturers from the IRS, the SEC, and issuers of municipal bonds will provide insight into how these principles apply in practice. A paper will be required in lieu of a final examination. Although the paper need not be in publishable form, the professors will be happy to work with any student who desires to get his paper published. The text for this course, Fundamentals of Municipal Bonds, published by the National Association of Bond Lawyers, will provide a useful reference work for the future.
Prerequisite: Taxation I. Prior or concurrent enrollment in Securities Regulation is recommended but not required.