WASHINGTON -- The Association for Governmental Leasing & Finance has produced an underwriters' guide to leasing -- an exhaustive state-by-state roundup of the laws and regulations that apply to leasing transactions.
The survey details such things as how individual counties are treated under state law and if municipalities qualify as tax-exempt issuers for federal income tax purposes. The survey even breaks down the definition of a municipality as it applies in each state.
The survey details how school districts in some states qualify as tax-exempt issuers and how, in others, public building authorities hold special privileges.
The survey also specifies limits on debt in the states. In Alaska, for example, no political subdivision, such as a county or school district, can incur debt unless it is for capital improvements and approved by a majority vote. But in Rhode Island, there are no constitutional limitations on debt issued by municipalities or school districts.
Besides listing specific laws and regulations that govern lease-purchase financings in the 50 states, the survey details pertinent legislation and legal precedents, federal tax law, and securities law issues.
The governmental leasing and finance group was founded in 1981 to provide a means of exchanging information about lease financings among tax-exempt issuers, investment banking firms, commercial banks, third-party lease brokers, and tax-exempt investors.
Copies of the bound survey can be purchased from AGL&F by calling (202) 429-5135. Price per copy is $50 for association members and $100 for non-members.
