WASHINGTON -- Municipal industry officials have unveiled draft legislation calling for the creation of Temics, tax structures that would allow tax-exempt bonds to be restructured into new securities that are tailor-made for different classes of investors.

The draft legislation was sent to Treasury officials and congressional tax committee aides late last week by Goldman, Sachs & Co. and other firms about four months after industry officials began working on the proposal.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.