...Municipal Bond Market Development Edited and with an introduction by: Priscilla Phelps, Senior Finance Advisor, Research Triangle Institute November 1997 Environmental and Urban Programs Support Project Project No. 940-1008 Contract No. PCE-1008-I-00-6005-00 Contract Task Order No. 06 Conducted by Research Triangle Institute Sponsored by the United States Agency for International Development Office of Environment and Urban Programs (G/ENV/UP) COTR Sarah Wines Finance Working Papers Table of Contents Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Figures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Part I: Municipal Bond Market Development in Developing Countries: The Experience of the U.S. Agency for International Development . . . . . . . . . . 1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The Changing Situation of Local Governments and Their Financing Options . . . . . 4 Defining Municipal Financial Market Development . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Strategic Context for Municipal Bond Market Development at USAID . . . . . . . . . . . 8 Technical Summary of Municipal Bond Projects . . . . . . . . . . . . . . . . . . . . . . . . . . 10 USAID Experience...
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... The Challenge of Working Effectively Across Organizational and International Boundaries in introducing modernizations Presented to: Dr. Ahmad Seleim Presented by: Roula Jannoun Date: January 20th 2010 Pages: (21) Including Cover |Contents |Page | |Contents | | |Introduction | | |Overview of Municipal Assistance | | |Theoretical Back Ground | | |Prototype of implementing assistant for management change and reform | | |Saida Municipality: | | |Changing Management process and procedural ...
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... This article reports how a county in Alabama is dealing with bankruptcy and how it will handle the situation. Due to a sewer debt shot up during the financial turmoil of 2008, and the repayment schedules accelerated sharply, it left Jefferson County unable to pay. The repairs went unfinished as well. According to the article, the county also had other debt outstanding when it declared bankruptcy, for a total of $4.2 billion, making it the biggest municipal bankruptcy in United States history. Residents of the county are worried that the bankruptcy will make their property values lower and higher taxes for county services. Governmental bankruptcies are rare and usually involve small single-purpose authorities and districts, not large, complicated counties with a lot of debt. Experts in public finance have been watching Jefferson County closely to see what kind of legal precedent it will set. Some were concerned that the successful application of Chapter 9 bankruptcy rules to municipal debt could cast a pall over the municipal bond market. The article states that the refinancing agreement covers debt held by creditors that include JPMorgan Chase, which holds about $1.22 billion of the sewer debt, the biggest block; three bond insurers; and seven hedge funds, according to a term sheet circulated in a meeting of the county commission on Tuesday. The terms call for these creditors to receive about $1.84 billion for the $2.4 billion of debt they now hold. The concessions were weighted...
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...burial assistance program extending P500 to a bereaved family, funds to be taken out of unappropriated available funds existing in the municipal treasury. Metro Manila Commission approved Resolution No. 60. Thereafter, the municipal secretary certified a disbursement fired of P400,000 for the implementation of the program. However, COA disapproved Resolution 60 and disallowed in audit the disbursement of funds. COA denied the petitioners reconsideration as Resolution 60 has no connection or relation between the objective sought to be attained and the alleged public saftey, general welfare, etc. of the inhabitants of Makati. Also, the Resolution will only benefit a few individuals. Public funds should only be used for public purposes. Issue: WON Resolution No. 60 , re enacted under Resolution No. 243 of the Municipal of Makati is a valid exercise of police power under the general welfare clause. Held: Yes. Ratio: The police power is a governmental function, an inherent attribute of sovereignty, which was born with civilized government. It is founded largely on the maxims, "Sic utere tuo et ahenum non laedas and "Salus populi est suprema lex Its fundamental purpose is securing the general welfare, comfort and convenience of the people. Police power is inherent in the state but not in municipal corporations. Before a municipal corporation may exercise such power, there must be a valid delegation of such power by the legislature which is the repository of the inherent...
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...INVEST MENT MANA VAULT CAREER GUIDE TO INVESTMENT MANAGEMENT ANDREW SCHLOSSBERG WITH ALEXANDER GORELIK AND THE STAFF OF VAULT © 2002 Vault Inc. Vault Career Guide to Investment Management Table of Contents INTRODUCTION 1 History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 The Industry Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 THE SCOOP Buy-side vs. Sell-side 3 11 Jobs on the Buy-side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Jobs on the Sell-side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 The Clients of Asset Managers 21 Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Institutional Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 High Net Worth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Investment Styles 33 Type of Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Risk Characteristics of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 Portfolio Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 Summary...
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...4 Types of deceptive practices There are different levels of deceit we might encounter, ranging from simple misrepresentation to out and out bald face negotiation lies. They are all equally harmful and potentially damaging, so let's examine them in detail so we may better flush out these red herrings before they stink up the room. 1. Falsification Your counterpart uses information that has been deliberately altered prior to the negotiation. This could be anything from misleading facts and figures, occasionally referred to as creative accounting in more dubious circles. Or, they could be false statements that has been either deliberately exaggerated or deliberately under estimated to mislead. The result is that this can cause us to erroneously recalculate and alter our own presentation. This tangled web is a tricky one to unravel, as it is difficult to pinpoint. 2. Misleading their position Here, our counterpart deliberately falsifies their actual position to alter the range of the negotiation zone. One example is when our counterpart sits blandly across the table and boldly demands more or they will walk away in a huff. Actually, they really are ready to settle, but are just trying to squeeze a little bit more juice out of you for a little more coin, or to add a little more pulp in the form of another concession. On the other hand, they may also sincerely lie to you about their reservation or resistance point, and this blithely changes the zone...
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...Public Disclosure Authorized ... ........ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.- ..........~~ ~ ~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~ ~ .... ~ ~ . :~ .......... ..... :. s~: ... - Public Disclosure Authorized a ........ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~. ................. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ .... - ........ ........... _ - Public Disclosure Authorized .... .... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.... -,// ... ..... ...... 1 I ... . .... .. ..... I 9~~~~~~~... . . .. .. .. . .. A ~~ ~~~~...... Public Disclosure Authorized ..... The WorldBankis committed knowledgesharingwhichinvolvesnot only the Bank's to communities practiceand their partners,but the entire development of community. processof A knowledge management essentialto makesense out of and act upon the vast quantitiesof is information available today.Still in the earlystagesof implementation, knowledge management is expectedto changethe internaloperationof the WorldBankand transformthe organization's relationships with externalclients,partnersand stakeholders, becominga key way of doing businessin the 21stCentury. Giventhe speedof globalchangeand the value of learningfromongoingactivities, Urban the Development Divisionand GlobalUrbanPartnership the WorldBankare committed of to communicating resultsof the Bank'surbanworkto the development the communityas quickly and clearlyas possible. Towardthat end, this informalor...
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...NON CONVENTIONAL ENERGY SOURCES WASTE TO ELECTRICAL ENERGY (WTEE) TECHNOLOGY GENERATING WEALTH FROM GARBAGE CONTENTS 1. RESOURCE RECOVERY 2. PROCESSED SOLID WASTE COMBUSTION a. REFUSED DERIVED FUEL - PROCESSES b. REFUSED DERIVED FUEL - PREPARATION c. REFUSED DERIVED FUEL - CLASSIFICATION d. REFUSED DERIVED FUEL - CHARACTERSTICS e. REFUSED DERIVED FUEL - HIGHLIGHTS 3. WTEE – SOCIO ECONOMIC PROJECT 4. DEVELOPMENT & FUTURE OF WTEE 5. CONCLUSION 6.BIBLIOGRAPHY What happened on May, 2004 in Mumbai? Due to failure of local grid. The business capital of India jammed for hours. Being largest railway network city, even the locals also stick to tracks. This incident shows the human connection with electricity. Electrical energy is an essential ingredient for all activities, as well as the lifeblood of economies throughout the world. It plays a vital role for economic growth and quality life improvements: with the increase in population of the world. The demand for power has gradually increased. Hence the burden on the countries, especially developing countries like India have increased to meet the demands in the present day. Most of the demands are met by conventional sources such as fossil fuels, hydal, nuclear power etc. The use of these sources have not only resulted in their depletion. But also increased the population. Hence there is a great need for improving technology in the use of non-conventional...
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...Water Resource Plan Groundwater consists of surface water of lakes and streams and the underground aquifers that feed them. Because groundwater is believed to be infinitely renewable in many areas of the world, the threat to it is not recognized. This is extremely dangerous because, in reality, groundwater cannot be naturally replenished and plans must be formed to protect it. Many above ground reservoirs that are used as municipal water sources are feed by what are classified as “fossil aquifers”. These aquifers hold water that is, in some cases, hundreds of thousands of years old and they are minimally recharged if at all by surface precipitation that must penetrate hundreds of feet to reach the aquifer. It is estimated that up to 30% of water can be removed from lakes, rivers, and aquifers and not adversely affect the replenishment rate. Based on declining world precipitation estimates and with current and future municipal water consumption, there is no way these water sources can survive indefinitely. One of the key elements of insuring that groundwater will be available in the future is by developing a replenishment plan. Because of the precipitation estimates, natural replenishment seems unreliable and therefore a human methodical process must be employed to make wastewater, meaning municipally treated water that just goes down the drain, useable again. This is known as Artificial Recharge of Reclaimed Municipal Water and there are two types. The most common, simplest...
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...Week 6 Assignment Water Resource Plan Jeff White SCI275 January 22, 2012 Week 6 Assignment Water Resource Plan Groundwater consists of surface water of lakes and streams and the underground aquifers that feed them. Because groundwater is believed to be infinitely renewable in many areas of the world, the threat to it is not recognized. This is extremely dangerous because, in reality, groundwater cannot be naturally replenished and plans must be formed to protect it. Many above ground reservoirs that are used as municipal water sources are feed by what are classified as “fossil aquifers”. These aquifers hold water that is, in some cases, hundreds of thousands of years old and they are minimally recharged if at all by surface precipitation that must penetrate hundreds of feet to reach the aquifer. It is estimated that up to 30% of water can be removed from lakes, rivers, and aquifers and not adversely affect the replenishment rate. Based on declining world precipitation estimates and with current and future municipal water consumption, there is no way these water sources can survive indefinitely. One of the key elements of insuring that groundwater will be available in the future is by developing a replenishment plan. Because of the precipitation estimates, natural replenishment seems unreliable and therefore a human methodical process must be employed to make wastewater, meaning municipally treated water that just goes down the drain, useable again. This is known as...
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...planning and urban renewal through three initiatives: (i) The Energy Conservation Building Code, which addresses optimization of building energy demand; (ii) Recycling of material and Urban Waste Management with a special focus on producing power from waste, biochemical conversion, waste water use, sewage utilization and recycling options wherever possible and others; (iii) Better urban planning and modal shift to public transport to ensure efficient and convenient public transport. In addition, the Mission will address the need to adapt to future climate change by improving the resilience of infrastructure, community based disaster management, and measures for improving the warning system for extreme weather events. Capacity building would be an important component of this Mission. As part of the Mission for Sustainable Habitat and Green Code for Chandigarh, detailed action plan and guidelines have been prepared by the Ministry of Urban Development (MoUD) which could be City’s vision for sustainability. Chandigarh is a part of the Mission for solar energy to harness solar energy to meet the requirements of power. In addition to address the issue of mitigation of GHG emission from municipal waste, appropriate actions are required through adoption of scientific waste management systems with options for recovery of wealth from waste, i.e., compost and energy recovery from solid waste. Improved waste...
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...waste crisis can grossly undermine the credibility of city authorities and the efficiency of systems put in place for the management of solid waste, for that matter plastic waste generated due to packaging. Accra Metropolitan Assembly covers an area of 137sq km. The metropolis is bounded on; the East by the La- Dadekotopon Municipal Assembly, on the south by the Gulf of Guinea, on the West by Ga South and Central Municipal Assemblies, and on the North by the Ga West and La-Nkwatanang Municipal Assembly. The 2010 Population and Housing Census established that the total population of Ghana as at 26th September, 2010 stood at 24,658,823. The resulted figure indicated an increased by 30.4 percent over the 2000 population figure of 18,912,078. The Greater Accra region within which Accra Metropolis falls recorded a population of 4,010,054 for all the metropolitans, municipals and district assemblies. The Populations and Housing Census further indicated that, Accra metropolis alone accounted for 46.10% of the Greater Accra’s Population. The past decades have seen solid waste management present a major challenge to the Accra Metropolitan Assembly, and many other municipal, and district assemblies in Ghana. Waste generation in Accra is estimated to have increased over three-fold in quantum over the last two decades due to population growth, increased urbanization, and life-style changes (WaterAid & EU, 2008). The population in urban areas like Accra is projected to double within the next decade...
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...‘Blessing’ By Imtiaz Dharker The skin cracks like a pod. There never is enough water. Imagine the drip of it, the small splash, echo in a tin mug, the voice of a kindly god. Sometimes, the sudden rush of fortune. The municipal pipe bursts, silver crashes to the ground and the flow has found a roar of tongues. From the huts, a congregation: every man woman child for streets around butts in, with pots, brass, copper, aluminum, plastic buckets, frantic hands, And naked children screaming in the liquid sun, their highlights polished to perfection, flashing light, as the blessing sings over their small bones. I want to start off with a question: Blessings: do we take them for granted? Benjamin Franklin once said, “When the well’s dry, we know the worth of water”. This quote reveals the way in which humans take things for granted and then realise its value once it disappears. In this poem, a burst water pipe in the Dharavi slum of India causes great excitement for inhabitants as they are often lacking access to it. A theme that DIRECTLY relates to the text is that of “We do not fully appreciate an item until it becomes rare”. In the arid conditions of Mumbai, water is viewed as a precious commodity and every single drop of the liquid is considered a miraculous blessing. Water is like currency, it’s like money. In a hot country in that kind of climate, it’s like a gift. Dharker uses a combination of literary techniques in order to...
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...in water. Write a one-page summary (on your own words) and include information about the reference (s) used. Microorganisms are microscopic living being such as bacteria, viruses, and protozoa, and usually too small to be seen by naked eye therefore, microscopic is used. Microorganisms are disease causing means in the global and known as pathogens, consequently microbial are able to contaminate our public drinking water supplies can threaten human health, as an example of microorganism is; Heliobacter pylori, the Salmonella family, and Escherichia coli (E.coli) bacteria. Hepatitis A, Norwalk type viruses, rotaviruses, adenoviruses,...
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...frequency of sinkholes corresponds to the accelerated development of ground-water and land resources. Most of Florida is prone to sinkhole formation because it is underlain by thick carbonate deposits that are susceptible to dissolution by circulating ground water. Florida’s principal source of freshwater, ground water, moves into and out of storage in the carbonate aquifers (most productive). Development of these ground-water resources (municipal, industrial and agricultural water supplies) creates regional ground-water-level declines that play a role in accelerating sinkhole formation, thereby increasing susceptibility of the aquifers to contamination from surfacewater drainage. Such interactions between surface-water and ground-water resources in Florida play a critical and complex role in the long-term management of water resources and ecosystems of Florida’s wetlands SINKHOLES ARE A NATURALLY OCCURRING IN FLORIDA LANDSCAPE The exposed land mass that constitutes the Florida peninsula is only part of a larger, mostly submerged carbonate platform that is partially capped with a sequence of relatively insoluble sand and clay deposits. In west-central Florida, the relation between the carbonate surface and the mantling deposits plays an important role in the circulation and chemical quality of ground water and the development of landforms. Sinkhole development depends on limestone dissolution, water movement, and other environmental conditions. Limestone dissolution rates...
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