Word: tax-exempt
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...confusion began last week, when Senator Bob Packwood of Oregon, chairman of the Senate Finance Committee, unveiled his tax-reform plan. Buried in the 250-page document was a two-sentence proposal to subject tax-exempt securities, like municipal bonds, to an "alternative minimum tax." The idea was that upper-income people who use municipal bonds as a shelter and pay little or no taxes would be subject to a 20% tax on the interest from the securities...
...week's end even Packwood conceded that his plan was doomed, and a semblance of order returned to the bond market. Even so, interest rates were higher than many municipalities had expected. Milwaukee County called for bids on $17,450,000 in tax-exempt bonds, hoping to pay interest of no more than 6.71%. Instead, investors would go no lower than...
Harvard and other educational lobbies argued against any cap on tax-exempt bonds. John Shattuck, vice president for government and community affairs, said the limit was unfair because it makes it much more costly for private universities to raise capital than for public schools, which the legislation would not affect...
Despite their large endowments, major universities invest rather than spend their gifts, Davie said. "Harvard keeps the money [it gets from donors] and invests it at 12 percent, and borrows at 8 percent in the tax-exempt bond market rather than use the money people gave them," he said...
...Apaches engaged Boettcher & Co., a Denver investment banking firm, for the deal. The tax-exempt bonds, which carry interest rates of 9.1% and 9.6%, are backed by revenues from Jicarilla oil and gas wells, which total about $20 million annually, plus $108 million of other financial assets. After Standard & Poor's officials met with members of the tribal council last month, the credit rating firm gave the bonds an A rating. That is two notches below the top grade of AAA, but higher than the BBB+ rating given bonds issued by Chicago or New York City...