A memorandum to the Underwriter(s), typically prepared by Underwriter’s Counsel, setting forth the requirements of the state securities laws in the states where the Bonds are anticipated to be sold. This memorandum may be followed by a supplemental Blue Sky Memorandum which indicates the states where any required action has been completed so that the Bonds may be sold in such states.
Learn more about the various aspects of state laws and how they intersect with municipal securities.
State securities laws, which regulate the offering of securities. Although these laws vary from state to state, most contain provisions concerning (a) prohibitions against fraud; (b) regulation of brokers and dealers doing business in the state; and (c) registration of Securities.
The amount, if any, required to be paid to the issuer by the underwriter at the time the bonds are sold, which serves as the amount retained by the Issuer as compensation for any damages caused to the issuer by the underwriter failing to purchase the bonds at the closing.
