Municipal Securities and State Securities Laws: A New Look

The Uniform Securities Act exempts from registration the offerings of municipal or tax exempt securities. Although a number of jurisdictions have adopted the Uniform Act, they have not uniformly applied this exemption. The author examines various state registration schemes with reference to the specific types of municipal securities: general obligation bonds, revenue bonds, and industrial development bonds. He proposes statutory changes that accomplish the purposes for the exemption, yet simply the offerings of municipal securities.