September, 2015
Who Could Have Guessed? 
Registered Municipal Advisors are the Only Municipal Market Participant to Provide Municipal Securities Advice
By Steve Apfelbacher, President
When the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010, none of us knew the significant changes it would cause in the municipal market. We understood that the Act regulated Financial Advisors as Municipal Advisors (MAs) and established a fiduciary duty on the part of the MA to their municipal clients. To meet the Act's requirements the Securities and Exchange Commission (SEC) approved a far-reaching Municipal Advisor Rule (the "Rule") that regulates Municipal Advisors and the activities of other market participants. 

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Update on Changes to Wisconsin's Tax Incremental Financing Law  
8 Proposals Introduced During Legislative Session
By Mike Harrigan, Senior Municipal Advisor
Eight bills were introduced and passed in the State Senate earlier this year that would make various changes to Wisconsin's Tax Incremental Financing law. A summary of these changes are included in this article. While these bills received broad support in the Senate, the prospect for passage by the Assembly remains uncertain. We would strongly encourage municipal elected and appointed officials to contact their Assembly Representative to voice support for these bills. Providing legislators with specific examples of how one or more of these bills would expand opportunities for economic development is particularly helpful. Expressions of support for these bills should be made now as Assembly floor periods are scheduled for September 15th through September 24th and from October 20th through November 5th.

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Budgeting and Levy Limits 
An Overview of Levy Limit Law and Key Adjustments.
By Todd Taves, Senior Municipal Advisor 

Wisconsin cities, villages, towns and counties have now operated under levy limits for a full decade. With its numerous adjustments, the impact of levy limits on individual local government units has varied considerably. Prior to developing budgetary goals and objectives, it is important to understand what constraints your projected allowable levy poses. The following is an overview of the levy limit law and key adjustments.
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The Dawn of Municipal Water in Bayside, WI
Extending Municipal Water Services to Handle Today's Needs
By Jim Mann, Senior Municipal Advisor

For several decades residents in the Village of Bayside have been discussing the extension of municipal water services within the Village to address concerns private water systems were outdated and undercapitalized to handle today's water needs. Prior to 2013, the majority of residents were served by non-municipally owned water systems that sprinkled the landscape in the Village and there was not a clear consensus of how to develop a municipal water system in the Village.   
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Common Questions About Issuing Tax-Exempt Bonds
Frequently Asked Questions and Answers
By Brian Reilly, Senior Municipal Advisor 

There are many rules and regulations for municipalities to be aware of when issuing tax-exempt municipal bonds. Here are some frequently asked questions we receive regarding laws and regulations governing municipal debt issuance.

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Comprehensive Cash Forecasts are a First Step to Improving Investment Returns
Mapping Out Cash Inflows and Outflows
By Ken Herdeman, Ehlers Investment Partners President 

Cooling temperatures and back to school fervor means budget time in the public sector. With all the numbers going through the minds of finance directors, business managers and treasurers at this time of year, interest income may be the last number inserted into the revenue budget. And then whatever was booked for interest income last year will be plugged for next year. Now may be the time to reassess your approach to investments, especially if your investment program revolves around money market accounts, government investment pools or short term certificates of deposit.
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A Couple Reminders 
Save the Date: Ehlers Public Finance Seminar
Mark your calendars! The Wisconsin Ehlers Public Finance Seminar is February 11-12, 2016 at the Kalahari Resort in Wisconsin Dells. More information will be coming later this year.

Our Address 
If you haven't updated your recorders with our new address, please take a moment do so:

N21W23350 Ridgeview Parkway West, Suite 100
Waukesha WI 53188-1015

Phone: (262) 785-1520
Fax: (262) 785-1810 
 Ehlers Inc., Ehlers Investment Partners and Bond Trust Services are affiliate companies.