SIFMA Revises Municipal Underwriting Documents

SIFMA issued revised Model Agreements for Negotiated Municipal Bond Underwritings.

In a release, SIFMA stated that "[t]he agreement is intended for use in connection with governmental tax or revenue-supported securities, including fixed, variable rate, auction and credit enhanced securities, and is not intended for use in connection with conduit financing transactions."

The updated documents include a new "Terms and Acceptance" agreement and adjusted "General Provisions and Conditions," which together form the association’s latest model bond purchase framework.

SIFMA said the revised model bond purchase agreement incorporates recent regulatory and market changes, including updates on issue price certificates.