Shelf Registration For Tax-Exempt Bonds

Executive Summary

For years, public companies have used shelf registration for their securities — an arrangement allowing a single offering document to be filed permitting the issuance of securities over time and in multiple issues. For public companies, whose securities must be registered in advance of sale with the SEC, shelf registration is the registration of a "new issue" that can be prepared up to two years in advance of the date on which the securities are actually issued and sold. This shelf registration permits an issue of securities to be offered quickly when funds are needed or market conditions are favorable. This alert discusses ways in which municipal-securities issuers and conduit borrowers can implement a process similar to shelf registration (Shelf Registration Program) to provide greater flexibility in the timing of the issuance of municipal securities, which may be of great value during a turbulent market environment. We note that the Shelf