Sifma creates bond purchase agreement draft as guide

By Cristal Cody

Tupelo, Miss., Sept. 17 - The Securities Industry and Financial Markets Association released a draft Wednesday of a model bond purchase agreement to use as a guide for sales of fixed, variable-rate, auction and credit-enhanced municipal securities.

The agreement, which is not for use with conduit financing deals, includes purchase terms and general provisions. Specific terms may be inserted into blanks in each section.

Sifma members helped create the user-friendly draft to serve as a starting point for transactions.

The forms are available at Sifma's web site at www.sifma.org/mmbpa.

Market participants may comment on the draft until Nov. 17.

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