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Day #1 - For Classes Beginning on Mondays


Introduction: Philosophy behind design of Mun-Ease. Overview of database architecture and system conventions. Tips for new users. (8:30-9:00)

Lesson #1: Enter a fixed rate bond issue. Calculate the true interest cost (T.I.C.) and arbitrage yield limit. Generate an accreted value table for the zero coupon maturity. View a statistical summary of the bond issue. Generate a debt service schedule for a bond issue with no calls and one with called maturities. Graph the bond issue. Demonstrate price-to-worst / yield-to-worst features. Enter a bond issue with zero coupon bonds (CABs, convertible CABs, term CABs, premium CABs). Enter a Build America Bond. (9:00-12:00)

Lunch - 12:00 - 1:00

Lesson #2: Create a variable rate bond issue. Enter weekly resets and calculate the interest payment from those resets. Demonstrate the what-if features for future interest payments. Calculate the T.I.C. and the arbitrage yield limit. Enter a fixed rate note. Enter a draw-down loan. Enter a note with commercial paper rollovers. Merge a note with a bond issue. (1:00-2:30)

Lesson #3: Discuss sizing rules and input options. Size a bond issue with level debt service. Size an issue with debt service modeled after user-defined revenue stream. Size a note. Size a bifurcated new-money bond issue. (2:30-3:30)

Lesson #4: Stand-alone reports - Generate a combined debt service, combined indebtedness, and new issue impact reports. Discuss GASB 34 and its effect on reporting. Generate a combined debt service schedule on an accrual basis. Generate OID/OIP amortization reports. Generate amortization reports for other issuance costs. Generate reports for annual CAFR and long-term debt. (3:30 - 4:30)

Lesson #5: Demonstrate the bond calculator.
Discuss interest computations (MSRB vs. SIA rules, CABs vs. CAVs, odd coupons, and other calculation issues). (4:30-5:00)

Day #2 - For Classes Beginning on Mondays

Lesson #6: Part I: Calculate the arbitrage yield limit for a (1) plain par bond, (2) bond with deep-discount term maturities, (3) bond with yield-to-call maturities, and (4) variable rate bond issue. For the variable rate bond issue, calculate both the yield for a 5-year period and separate yields for each bond year within the five-year period. (8:30-9:00)

Lesson #6: Part II: Enter rebate transactions for a simplified example. Perform future value calculations via nonpurpose investments and purpose expenditures. Perform alternative spend-down penalty calculation. Perform I.R.R. calculations for all investments in a bond issue and for individual investments. (9:00-10:00)

Lesson #6: Part III: Enter rebate payments and inflation-adjusted computation credits. Perform spend-down 18-month and 24-month spend-down tests. Discuss and demonstrate temporary period yield restrictions and calculation of yield-reduction payments. Generate related reports. (10:00-10:30)

Lesson #6-Part IV: Commingled bond proceeds. Discussion of calculation alternatives. Review two case studies. Work paper organization. (10:30-11:00)

Lesson #6-Part V: Comprehensive arbitrage example. Perform arbitrage calculations individual funds within a bond issue (debt service reserve, capitalized interest, construction fund) and for all funds within bond issue. (11:00-11:30)

Lesson #6-Part VI: Arbitrage What-if Calculations. Optimize a portfolio of investments to meet a construction draw schedule. Calculate I.R.R. of portfolio and perform rebate calculations. Discuss how calculations can be used in connection with other modules. (11:30-12:00)

Lunch - 12:00 - 1:00

Lesson #7-Part I: Refunding calculations - Overview of refunding process. Discuss types of refundings (current, advance, and crossover refundings). Size a current refunding. Analyze an refunding proposal from an underwriter. (1:00-2:30)

Lesson #7-Part II: Refunding calculations - Advance and crossover refundings. Perform advance refundings with SLGS investments when (a) there is positive arbitrage, and (b) negative arbitrage. . Discusss alternatives for handling underwater escrows. Alternative refunding structures (upfront savings, backloaded savings, escalating savings). Enter an advance refunding with open market investments (2:45-5:00)





Day #3 - For Classes Beginning on Mondays


Lesson #7-Part IV: Refunding calculations - Wrap-around escrows. Transferred proceeds / transferred proceeds penalty calculations. Yield burning. Scanning your database for refunding candidates. Bifurcated refundings. Analyze the cost-effectiveness of a swap agreement. (9:00-10:00)

Lesson #8: Project Allocations - Perform allocations on a maturity-by-maturity basis and on a gross debt service basis. Discuss pros and cons of each method. Generate reports for both methods. Merge allocations when the organization uses both methods. Generate reports of the merged calculations. Generate reports of authorizations and expenditures. Discuss private use rules and generate reports that prove or disprove compliance with those rules. (10:00-11:30)

Lesson #9: Miscellaneous topics: Local area networks. Crystal Reports, Databases (EDB vs. SQL Server) (11:30-12:00).



 

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Day #1 - For Classes Beginning on Wednesdays

Introduction: Philosophy behind design of Mun-Ease. Overview of database architecture and system conventions. Tips for new users. (1:00-1:30)

Lesson #1: Enter a fixed rate bond issue. Calculate the true interest cost (T.I.C.) and arbitrage yield limit. Generate an accreted value table for the zero coupon maturity. View a statistical summary of the bond issue. Generate a debt service schedule for a bond issue with no calls and one with called maturities. Graph the bond issue. Demonstrate price-to-worst / yield-to-worst features. Enter a bond issue with zero coupon bonds (CABs, convertible CABs, term CABs, premium CABs). Enter a Build America Bond. (1:30-5:00)



Day #2 - For Classes Beginning on Wednesdays


Lesson #2: Create a variable rate bond issue. Enter weekly resets and calculate the interest payment from those resets. Demonstrate the what-if features for future interest payments. Calculate the T.I.C. and the arbitrage yield limit. Enter a fixed rate note. Enter a draw-down loan. Enter a note with commercial paper rollovers. Merge a note with a bond issue. (8:30-10:00)

Lesson #3: Discuss sizing rules and input options. Size a bond issue with level debt service. Size an issue with debt service modeled after user-defined revenue stream. Size a note. Size a bifurcated new-money issue. (10:00-11:00)

Lesson #4: Stand-alone reports - Generate a combined debt service, combined indebtedness, and new issue impact reports. Discuss GASB 34 and its effect on reporting. Generate a combined debt service schedule on an accrual basis. Generate OID/OIP amortization reports. Generate amortization reports for other issuance costs. Generate reports for annual CAFR and long-term debt. (11:00 - 12:00)

Lunch - 12:00 - 1:00

Lesson #5: Demonstrate the bond calculator. Discuss Interest computations (MSRB vs. SIA rules, CABs vs. CAVs, odd coupons, and other calculation issues). (1:00-1:30)

Lesson #6: Part I: Calculate the arbitrage yield limit for a (1) a plain par bond, (2) bond with deep-discount term maturities, (3) bond with yield-to-call maturities, and (4) variable rate bond issue. For the variable rate bond issue, calculate both the yield for a 5-year period and separate yields for each bond year within the five-year period. (1:30-2:00)

Lesson #6: Part II: Enter rebate transactions for a simplified example. Perform future value calculations via nonpurpose investments and purpose expenditures. Perform alternative spend-down penalty calculation. Perform I.R.R. calculations for all investments in a bond issue and for individual investments. (2:00-3:00)

Lesson #6: Part III: Enter rebate payments and inflation-adjusted computation credits. Perform spend-down 18-month and 24-month spend-down tests. Discuss and demonstrate temporary period yield restrictions and calculation of yield-reduction payments. Generate related reports. (3:00-3:30)

Lesson #6-Part IV: Commingled bond proceeds. Discussion of calculation alternatives. Review two case studies. Work paper organization. (3:30-4:00)

Lesson #6-Part V: Comprehensive arbitrage example. Perform arbitrage calculations individual funds within a bond issue (debt service reserve, capitalized interest, construction fund) and for all funds within bond issue. (4:00-4:30)

Lesson #6-Part VI: Arbitrage What-if Calculations. Optimize a portfolio of investments to meet a construction draw schedule. Calculate I.R.R. of portfolio and perform rebate calculations. Discuss how calculations can be used in connection with other modules. (4:30-5:00)

 




Day #3 - For Classes Beginning on Wednesdays

Lesson #7-Part I: Refunding calculations - Overview of refunding process. Discuss types of refundings (current, advance, and crossover refundings). Size a current refunding. Analyze an refunding proposal from an underwriter. (9:00-10:00)

Lesson #7-Part II: Refunding calculations - Advance and crossover refundings. Perform advance refundings with SLGS investments when (a) there is positive arbitrage, and (b) negative arbitrage. . Discusss alternatives for handling underwater escrows. Alternative refunding structures (upfront savings, backloaded savings, escalating savings). Enter an advance refunding with open market investments. (10:00-12:00)

Lunch - 12:00 - 1:00

Lesson #7-Part IV: Refunding calculations - Wrap-around escrows. Transferred proceeds / transferred proceeds penalty calculations. Yield burning. Scanning your database for refunding candidates. Bifurcated refundings. Analyze the cost-effectiveness of a swap agreement. (1:00-2:30)

Lesson #8: Project Allocations - Perform allocations on a maturity-by-maturity basis and on a gross debt service basis. Discuss pros and cons of each method. Generate reports for both methods. Merge allocations when the organization uses both methods. Generate reports of the merged calculations. Generate reports of authorizations and expenditures. Discuss private use rules and generate reports that prove or disprove compliance with those rules. (2:30-4:30)

Lesson #9: Miscellaneous topics: Local area networks. Crystal Reports, Databases (EDB vs. SQL Server) (4:30-5:00).



 

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