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Municipal Securities Market Timeline

This timeline shows significant events in municipal market history.

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  • First Municipal Bond Issued

    The Massachusetts General Court issues the first recognized municipal bond to repay debts from the King George's War (1744-1748)

  • New York City Issues First General Obligation Bond

    The New York State legislature approves NYC to create the "New York City Stock" that led the city to become the first municipality to issue a general obligation (GO) bond.

  • Erie Canal Bond Issuance

    Commissioners of the Erie Canal Fund issue $200,000 of obligations to public investors to finance the construction for the year.

  • Coinage Act of 1873 (Panic of 1873)

    Deflationary pressure caused by the adoption of the gold standard led to a contraction of the economy and reduction in the money supply. It became more expensive for municipalities to issue bonds, particuarly for railroad construction but made municipal bonds more attractive for investors.

  • First Municipal Bond Underwriting Firm is Created

    N.W. Harris & Co. is formed and is the first broker-dealer to specialize in Municipal Bond Underwriting

  • Pollock v Farmers’ Loan & Trust Company

    The U.S. Supreme Court invalidated the Income Tax Act of 1894 and stated that the 10th Amendment to the Constitution granted "intergovernmental immunity" to state and local debt from federal taxation.

  • Revenue Act of 1913

    Municipal bond interest is exempted from federal income tax

  • First Open Mutual Fund

    Massachusetts Investors Trust (MIT, today MFS) was established in Boston as the first mutual fund.

  • Securities Exchange Act of 1934

    Section 10b-5 of the act provides the basis to prosecute municipal securities dealers with the antifraud provision of the Act.

  • The Blue List Publishing Company is created

    The publication was the first place to aggregate municipal bond offerings for dealers. It was aquired in the 1960's by S&P.

  • First Industrial Development Bond Program is Established

    The Mississippi Industrial Act became law which established the nation's first industrial development bond program "Balance Agriculture with Industry (BAWI)"

  • Commissioner of Internal Revenue v. Shamberg Estate

    The U.S. Court of Appeals for the Second Circuit uphealed the tax exemption for the municipal market.

  • Chesapeake Bay Bridge and Tunnel District

  • Securities Acts Amendments of 1975

    Tower Amendment is added to Senate bill for final passage
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