Series 50 case studies
Series 50 · Put your knowledge to work in context.
The Series 50 - formally the Municipal Advisor Representative Qualification Examination - is the entry-level qualification for individuals who provide municipal advisory services to state and local government issuers, or who solicit issuer business on behalf of a municipal advisory firm. It is administered by the Municipal Securities Rulemaking Board, and a candidate must be associated with and sponsored by an MSRB-registered municipal advisory firm in order to sit for it. The Series 50 case studies are 5 cases and about 2,048 words.
1The Affiliated Bidder in a Competitive GO Sale
Your firm is the municipal advisor to the City of Riverton, which plans to sell $85 million of general obligation bonds in a competitive sale next quarter. The city's finance director, Ms.
472 words, about 2 min2The Verbal Swap Termination Engagement
On March 3, the finance director of a regional transit authority calls your firm and asks it to 'take a quick look' at a proposed $150 million swap termination and to 'help us negotiate' the termination payment with the counterparty. No written agreement is signed.
415 words, about 2 min3Water System Coverage and the Requested Feasibility Conclusion
The City of Lakeview owns a water system with 120 million in gross annual revenues and 95 million in cash operating expenses. Annual debt service on its outstanding revenue bonds is 30 million, and the bond ordinance rate covenant requires net revenues of at least 1.25 times debt service.
409 words, about 2 min4QIR Role When the Parent Is a Swap Dealer
An airport authority wants to enter into a 15-year, $200 million notional interest rate swap to convert variable-rate debt to fixed. It asks your municipal advisory firm to serve as its qualified independent representative (QIR) and to 'line up' counterparties.
377 words, about 2 min5Unregistered Analyst and the Missing Compliance Officer
Your municipal advisory firm has 12 professionals. One senior analyst, Jordan, is not registered as a municipal advisor representative.
375 words, about 2 min