Frequently Asked Questions
Frequently Asked Questions
A: The Regulations provides certain exceptions related to the size of the issue and period of time over which the proceeds are spent. The exceptions are outlined below.
Small Issuer Exception. This exception applies to municipalities with general taxing powers that issue $5 million or less of tax-exempt debt during a calendar year. Beginning in 1998, it also applies to schools with general taxing powers that issue $10 million or less of tax-exempt debt during a calendar year, provided $5 million or less is spent for purposes other than constructing or renovating public school facilities. Certain additional requirements apply in the case of refunding bonds.
6 Month Exception. In order to qualify for exemption from rebate under the 6 month spending exception, all gross proceeds and investment earnings must be spent within 6 months of the issue date.
18 Month Exception. The 18 month exception requires that all proceeds and investment earnings must be spent as follows:
- 15% within 6 months of the issue date
- 60% within 12 months of the issue date
- 100% (less "reasonable retainage") within 18 months of the issue date
24 Month Exception. The 24 month exception applies only to construction issues, and requires that all Available Construction Proceeds be spent as follows:
- 10% within 6 months of issue date
- 45% within 12 months of issue date
- 75% within 18 months of issue date
- 100% (less "reasonable retainage") within 24 months of issue date
For additional information, see the Arbitrage Primer under Investor Resources on this website or contact your bond counsel.
A: There are two options for electronic funds transfer available to MSDLAF+ Investors:
Same Day Wire Transfer – Funds can be transferred by wire to or from a MSDLAF+ account. For incoming transfers, you must (1) initiate the transaction on the Internet at www.msdlaf.org or by calling MSDLAF+ at 1-888-4-MSDLAF, and (2) instruct your financial institution to send the funds to MSDLAF+. For outgoing transfers, Investors may request a wire transfer of funds via the Internet at www.msdlaf.org or by calling 1-888-4-MSDLAF. Transfer requests received prior to 2:00 p.m., Eastern Time will be processed that same day. MSDLAF+ has no service charge or fee for this service.
Next Day Transfer – Next Day Transfer utilizes the Federal Reserve’s Automated Clearing House (ACH) system to transfer funds to/from your MSDLAF+ account. Funds are transferred overnight and are available in the designated account the next business day. Investors may request an ACH transfer of funds via the Internet at www.msdlaf.org or by calling 1-888-4-MSDLAF. The Next Day Transfer Form must be completed in advance of the initial transfer and takes approximately ten (10) business days to process.
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This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Fund's series. This and other information about the Fund's series is available in the Fund's current Information Statement, which should be read carefully before investing. A copy of the Fund's Information Statement may be obtained by calling 1-888-4-MSDLAF or is available on the Fund's website at www.msdlaf.org. While the MSDLAF+ Liquid Class and MAX Class seek to maintain a stable net asset value of $1.00 per share and the MSDLAF+ TERM series seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency Shares of the Fund are distributed by U.S. Bancorp Investments, Inc., member FINRA (www.finra.org) and SIPC (www.sipc.org). PFM Asset Management is a division of U.S. Bancorp Asset Management, Inc., which serves as administrator and investment adviser to the Fund. U.S. Bancorp Asset Management, Inc. is a direct subsidiary of U.S. Bank N.A. and an indirect subsidiary of U.S. Bancorp. U.S. Bancorp Investments, Inc. is a subsidiary of U.S. Bancorp and affiliate of U.S. Bank N.A.