Treasury Resumes Sale of State and Local Government Series Securities
The U.S. Department of the Treasury’s Bureau of the Fiscal Service (the “Treasury”) announced on September 11, 2017 that the Treasury is resuming the sale of State and Local Government Series (SLGS) nonmarketable Treasury securities, effective September 11, 2017 at 12:00 noon ET.
As discussed in our March 10, 2017 Industry Alert, the Treasury suspended the sale of SLGS on March 8, 2017. The suspension was necessary to assist Treasury's management of the debt subject to limit.
On September 8, 2017, President Trump signed H.R. 601 temporarily extending the debt limit through December 8, 2017, allowing the Bureau of the Fiscal Service to begin accepting subscriptions for new issues of SLGS securities.
This alert was written by Luisella P. McBride, a lawyer in the Public Finance practice group at Miles & Stockbridge.
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