The current system of regulating municipal securities, including Mello Roos and Marks Roos bonds, is "inadequate" and "encourages non-compliance", according to a new report a state task force.
Noting the alarming rate of defaults among land-based securities, the report recommends creation of a new municipal bond law-enforcement division within the state's department of justice. The findings and recommendations have been praised by both government officials and some industry observers, although at...