Series 51: Spending Exceptions

Taken from our Series 51 Online Guide

Spending Exceptions

There are also exceptions to the rebate rule. The first type of exception is referred to as spending exceptions. If any of these exceptions are met, then the issuer is not required to rebate arbitrage profits.

Municipalities are considered to have met the rebate requirements if any of the following hold:

• All of the bond proceeds are spent on qualified purposes within six months of the bond issuance.

• All of the bond proceeds are spent on qualified purposes within 1

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I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!

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