Interim Updates
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Release
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Download Updates
(right-click on
the files to save them to your local drive)
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Instructions
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Enhancements
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Release 2010
V. 14.05
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SQL Server and BDE versions were mailed
to users on 8/23/2010.
No updates for the BDE version.
UpdtRptDb.W01
(for SQL Server users)
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See installation instructions on CD.
Save UpdtRptDb.W01 to your c:\program files\Prescient
Software\Mun-Ease folder. Rename UpdtRptDb.W01 to UpdtRptDb.Exe.
Run the program to update the Report Database.
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Click
here for a list of enhancements. |
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Release 2008
V. 1398 (both SQL Server &
BDE versions)
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FastBde1398.W01
.(for bde users)
FastSql1398.W01
.. (for SQL Server users)
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Save the FastBde.W01 or FastSql1398.W01
file to your c:\program files\Prescient Software\Mun-Ease
folder. (Hereafter, substitute either the text Bde or Sql
for "xxx" in our instructions.
Rename Fast"xxx"1398.w01
to Fast"xxx"1398.Exe. From the Windows start menu,
choose Start | Run | c:\program files\Prescient Software\Mun-Ease\Fast"xxx"1398.Exe.
Enter the password that we
provided in the letter that accompanied your 2008 user guide.
Note: You must have installed the 2008 version from the
CD ROM before you can load these updates.
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Save the RFast1298p.W01 file
to your wmuni folder on your local drive. Rename RFast1298p.w01
to RFast1298p.Exe. From the Windows start menu, choose Start
| Run | c:\wmuni\RFast1298p.exe. Enter the password that
we provided with your user guide. Note: You must have installed
the 12.00 version from the CD ROM before you can load these
updates.
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Save these files to your
wmuni folder on your local drive. Rename Fast1195b.w01 to
Fast1195b.exe. From the Windows start menu, choose Start
| Run | c:\wmuni\fast1195b.exe. Enter the password that
we provided with your user guide. Note: You must have installed
the 11.75 version from CD ROM before you can load these
updates.
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Save these files to your
wmuni folder on your local drive. Rename Fast1098.w01 to
Fast1098.exe. From the Windows start menu, choose Start
| Run | c:\wmuni\fast1098.exe. Enter the password that we
provided with your user guide.
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Save these files to your
wmuni folder on your local drive. Rename Fast997f.w01 to
Fast997f.exe. From the Windows start menu, choose Start
| Run | c:\wmuni\fast997f.exe. Enter the password that we
provided with your user guide.
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Save these files to your
wmuni folder on your local drive. Rename Fast899d.w01 to
Fast899d.exe. From the Windows start menu, choose Start
| Run | c:\wmuni\fast899d.exe. Enter the password that we
provided with your user guide.
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Release 14.05 (2010)
Release 13.97
- Fixed a problem with the Arbitrage IRR report via purpose expenditures.
(We changed the present-value date from the first investment date
to the delivery date.)
- Fixed a problem with the display of the Name Lookup Table in
the SQL Server version. (Mun-Ease would occasionally not hide
the window before returning to the main menu.
- Fixed a problem with calculation of future-value factors when
the bond issue payed interest on a 35-day basis. The future-value
report displayed the incorrect day-count factor.
- Fixed a problem relating to combined debt service schedules
for Build America Bonds (BABs). For accounting purposes, BAB reimbursements
are treated as a revenue source and not a reduction of interest
(see our 13.90 newsletter). Thus the debt service reports that
are used for accounting purposes should display gross debt service.
In a few instances, Mun-Ease previously displayed debt service
net of the BAB reimbursement.
- Recalculated accrued interest for a BABs TIC and arbitrage
yield limit calculation. Accrued interest is reduced by the Treasury
reimbursement.
- Changed the day count rule used in calculating adjustments
for deep-discount term bonds. Previously we used the MSRB day
counts and we now use SIA day counts.
- Corrected the "copy" function in the Periodic Resets
window.
- Changed various calculations within Mun-Ease to recognize bond
issues with a 4-character suffix. Previously, the selection criteria
for some calculations used only the first three characters of
the bond suffix.
Release 13.90
Build America Bonds (BABs) - We have made significant
changes to Mun-Ease to facilitate the issuance and reporting of
Build America Bonds (BABs). Build America Bonds are taxable bonds
that are issued in lieu of tax-exempt bonds. They are the result
of provisions in the American Recovery and Reinvestment Act of
2009. The Act provides for two types of BABs: (a) a taxable bond
in which the bondholder receives a tax credit, or (b) a taxable
bond in which the issuer receives a reimbursement from the U.
S. Treasury. The reimbursement or tax credit is equal to 35% unless
the bonds are issued for a designated economic recovery zone in
which case the reimbursement/tax credit is 45%. Because of sunset
provisions enacted by Congress, BABs can currently be issued only
through 12/31/2010.
Several Mun-Ease users have already issued Build America Bonds.
From our discussions with them, it appears that they are forgoing
the option of issuing tax credit BABs and electing instead to
receive a subsidy from the U.S. Treasury.
Although BABs are issued as taxable bonds, they are still subject
to the arbitrage provisions of the tax code. The arbitrage yield
limit is computed net of the interest subsidy received by the
issuer.
Mun-Ease allows the issuer to designate a bond issue as a Build
America Bond. If designated, the user is prompted for a reimbursement
rate (for which we provide a 35% default value). Thereafter, individual
true interest cost (TIC) and arbitrage yield limit calculations
and reports will incorporate an additional column of information
showing the interest subsidy. Debt service on each payment date
is reduced by the amount of the subsidy.
As previously noted, the subsidy is treated as a reduction of
interest for arbitrage purposes and for the purpose of calculating
the true interest cost. However, the accounting treatment of the
interest subsidy is just the opposite . Instead of treating it
as a reduction of interest, issuers are recording it as a revenue
source (similar to a grant). Thus we have chosen to show the subsidy
as a reduction of interest in the TIC and arbitrage yield limit
calculations. However, we do not show it as a reduction of interest
in reports used for accounting and financial statement purposes.
These reports are created under the Stand-Alone Reporting menu
option.
Issuers obtain the interest subsidy by submitting an 8038-CP tax
form to the U. S. Treasury. For fixed-rate bonds, the 8038-CP
is submitted no earlier than 90 days from each interest payment
date.
New Arbitrage Features for Variable Rate Bonds - Our
July 2009 newsletter discussed new features in Mun-Ease for the
calculation of the arbitrage yield limit of variable rate bonds.
Since that release, we have continued to add new features to this
calculation. Before describing these enhancements, we'll provide
some background information about the calculation.
The issuer of a variable rate bond issue has the option of calculating
a separate yield for each computation period. The computation
period can be for any bond year up to (or through) the end of
the fifth year.
Prior to our July update (v. 13.75), we required the user to
create a separate bond issue for each of the computation periods
for which a yield calculation was performed. With our July 2009
update, we no longer imposed this burden on the user. Since then,
if a user can chooses to compute a separate yield for yearly computation
periods, he/she can do so within the same bond issue.
There is one question that confronts the user if he decides to
calculate a separate arbitrage yield limit for each yearly computation
period: How to allocate the upfront costs (e.g., bond insurance)
among the computation periods? Our July release allowed the user
to divide upfront costs by the number of computation periods.
Mun-Ease would then future-value the allocated portion of costs
to the beginning of the computation period.
In this release, we provide a function to annuitize upfront costs
over the total number of computation periods. The costs are annuitized
at the 5-year arbitrage yield limit. While the prior technique
was reasonable and acceptable, the new annuitization method is
more accurate from an actuarial standpoint.
New Features for Swap Transactions - We added new input
options that allow the user to generate the Swaps Accounting Report
with one or more summarization options (daily, monthly, semi-annual
or yearly totals). This option is useful when the payment frequency
varies for each side of the swap. For example, an issuer could
enter into a swap transaction in which he receives semi-annual
fixed payments in place of the monthly variable rate payments
made to bondholders.
We added a new input option to the Swaps Accounting report to
allow the user to specify whether the swap is a "fixed-to-variable"
or "variable-to-fixed" swap. This information is used
by Mun-Ease to determine which side of the swap is to be displayed
as a negative number.
We revised the screen colors in Mun-Ease so that fonts are easily
read when the user has chosen "Windows XP Theme" display
settings instead of "Windows Classic" display settings.
Background: Some background colors do not display correctly in
flat-panel monitors under the "Window XP Theme" display
settings.
We have corrected a bug that occurred when the user chose the
File | Fixed Rate Bonds | Merge Bond Issues menu option.
We increased the size of the columns within the Debt Service
Allocations grid and changed the order of columns so that the
Bond Suffix appears next to the Dated Year.
Debt Service Allocations - We modified Mun-Ease to allocate debt
service to an allocation coding block of NONE-NONE-NONE-NONE if
there are no allocations for a bond issue.
We have added a new option to the OID/OIP amortization report.
Users can now choose to perform year-end accruals on a 30/360
or actual/actual day basis.
We have added two new debt service schedules for variable rate
bonds. These reports are generated when the user is viewing debt
service transactions while in the variable rate grid. After clicking
on the report button, choose the "report w/o misc fees"
menu option and Mun-Ease will produce the new reports.
We modified the Periodic Resets report (#94) to show the calculation
of the interest payment in addition to the interest rate. (Previous
versions of this report only showed the calculation of the interest
rate.) We added a new feature to correctly calculate interest
from the periodic resets in the following situation: When (a)
the interest payment is calculated from periodic resets, (b) the
interest period spans two different calendar years, (c) one of
the calendar years has 365 days and the other has 366 days, and
(c) the interest payment is calculated on an actual/actual day
count basis. We modified the data grid where the periodic resets
are entered so that the data entry process is more consistent
with information typically displayed in bank statements. We've
added two new calculated fields to the periodic resets grid (the
point spread and percentage spread between the index rate and
the effective interest rate).
We modified report #23 so that it shows totals by fiscal year.
Report #23 is generated when a user chooses to amortize issuances
costs on an effective interest basis.
Release 13.75e
New Arbitrage Features for Variable Rate Bonds
The arbitrage regulations contain special provisions for the
yield calculations of variable rate bond issues. While the arbitrage
yield limit for a fixed rate bond is initially calculated over
the life of the issue, the issuer of a variable rate bond issue
has the option of calculating a separate yield for each computation
period. The computation period can be for any bond year up to
(or through) the end of the fifth year.
In prior releases, we required the user to create a separate
bond issue for each of the computation periods for which a yield
calculation was performed.
In this release, we no longer impose this additional burden on
the user. If the user chooses to compute a separate yield for
yearly computation periods, he/she can do so within the same bond
issue. The user can choose any beginning and ending date for a
computation period even if those dates do not fall on a coupon
payment date. Mun-Ease will perform all necessary accruals of
interest and credit enhancement fees for both the beginning and
ending dates of the computation period. We also allow the issuer
to pro-rate a share of upfront costs that are to be included in
the arbitrage target value to the computation period.
The yield limit feature works in conjunction with the Mun-Ease
future-value calculations. The future-value calculations can be
performed by selecting only the rebate transactions that are relevant
to the computation period.
Data Entry Enhancements for Arbitrage Transactions.
We have modified the window that displays rebate transactions.
The new grid eliminates the amount column. Instead the user enters
data in the two columns that were previously "read-only"
and that were used to display the effects of the transaction amount.
For nonpurpose investments, these columns are labeled "amount
invested" or "amount received." For purpose expenditures,
the columns are labeled "expenditure" or "adjustment
to expenditure."
Background:
While our prior convention for the sign of the rebate transaction
(+,-) was consistent with the way journal entries are recorded
in the issuer's accounting system, many people (especially those
who are not career accountants) found this convention confusing.
In this release, the user no longer needs to be concerned about
whether a transaction is entered as a positive or negative number.
Instead Mun-Ease automatically adjusts the sign of the transaction
based on the column that the transaction is entered.
64-bit Processors and Mun-Ease
We have modified our installation routines to recognize situations
where Mun-Ease is being installed on a Windows computer with a
64-bit processor. Thus on a 64-bit computer, Mun-Ease, the Crystal
Reports run-time engine, and related DLLs will be installed in
C:\Program Files (x86) folder. We have also updated our hard key
drivers so that they are compatible with the 64-bit operating
environment.
Although Mun-Ease is currently a 32-bit application, we plan
to release a native 64-bit version of Mun-Ease during the second
half of 2010.
New Features in the Allocations Module
Before describing our new features in the Allocations module,
we'll first provide a brief overview of the Allocations module.
Background
The Allocations module allows issuers to implement a charge-back
system so that they can prorate debt service of a bond issue among
funds, departments, cost centers, and/or projects. Some state
entities also include an appropriation number and/or the legislative
statute as part of their allocation coding scheme.
Mun-Ease provides two methods for allocating debt service. Under
the first method, Mun-Ease allocates a portion of debt service
of individual maturities in a bond issue. This method is often
used when the projects to be funded by the bond issue have varying
useful lives and the issuer desires to charge a portion of debt
service to reflect that fact.
The second method allocates in aggregate a percentage of gross
debt service to the different allocation entities. For variable
rate bond issues, this method is mandatory.
The allocation coding block is structured hierarchically much
like a general-ledger account number. It is composed of four 10-character
alpha-numeric segments. Each segment is associated with an 80-character
description.
Most reports in the Allocation module have input options that
allow the user to define the allocation hierarchy (i. e., the
sort order for the four 10-character allocation segments) and
the summarization level (the report can be summarized to (a) the
top level, (b) top two levels, (c) top three levels, or (d) at
the detail level (all four levels).
New Features
In prior releases of Mun-Ease, the issuer chose one of the two
methods for allocating debt service. Each method had its own reports.
In this release, we allow the user to generate reports that merge
calculations from both methods. Thus the issuer can use the gross
debt service method for some bond issues and the maturity-by-maturity
method for other bond issues and then create reports that combine
both sets of calculations. Reports that can be merged include
the 64d through 64m debt service schedules.
Database Changes
The features of the 13.75 release require that we update the
structure of the Mun-Ease database. These changes include: (a)
a new allocations table for gross debt service allocations (Dsvalloc2),
(b) new data types for arbitrage tax forms database table (arbforms)
to increase the precision of calculations included on the 8038
forms, and (c) additional fields in the report database tables
on the SQL Server database (Rptdtl and Rpthead). The changes to
the report database tables allow our Internet Add-On module to
generate reports directly from the server instead of the report
tables located on the client.
SQL Server Database Permissions
The above changes are made to the database when the first user
initiates Mun-Ease subsequent to the installation of the 13.75
release. Upon start-up, Mun-Ease asks the first user to verify
that he has sufficient rights (db_owner and/or db_creator) before
attempting to make these changes. Thus the first user must have
db_owner or db_creator permissions or the changes cannot be made.
After the database changes have been made by the first user, Mun-Ease
will no longer inquire about permissions nor will users need them.
Note that the above discussion of permissions applies only to
the SQL Server version of Mun-Ease. The BDE version of Mun-Ease
can make database changes for any user regardless of their access
rights.
New Internet Add-On Module
Our Internet Add-On module allows issuers to place their Mun-Ease
database on a web server so that people outside of their immediate
organization can obtain information about their debt. Among the
reports that web users can run are individual and combined debt
service schedules, combined indebtedness reports, and bond production
reports. We also have features that allow an issuer to conduct
a competitive bond sale over the Internet.
Our 13.75 CD contains two new versions of this program - one
written for the BDE database and the other for SQL Server. We
also made improvements to the report generation process so that
reports are generated in less time. The Internet Add-On module
now automatically depopulates the report database tables when
a user finishes his/her session.
Miscellaneous Changes
We've added ten new allocation reports (#64h-m and 67h-m). These
reports display allocated debt service and outstanding debt across
a range of years defined by the user. The new reports provide
numerous options for how debt service is sorted, summarized, and
displayed (allocate | by individual maturities | allocation reports
| multi-yr dsv/paying agt or allocate | by gross debt svc | allocation
reports | combined debt svc on a cash basis).
We have changed our help system to allow Mun-Ease to display
help topics in either compiled HTML (.CHM) or classic help format
(.HLP). Previously Mun-Ease only displayed help in classic help
format. You can select a format by clicking on the User Ops speed
button and checking the desired format in the bottom left-hand
corner of the first tabbed window. Background: By default, Windows
Vista supports only help in a compiled HTML format. Vista requires
the user to install a separate program to display classic help
files. This new change eliminates the need to install the program
under Windows Vista.
In previous versions of the 2008 version, the BDE version of
Mun-Ease updated the private use database tables as defined by
the MuniDb database alias instead of the Mun-EaseMainDb database.
This problem affected only the BDE version and not the SQL Server
version. We corrected this problem so that the correct database
is updated.
We now provide an option for the user to include bond surety
fees in the true interest cost (TIC) calculation. Previously,
we included bond surety fees only in arbitrage yield limit calculation
and NOT the true interest cost. Background: While we don't necessarily
agree with this trend, we are seeing more and more reports where
the underwriter includes bond surety fees in the true interest
calculation. We provide this option to facilitate the reconciliation
of the user's calculations to those of the underwriter. You can
initiate this option by choosing the file | fixed rate bonds |
edit menu option and clicking on the day counts / misc info tabbed
window. This option is displayed in the TIC Calculation Options
group box. (This group box also includes an option to include
upfront credit enhancements in the All-Inclusive TIC target value
and not the regular TIC target value.
We added a new column to the grid that is displayed when a user
is adding or editing a "maturity-by-maturity" allocation.
This new read-only column displays the called switch in a "Y/N"
format. This feature helps a user to determine the amount of allocations
to be assigned to each maturity when a prior refunding called
only part of one or more maturities.
In the BDE version of Mun-Ease, "Bond Copy" function
now allows the user to enter a 4-character suffix. Previously,
the suffix was limited to 3 characters. This limitation only affected
the BDE version of Mun-Ease.
We modified the import/export function within Mun-Ease so that
the user can select the folder where a bond issue is read or written.
The default import/export location for previous versions was a
user's personal directory (file | database maintenance | import/export).
Recent Changes to the 2008 version of Mun-Ease (13.50 CD 01/21/09)
New Commercial Paper (CP) Features
We've added new features for the calculation and input of a commercial
paper debt within Mun-Ease. Users can initiate these features
by pressing the commercial paper button while in the notes / variable
rate bonds grid. When you press the commercial paper button, Mun-Ease
displays a popup window to calculate either the yield, purchase
amount, or maturity amount of the CP transaction and a button
to paste the results back to the variable rate /notes grid.
Background: Tax-exempt commercial paper is usually structured
with maturities (tranches) ranging from 30 to 270 days. As a tranche
matures, it is typically rolled over into a new maturity at prevailing
interest rates.
For the purpose of calculating the arbitrage yield, the different
tranches of a commercial paper program are treated as a single
bond issue if they are issued within 18 months of the original
issue date and are part of a common plan of financing. In general,
rollovers after the initial 18-month period are also treated as
part of the same issue if there is no increase in the amount of
outstanding indebtedness.
We have included detailed instructions for using our commercial
paper features in the latest2008.pdf file that resides in the
user's personal directory. This .PDf file can be viewed through
the help | chgs to documentation menu option.
New Features in the Stand-Alone Reporting Module
We have created two new reports in the Stand-Alone Reporting
module (#4e, #4f) that can be included in an issuer's annual CAFR.
These reports display yearly totals for combined debt service
in the first five years; then summarize debt service in 5-year
increments for the remaining years. Report #4f is similar to #4e
except that is also sorted by the Issue Type code (reports
| combined debt service reports | combined in 5-year increments
for CAFR).
We've created a new combined debt service report that is sorted
by Bond ID (#4g). This report is created along with the other
combined debt service reports (#4a,b & c) when you choose
the report | combined debt service | by date and ID menu
option.
We modified the combined debt service report (#4c) in the Stand-Alone
Reporting module to correctly compute outstanding indebtedness
when the report includes bond issues composed solely of zero-coupon
bonds (CABs). In prior releases, the outstanding debt was not
computed correctly because Mun-Ease displayed the debt service
of a bond issue composed solely of CABs only when a CAB matured.
New Features in the Arbitrage Module
We've added a new option that allows the user to calculate the
internal rate of return (IRR) on nonpurpose investments or purpose
expenditures that fall beyond the temporary period. If the user
calculates the IRR on investments or expenditures falling beyond
the temporary period, he can generate IRR verification report
(#79c/d) (arbitrage | rebate/penalty calculations).
We have modified the yield-reduction payment calculation in the
Arbitrage module to exclude computation credits.
We now provide an option to perform the arbitrage yield-to-call
test using either the current rules under Section 1.148.4(b)-3
or the rules proposed by the IRS in September 2007. We anticipate
that the new rules will be finalized during 2009. This option
is available when you choose the arbitrage | yield tests |
yield-to-call test menu option.
We've enhanced the report selection options for the rebate /
penalty calculations menu option (arbitrage | rebate/penalty calculations).
In previous versions, users only had the option of performing
rebate / penalty calculations for all transactions in a bond issue
or for selected funds. In this release, we have included a new
selection option that allows the user to perform calculations
for all or a range of Group IDs.
Users should find this feature useful when they choose to perform
separate rebate calculations for each bond year in a variable
rate bond issue. For example, you could assign rebate transactions
for the 2009 bond year with group IDs ranging from 20090000 to
20099999. Then by selecting this range, you can perform rebate
calculations for just the 2009 bond year.
New Features in the Allocations Module
We added new reports to the Allocations module that summarize
combined debt service to a level defined by the user.
Background: The allocation coding block is structured
hierarchically much like a general-ledger account number. It is
composed of four 10-character alpha-numeric segments. When the
user generates report #64, Mun-Ease requires the user to define
the allocation hierarchy (i. e., the sort order for the four 10-character
allocation segments) and the summarization level (the report can
be summarized to (a) the top level, (b) top two levels, (c) top
three levels, or (d) at the detail level (all four levels). To
use this feature, choose either the allocate | by individual maturities
|allocation reports | multi-year debt service menu option or the
allocate | by gross debt service | combined debt service on a
cash basis (#64d) menu option.
We modified the combined debt service report (#64) in the Allocations
module to include an additional column showing outstanding indebtedness
as of each coupon payment date (allocate | by individual maturities
|allocation reports | multi-year debt service).
We added a new feature in the Allocations module to allow the
user to update the description of an allocation coding block across
bond issues. Background: Initially the allocation description
is entered for a single bond issue. This new capability allows
the user to update "in-mass" all allocations instead
of modifying them individually for each bond issue (allocate
| by individual maturities |edit/view/delete allocations | add
a global description).
We made cosmetic changes to the single-year indebtedness reports
in the Allocations module. In some instances, the date column
was truncated.
New Performance Enhancements for the SQL Server version
We've modified the SQL Server version of Mun-Ease to use client
data sets for the Rebate transaction table. Background: Previous
versions of Mun-Ease updated the Rebate transaction table directly
on the network server. Users who have a large number of rebate
transactions reported that they were experiencing slow response
time. To enhance performance in these situations, Mun-Ease now
filters the rebate transaction data by Bond ID, and moves the
filtered rebate transactions to a temporary table residing on
the user's PC. The user makes all changes to this temporary table.
Once he has finished updating the rebate data, all modified transactions
are applied back to the server.
In certain instances, the SQL Server database cache was not emptied
before a user would generate a report through Crystal Reports.
We modified Mun-Ease to force SQL Server to apply all updates
in its database cache prior to calling Crystal Reports.
New Features for Variable Rate Bonds
We've added new date fields to the initial setup window for the
file | variable rate bonds | setup menu option. We've added these
fields in case the user desires to override the calculated fields
from the variable rate debt service table.
We now save the variable rate ceiling field to the variable rate
bond issue. Because many banks calculate letter of credit (LOC)
fees based on the interest rate ceiling instead of the effective
interest rate, Mun-Ease now provides similar LOC fee calculation
options.
We now save the tranche identifier to the bond master file. Previously
the tranche identifier was only saved to the variable rate database
table.
We now allow you to duplicate the periodic disbursements of credit
enhancements by pressing the F12 function key while in the variable
rate grid. The amount is duplicated for all remaining payment
periods of the note or variable rate bond.
Miscellaneous Changes
We now provide an option to disable the bankers' rule for rounding
interest. If the bankers' rule is enabled, half-penny amounts
are rounded to the nearest even number. If the rule is disabled,
half-penny amounts are rounded to the nearest penny (setup
| user options | edit your own profile).
We have added new security features that can be optionally implemented
by the Mun-Ease administrator. If the administrator restricts
a user to only reporting functions and the user has purchased
modules in addition to the stand-alone reporting module, then
the user is allowed to run reports within the modules that he
has purchased. However, the user is restricted from the update
functions of the modules that he has purchased.
We corrected the spreadsheet interface for loading bond transactions.
Previously call information was not loaded from the spreadsheet.
We changed the default location for the databases in the BDE
version so that it does not exceed 30 characters. Background:
The Mun-Ease interface with Crystal Reports requires that we pass
the folder path to Crystal through DDE (dynamic data exchange).
Crystal limits the length of the path to 80 characters. Also the
utility that we use to backup the database to a zip file limits
the path to 30 characters. Note that these length limitations
apply only in the BDE version and not the SQL Server version.
(The SQL Server version of Mun-Ease uses UDL file connection strings
which can store path names of unlimited length.)
V. 13.25 (July, 2008)
We have changed the way line items for the other issuance costs
field are entered. Users now have the option of either entering
a fixed amount for each line item or entering a percentage of
par amount. Thus amount of the line item and the total of other
issuance costs are determined during the sizing process and not
during the input process. All of the line items are saved to a
refunding/sizing profile. (Sizing and Refunding modules).
We now provide a new option to users who are sizing a new-money
or refunding bond issue using an existing profile. Users can request
Mun-Ease to use the rate scale specified during data entry or
the rates that were saved in the profile from previous analysis.
(Sizing and Refunding modules).
We have added a new monthly accruals report (#105) that can be
used to book journal entries for the monthly accruals of current
interest and accretions of zero-coupon interest. We provided this
report at the request of users who are working with enterprise
funds. (Stand-Alone Reporting Module).
We have added new options for the calculation of letter of credit
(LOC) fees. LOC fees can now be calculated as a percentage of
outstanding debt or outstanding debt plus interest. Because LOC
fees for variable rate bonds are often calculated based on the
maximum interest rate allowed (the ceiling), we provide an option
to input an interest rate to be used in the calculation of the
LOC fees. Users can request the calculation of the LOC fee on
a 30/360, actual/actual, or actual/360 day basis. (Base, Sizing,
and Refunding modules).
We now provide an option to save all of the periodic fees to
a sizing or refunding profile. Previous versions only saved only
the first two periodic fees. (Sizing and Refunding modules).
When generating the debt service capacity / constraint report
on a combined basis, we now allow users to save the difference
between the combined debt service and capacity constraint to a
project. By saving this information to a project, users can easily
size a new issue that wraps the debt service of the new issue
around the debt service of existing issues. See prior section
in this newsletter for details. (Stand-Alone Reporting Module).
We've included a new version of BDE version of Mun-Ease. This
version will run in a "locked-down" environment. The
new BDE database has the same architecture as our SQL Server version.
(In other words, the database tables, data fields, and the field
sizes are the exactly the same in both versions. (All Modules).
Importing Coupon Rates - We added a routine to initialize coupon
rates for all 40 years even if the rate scale to be imported does
not contain rates for certain years. Background: The rate scales
in the Wall Street Journal do not display rates for all the years
after year 20. (Base Module).
We enhanced the rounding routines in the sizing module. We also
eliminated a disk IO error message that occurs when a user is
resizing a bond issue using a bond ID that currently exists. (Sizing
Module).
We corrected a bug that occurs when a user attempts to merge two
or more variable rate bond issues into a single bond issue. (Base
Module).
We corrected a bug in the combined indebtedness report. The accruals
and accretions were not computed correctly if the report date
occurred within a bond's initial stub period. (Stand-Alone Reporting
Module).
We provide a new option to disable the database browse window
that the SQL Server version displays at startup. We also provide
another option to disable the backup reminder that Mun-Ease displays
when you exit Mun-Ease. Both options can be disabled by clicking
on the User Ops speed button below the main menu. (All modules
- SQL Server version).
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Miscellaneous Downloads
Maintenance & Support Agreement
Class Registration Form
Updates to USB Key Driver
Click
here to download the latest drivers for the USB key from the
Safenet Website.
Background: Safenet has issued an important update to their
USB key drivers. This link transfers you to a page on their
web site that explains the changes to their drivers. Click on
the download drivers link after being transferred to
their web page.
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