A: Yes, you can complete the New Investor Application and Account Application forms online. However, you must print the form(s) for signature by the appropriate individuals. In order to invest in MSDLAF+, completed documents (including the Account Application, W-9 form, and Resolution for new investors) can be sent to MSDLAF+ either by fax (888) 535-0120 or mail at P.O. Box 11760, Harrisburg, PA 17108-1760.

A: Contact a Fund Representative. MSDLAF+ must be listed as a permitted investment in the bond documents. Before the closing date, return completed account application forms with bond documents (Official Statement, Non-Arbitrage Certificate, Closing Memorandum, Fund Indenture, Resolution) via mail or fax at (888) 535-0120. At closing, funds should be wired to MSDLAF+ before 2 p.m. Eastern Time; please notify us of the amount to be sent and the name of the bank sending the funds.

A: Arbitrage is the profit from investing tax-exempt debt financing proceeds in higher yielding taxable securities. These excess earnings must be rebated to the federal government unless certain exceptions are met. For further information on arbitrage, go to Investor Resources.

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: Before wiring funds, you must first complete all necessary documentation to open a MSDLAF+ account. (See How To Invest .) When the account is opened, please contact MSDLAF+ at 1-888-4-MSDLAF and provide the amount to be invested and the name of the bank sending the funds. Funds should be wired to MSDLAF+ before 2 p.m. Eastern Time. Detailed instructions on funds transfer can be found in the MSDLAF+ Information Statement.

A: An Investor may withdraw funds from their account by either (1) initiating a requisition for a wire transfer or ACH transfer online, (2) telephoning 1-888-4-MSDLAF, or (3) writing a check to a third party (if you have a MSDLAF+ checking account). Detailed instructions on funds transfer can be found in the MSDLAF+ Information Statement.

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.

A. View your account information online or contact a Fund Representative at 1-888-4-MSDLAF.

A. Account information is available through the Account Access on this website. If you are a first time user, please submit a Contact Record and Permissions Form. Once received by the Fund, please allow two business days for setup and then you may begin accessing your account information.

A: You will need to provide MSDLAF+ with written notification of the change on your school district’s letterhead signed by an authorized individual. Please note in the letter that this is an update and MSDLAF+ should amend its current instructions with regard this account.