METHOD AND SYSTEM FOR AN ASSET-BACKED COMMERCIAL PAPER CONDUIT

1 . A method comprising:

issuing commercial paper backed by a receipt corresponding to a partnership share in a trust holding one or more municipal bonds; wherein a market value of the commercial paper corresponds to a market value of the receipt, and wherein a control right of the commercial paper substantially corresponds to a control right of the receipt;

receiving payment for the commercial paper; and

purchasing the receipt.

2 . The method of claim 1 wherein the control right comprises a right to veto an acquisition of the one or more municipal bonds.

3 . The method of claim 1 wherein the control right comprises a right to veto a sale of the one or more municipal bonds.

4 . The method of claim 1 wherein the control right comprises a right to direct an acquisition of the one or more municipal bonds.

5 . The method of claim 1 wherein the control right comprises a right to direct a sale of the one or more municipal bonds.

6 . The method of claim 1 wherein the commercial paper has a maturity term in common with the receipt.

7 . The method of claim 1 wherein the commercial paper has a rate substantially the same as a rate for the receipt.

8 . The method of claim 7 further comprising, at the end of the maturity term of the receipt, receiving a receipt distribution for the receipt.

9 . The method of claim 7 further comprising, at the end of the maturity term of the commercial paper, paying a commercial paper distribution to a holder of the commercial paper.

10 . The method of claim 8 wherein the receipt distribution comprises one of: tax-exempt income or a second receipt.

11 . The method of claim 9 wherein the commercial paper distribution comprises one of: tax-exempt income or a second commercial paper.

12 . A method comprising:

issuing a receipt comprising a partnership share of a trust holding one or more municipal bonds, wherein a market value of the receipt corresponds to a market value of the one or more municipal bonds, and wherein a provision of the receipt comprises a control right;

receiving payment for the receipt; and

purchasing the one or more municipal bonds.

13 . The method of claim 12 wherein the control right comprises a right to veto an acquisition of the one or more municipal bonds.

14 . The method of claim 12 wherein the control right comprises a right to veto a sale of the one or more municipal bonds.

15 . The method of claim 12 wherein the control right comprises a right to direct an acquisition of the one or more municipal bonds.

16 . The method of claim 12 wherein the control right comprises a right to direct a sale of the one or more municipal bonds.

17 . The method of claim 12 wherein the receipt provides collateral for backing commercial paper.

18 . The method of claim 12 further comprising paying a distribution for a matured receipt.

19 . The method of claim 18 wherein the distribution comprises tax-exempt income.

20 . The method of claim 18 wherein said step of paying comprises issuing a second receipt.

21 . The method of claim 18 wherein said step of paying a distribution is via a liquidity facility when proceeds of the one or more municipal bonds are insufficient.

22 . A receipt, the provisions of the receipt comprising:

a maturity term;

a specified rate;

a control right;

a purchase price of the receipt; wherein proceeds from a sale of the receipt are provided to a trust for purchasing one or more municipal bonds; and

a partnership interest in the trust;

wherein at the maturity term, a distribution according to the specified rate is paid to an owner of the receipt.

23 . The receipt of claim 22 wherein the control right comprises a right to veto an acquisition of the one or more municipal bonds.

24 . The receipt of claim 22 wherein the control right comprises a right to veto a sale of the one or more municipal bonds.

25 . The receipt of claim 22 wherein the control right comprises a right to direct an acquisition of the one or more municipal bonds.

26 . The receipt of claim 22 wherein the control right comprises a right to direct a sale of the one or more municipal bonds.

27 . The receipt of claim 22 wherein the distribution comprises tax-exempt income.

28 . The receipt of claim 22 wherein the distribution comprises a second receipt.

29 . An asset backed commercial paper, the provisions of the commercial paper comprising:

a maturity term;

a control right, the control right substantially corresponding to a control right of a receipt issued by a trust holding one or more municipal bonds, the receipt providing collateral for backing the commercial paper;

a purchase price of the commercial paper, the purchase price of the commercial paper corresponding to a market value of the receipt;

wherein proceeds of a sale of the commercial paper are used to purchase the receipt issued by the trust; and

wherein at the maturity term, a distribution based on the one or more municipal bonds is paid to an owner of the commercial paper.

30 . The commercial paper of claim 29 wherein the control right comprises a right to veto an acquisition of the one or more municipal bonds.

31 . The commercial paper of claim 29 wherein the control right comprises a right to veto a sale of the one or more municipal bonds.

32 . The commercial paper of claim 29 wherein the control right comprises a right to direct an acquisition of the one or more municipal bonds.

33 . The commercial paper of claim 29 wherein the control right comprises a right to direct a sale of the one or more municipal bonds.

34 . The commercial paper of claim 29 wherein the distribution comprises tax-exempt income.

35 . The commercial paper of claim 29 wherein the distribution comprises a second commercial paper.

36 . The commercial paper of claim 29 wherein the commercial paper has at least one provision in common with the receipt.