WASHINGTON - Municipal issuers may be able to bid on their auction-rate securities under certain circumstances, but it is unclear if such moves will violate securities law, according to a notice written by  two members of the National Association of Bond Lawyers that was sent to NABL members late Wednesday.

The eight-page notice, written in a question-and-answer format meant to lay out the existing tax and securities legal framework, details concerns NABL members have raised in light of the turmoil in the auction-rate securities market. But it suggests that the municipal market is still unclear on some crucial issues and is eagerly awaiting guidance from the Securities and Exchange Commission.

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