An independent consultant and former Wall Street  investment banker is spearheading an effort to introduce a new tax credit structure to the municipal market modeled as an alternative to traditional bond insurance - but without the third party risk.

Paul Fennell, owner of Fennell Advisory LLC in Scottsdale, Ariz., is in the publishing stage of the patent process with the United States Patent and Trademark Office to establish the new product, called Tax Offset Municipal Securities, or TOMS.

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