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MSB AC 330 XM2

MSB GovNFP Unit 8

QuestionAnswer
Tax supported debt Bonds and other enterprise funds issued with covenant
Pollution Remediation Obligations responsibilities related to cleanup of hazardous wasters or hazardous substances resulting from existing pollution
5 types of Pollution Remediation Obligations that require a liability 1)imminent endangerment to public health2)a violation of a pollution permit 3)gov't is named as a responsible party to a remediation 4)gov't named in a lawsuit requiring its participation in a remediation 5)gov't obligates itself to commence remedition
debt margin (borrowing power) difference between the amount of debt limit calculations prescribed by law and the net amount of outstanding indebtness subject to limitation (net amount may differ from total outstanding because some debt may be exempt by law)
debt limit total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time
overlapping debt when a debt is subject at any given time to assessments for payments of taxes or to retire bonds issued by 2 or more governments
Debt Service fund used on for debt service activities related to general long-term liabilities- used for bond liabilities, service debts arising form the use of notes or warrants, maybe used to make periodic payments required by a capital lease
deferred serial bonds bonds whose 1st installment is delayed for a period of more than one year after the debt issue, but after installments are due on a regular basis
term bond mature in their entirety on a given date instead of in installments
legal defeasance debt is legally satisfied based on certain provisions in the debt instrument, even though debt in not actually paid
in-substance defeasance when debt is considered settled for accounting and financial reporting purpose even though legal defeasance
Created by: RachelSwanson
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