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Muni Bonds 2.0

Additional Bonds

QuestionAnswer
G.O. bonds that is limited as to rate or amount. limited tax
G.O. secured by a pledge of ad valorem taxes that are NOT limited in rate or amount. unlimited tax
Source of payment: generally payable from the projects' revenue revenue bonds
Notes issued in anticipation of future tax receipts, such as receipts of ad valorem taxes that are due and payable at a set time of year. Tax Anticipation Notes (TAN)
Notes issued in anticipation of receiving future tax receipts and revenues at a future date. Tax and Revenue Anticipation Notes (TRAN)
Notes issued by a governmental unit, usually for capital projects, that are paid from the proceeds of the issuance of long-term bonds. Bond Anticipation Notes (BAN)
Notes issued in anticipation of receving revenues at a future date. Revenue Anticipation Notes (RAN)
Floating rate obligations that have a nominal long-term maturity but have a coupon rate that is reset periodically. The investor has the ooption to put the issue back to the trustee or tender agent at any time with specified notice. Variable Rate Demand Obligation (VRDO, or multi-modal)
Notes issued on the expectation of receiving grant monies, usually from the federal government. The notes are payable from the grant funds, when received. Grant Anticipation Notes (GAN)
Notes issued to fund construction of projects (typically housing projects). They are repaid by the permanent financing, which may be provided from bond proceeds or some pre-arranged commitment, such as a GNMA takeout. Construction Loan Notes (CLN)
A security that has been registered as to both principal and interest. Fully registered
A security that is not available for purchase in physical form. Book entry
Functions of a bond attorney: Make markets Position trading
To charge fees sufficient to provide required pledged revenues Rate Covenant
To promise to carry insurance for the project Insurance Covenant
To operate and maintain the project Operation and maintenance covenant
A fund in which specified revenues are initially placed and from which the moneys for all other funds are drawn Revenue Fund
Monies are placed in reserve to be used to pay debt service if pledged revenues are insufficient to satisfy the debt service requirements. Debt Service Reserve
After Tay Yield Formula Taxable Yield X 100%-Marginal Tax Bracket
Created by: swalmurph2