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Form 14246 (5-2011) Advance Refunding Bonds Compliance Check Questionnaire

Form 14246 (5-2011) Advance Refunding Bonds Compliance Check Questionnaire-2025

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The document is a compliance check questionnaire from the Internal Revenue Service (IRS) regarding Advance Refunding Bonds. It seeks information on the entity's current debt management policies, procedures for ensuring compliance with federal tax requirements, arbitrage yield restrictions, record retention practices, and awareness of voluntary compliance options. The questionnaire includes various sections that require detailed responses about internal processes related to bond transactions and tax-exempt status.

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What happens when a bond is refunded?

Municipalities typically use advance refunding to lower borrowing costs and to take advantage of lower interest rates. Advance refunding can also refer to a bond issuance in which new bonds sell at a lower rate than the outstanding ones.

Why would a bond issuer decide to issue an advance refunding bond?

A refunding is a means by which previously issued debt is retired or refinanced with an issue of bonds or other obligations whose proceeds are used to pay the principal, interest and any redemption premium for prior bonds.

What is advance refunding municipal bonds?

If the proceeds of an issue of refunding bonds are deposited in some sort of fund (typically referred to as an escrow fund) for more than 90 days, before being expended to refund any portion of the refunded bonds, then the bonds are advance refunding bonds.

What does it mean if a bond is pre-refunded?

Pre-refunding bonds are typically issued by municipalities, and are secured by high-credit quality investments. The new bonds are known as refunding bonds, and their proceeds are used to pay off the older bonds, referred to as refunded bonds.

What are the benefits of a municipal bond advance refunding?

Refunding bonds are issued to refinance a prior issue of bonds at a new lower borrowing rate and/or under a new financing structure. Refunding bonds are typically issued to achieve debt service savings on outstanding bonds.