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How to use or fill out Form 14246 (5-2011) Advance Refunding Bonds Compliance Check Questionnaire
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Begin with Part I, where you will provide your entity's name and Employer Identification Number. Carefully check all applicable options regarding your current debt management policies.
Move to Part II, focusing on compliance procedures. Answer the questions about your review processes for bond transactions and ensure you attach any necessary documentation.
In Part III, detail your arbitrage yield restriction procedures. Be thorough in describing how you collect and review data related to these requirements.
Continue to Parts IV and V, where you'll outline issue price determination procedures and record retention practices. Ensure clarity in your responses for future reference.
Finally, complete Parts VI and VII by detailing post-issuance compliance procedures and awareness of voluntary compliance options. Sign and date the form before submission.
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When a municipality has an advance refunding, the bonds will be redeemed.?
An advance refunding occurs when the refunded bonds are redeemed more than 90 days from the date the refunding bonds are issued and an irrevocable escrow account is established to make payments until the call date of the bonds.
What is a refunding bond measure?
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuers interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
What is advance refunding 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 is the meaning of advance refund?
Advance refunding refers to the practice of taking the funds received from a new bond issuance to pay off a prior issues debt. This can only occur after 90 days have passed. The issue of the new bond is, usually, at a lower interest rate than the older, unpaid obligation.
Why would a bond issuer decide to issue an advanced refunding bond?
Advance refundings are done either to reduce an issuers debt service on outstanding bondsthe present value savings should be about 3%. Other refundings are done to remove restrictive bond covenants on outstanding or prior bonds such as rate charge covenants, additional bonds tests or mandatory expenditures.
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People also ask
What is a revenue refunding bond?
Understanding Refunded Bond By definition, the term refunding means refinancing another debt obligation. It is not unheard of for municipalities to issue new bonds in order to raise funds to retire existing bonds. The bonds which are issued to refund older bonds are called refunding bonds or pre-refunding bonds.
What is an advanced refund?
If youre expecting a tax refund and dont want to wait the weeks it may take the IRS to get it to you, many leading online tax-prep companies offer a tax refund advance loan, often without interest or fees.
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