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REMARKETING CIRCULAR Upon the initial issuance of the Variable Rate Demand Bonds, Bond Counsel rende

REMARKETING CIRCULAR Upon the initial issuance of the Variable Rate Demand Bonds, Bond Counsel rende 2025

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The document is a Remarketing Circular for the Vermont Housing Finance Agency's Variable Rate Demand Bonds, specifically the Series 21A Bonds. It outlines the tax-exempt status of the bonds, details about their issuance, interest rates, and payment structures. The bonds are secured by revenues from mortgage loans and other assets of the Agency. The document also discusses the liquidity facility provided by TD Bank, N.A., which ensures that bondholders can sell their bonds on demand. Additionally, it includes information on the Agency's financial performance, management structure, and compliance with federal tax regulations regarding housing finance.

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What are variable-rate demand bonds?

Variable-rate demand notes are municipal bonds with a floating interest rate, allowing city and state governments to borrow money over long periods of time. Most investors can access these securities through money market and municipal bond funds.

Which of the following does a variable-rate demand obligation (VRDO) offer to investors that an auction rate security (ARS) does not?

VRDO holders can put bonds back to the issuer. VRDO issuers can call bonds at par on any interest payment date. ARS holders do not have the right to put their securities back to the issuer but they can sell them at any auction, if there are buyers.

Is Investing in the bond market good or bad?

Although they may not necessarily provide the biggest returns, bonds are considered a reliable investment tool. Thats because they are known to provide regular income. But they are also considered to be a stable and sound way to invest your money. That doesnt mean they dont come with their own risks.

What is a bond remarketing?

In a remarketing, which is usually conducted much like a typical registered offering, an issuer engages a bank or broker dealer to act as a remarketing agent to help sell or remarket the issuers debt securities (e.g., notes, debentures or bonds) that underly its previously issued two-tiered securities.

What is a remarketing agent?

Remarketing Agent is a municipal securities dealer selected by issuers to set the interest rate for a variable rate issue and typically is responsible for reselling to investors securities that have been tendered for purchase by their owner. Remarketing agents are paid by the issuer to perform these services.

What is a remarketing fee?

Noun. A fee charged for selling or re-leasing a leased asset to another party upon termination of the original lease. 2024-09-11T14:16:11+02:00.

What are tax exempt variable-rate demand obligations?

VRDOs are tax-exempt debt securities issued by municipalities to secure long-term financing (typically for 20 to 30 years) but at short-term rates. VRDOs trade as short-term municipal money market securities with zero duration.