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6 Cards in this Set
- Front
- Back
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Public housing authority bonds(PHA)
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interest and principal is paid from rents collected. Theses rents are guaranteed by HUD and therefor backed by the US GOVT.
-Safest muni |
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Special assessment bonds
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Principal and int are payable from an assessment on the benefited property
-Assessment could be collected from the use of sewers, lighting or electricity |
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Lease rental
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AKA Lease revenue/Leaseback bonds
-A municipality will form an authority to sell bonds and construct a facility(courhouse). The aouthority the leases the facility back to the city and the LEASE is what secures the bond. |
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Industrial Developement bonds
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A municipality will issue bonds ON BEHALF OF a company. Interest and princ is payable SOLELY BY THE COMPANY.Substantial users(those working for the corporation) may be taxed on interest if they buy bonds
*very risky |
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Moral obligation bonds
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Issues by muni's in bankruptcy or close to. Payment of interest and principle is not a legal obligation of the state or municipality. If the authority cannot pay, state legislative appropriations would be required.
*very risky |
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Build America Bonds(BABS)
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Taxable muni bonds for infrastructure rebuilding
-Cannot be used to refinance o/s debt -Interest is fully taxable -35% of interest paid by muni is reimbursed by govt or muni may take a tax credit = to 35% -Expands the market for muni bonds to pension plans and foreign investors |
