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14 Cards in this Set
- Front
- Back
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Annuity Serial Bonds |
Bonds for which the amount of annual principal repayments is scheduled to increase each year by approximately the same amount that interest payments decrease |
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Debt Limit |
The maximum amount of gross or net debt that is legally permitted |
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Debt Margin |
The difference between the amount of the debt limit and the net amount of outstanding indebtedness subject to the limiation |
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Deferred Serial Bonds |
Serial bonds in which the first installment does not fall due for two or more years from the date of issue |
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Fair Value |
The amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale |
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General Long Term Liabilities |
Long term debt legally payable from general revenues and backed by the full faith and credit of a governmental entity |
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In-Substance Defeasance |
A transaction in which low risk U.S. government securities are placed into an irrevocable trust for the benefit of debt-holders, and the liability for the debt is removed from the accounts of the entity even though the debt has not been repaid. |
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Irregular Serial Bonds |
Bonds payable in which the total principal is repayable, but the repayment plan does not fit the definitions of regular serial bonds, deferred serial bonds, or term bonds |
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Legal Defeasance |
A transaction in which debt is legally satisfied based on certain provisions in the debt instrument (e.g., third-party guarantor assumes the debt) even though the debt has not been repaid. |
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Overlapping Debt |
The proportionate share of the debt of local governments located wholly or in part within the limits of the government reporting entity that must be borne by property within each government. |
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Pollution Remediation Obligations |
Obligations that arise from responsibilities related to the cleanup of hazardous waste resulting from existing pollution |
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Refunding Bonds |
Bonds issued to retire bonds already outstanding. These bonds may be sold for cash and outstanding bonds redeemed in cash, or the bonds may be exchanged with holders of outstanding bonds. |
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Regular Serial Bonds |
Bonds payable in which the total principal is repayable in a specified number of equal annual installments |
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Term Bonds |
Bonds the entire principal of which matures on one date |
