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Municipal Securities
S7M5
5
Finance
Professional
10/04/2012
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Term
Net Direct Debt
 Definition
(old debt + newly proposed debt) ÷ city population

aka no overlapping debt
Term
Net Debt
 Definition
(old debt + new debt + overlapping debt) ÷ city population
Term
Gross Revenues Pledge
 Definition
total revenues ÷ debt service
Term
Net Revenues Pledge
 Definition
(total revenues - maintenance) ÷ debt service
Term
Taxable Bond Yield
 Definition
Municipal Bond Yield ÷ (100% - Tax Bracket%)
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