Term
| Municipality may incur debt to pay for ___ |
|
Definition
|
|
Term
| Capital Budget/Improvement plan must be preparted for ___ years for a municipality whose population is less than 10,000 |
|
Definition
|
|
Term
| Capital budget/capital plan must be prepared for 6 years for a municipalit whose populatin is greater than _____ |
|
Definition
|
|
Term
| T or F - If the project is not contained in the capital budget, the capital budget needs to be amended |
|
Definition
|
|
Term
| Minimum Period of Useful Life |
|
Definition
|
|
Term
| Maximum Period of Useful life |
|
Definition
|
|
Term
| N.J.S.A 40A: 2-22 assigns |
|
Definition
|
|
Term
| What are three exemptios to debt limitations? |
|
Definition
1. Fire, flood or other disaster
2. to fund, renew, extend or retire notes issued
3. Public Health and welfare |
|
|
Term
| Annual Debt STatement is due ___ for CY and ___ for SFY |
|
Definition
|
|
Term
| Gross Debt - Deductions = Net Debt is the equation for |
|
Definition
|
|
Term
| Every time a municipality issues a new bond ordinance a ______ statement must be prepared |
|
Definition
|
|
Term
| The local Finance Board is made up of how many people |
|
Definition
| 7 members and the director |
|
|
Term
| What does the Local Finance Board do |
|
Definition
| rulemakeing ad govering body of the DlGS. They hear ethics matters |
|
|
Term
| How does a capital lease work |
|
Definition
| you provide debt service payments and once done with payments you can purchase the itme for $1 |
|
|
Term
| Tax Appeal/Anticipation Notes (TAN)_____ the cap |
|
Definition
|
|
Term
| TANs are for ___ years and ___ is to be appropriated each year |
|
Definition
|
|
Term
|
Definition
|
|
Term
| T or F - Bans cannot exceed more than 1 year in length. They can be renewed annually for up to 3 years in length. They can be renewed for up to 10 years |
|
Definition
| F - They can only be renewed for up to 1 year in length NOT 3 years |
|
|
Term
| BANS are due in whole remaining on the ___ day of the ____ month following the close of the ___ fiscal year |
|
Definition
| first day of the fifth month, 10th year |
|
|
Term
| BANS must make the first leagally installment payment on the ___ anniversary |
|
Definition
|
|
Term
| BANS must be paid off by the ___ year |
|
Definition
|
|
Term
| The Computation of BAN payment is |
|
Definition
| BAN/(2X orgiginal useful life)-1 |
|
|
Term
|
Definition
| Debt, perminant financing |
|
|
Term
| You can ask the ____ for a waiver of the 5% down payment for a Bond |
|
Definition
|
|
Term
| What are ther 4 places you can get your 5% downpayment |
|
Definition
1. Capital Improvement Fund Anticipated in Budget
2. Reserve for Downpayment
3. Emergency appropriation
4. Developers Contribution |
|
|
Term
| T or F - you can use your FB for the 5% downpayment for a bond |
|
Definition
|
|
Term
| T of F - If a utility is self-liquidating, the debt is not added into the municipality's net debt, when calculating the local unit's debt percentage. |
|
Definition
|
|
Term
| Without amending the ordiance you can move money form ___cost to ____ cost |
|
Definition
|
|
Term
| You can not move money from Hard cost to soft cost without amending the _____ |
|
Definition
|
|
Term
| Contents of bond Ordinance (Essay Question) 8 itmes |
|
Definition
1. Authorization to issue obligations (Debt)
2. Purpose or multipurpose
3. Maximum amount of Debt to be issued
4. Estimated Cost of Project
5. Period of usefulness or Average period of usefulness if more than one item. Can only be between 5 to 40 years in length
6. Supplemental Debt Statement to be filed at time of introduction 2 copies
7. Increase % of gross Debt
8. Section 20 Costs - Soft Costs - Cost of improvements, Architects and Accounting fees, Engineering and inspection, legal expenses, Costs of authorizing, costs of selling and issuing obligations, preliminary planning costs and test and survey expense |
|
|
Term
| How often is the interest for bonds paid |
|
Definition
|
|
Term
| How offten is the principal for bonds paid |
|
Definition
|
|
Term
| Is the bond sale public or private |
|
Definition
|
|
Term
| Is the BAN sale public or private |
|
Definition
|
|
Term
|
Definition
| Nationally Recognized Municipal Security Information Repositories |
|
|
Term
|
Definition
| A website tht gathers annual financial info and will distribute to the NRMSIRS |
|
|
Term
| What are the 11 Material Events |
|
Definition
1. Principal and interest payment delinquencies
2. Non-payment related defaults
3. unscheduled draws on debt service reserves reflecting financial difficulties
4. Unscheduled draws on credit enhancements reflecting financial difficulties
5. Substitution of credit or liquidity providers, or their failure to perform
6. Adverse tax opinions or events affecting the tax-expemt status of the security
7. Modifications to rights of security holders
8. Bond Calls
9. Defeasances, refunding debt
10. release, substitution, or sale of property securing repayment of the securities,
11. Rating Changes |
|
|
Term
| 5 Key Factors for ratings |
|
Definition
1. financial Performance
2. Debt Factors
3. Legal Structure
4. Economy
5. Management |
|
|
Term
| What does SEC Rule 15c 2-12 require? |
|
Definition
| That entities that issued debt after 7/3/95 distribute financial data and disclose all "material events" to the bond markets |
|
|
Term
| What must be included in the Bond ordinance notice of its introduction> |
|
Definition
| the date, time, and place of a hearing and further consideration for final passage |
|
|
Term
| Bond ordinance hearing for final passage must be at least __ days after the introduction and first reading |
|
Definition
|
|
Term
| the bond ordinance publication for further consideration must be at least ____ prior to the date of further consideration. |
|
Definition
|
|
