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additional bonds test

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Additional bonds test
A test for ensuring that bond issuers can meet the debt service requirements of issuing any new additional bonds.
additional bonds test
A financial standard that must be met before issuing bonds that use as security revenues or assets already pledged for outstanding bonds.


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This proposal is made in conjunction with a proposed expansion of the state property tax relief program; the change would increase the amount of PIT receipts flowing to the revenue bond tax fund, out of which debt service is paid and based on which the additional bonds test is calculated.
Fitch Rates $357MM New York State ESDC Income Tax Bonds 'AA-' by Business Wire
These tests include an additional bonds test that requires both 3.
Fitch Rates Akron, Ohio's $165MM Income Tax Rfdg Bonds 'A+'; Outlook ... by Business Wire
Federal reimbursements, a pledged revenue source, have supported large portions of debt service for prior bond programs, but conservatively are not included in the additional bonds test or coverage calculations.
Fitch Rates State of Nevada's $190.82MM Highway Bonds 'AA' by Business Wire
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