Industrial Development Revenue Bond

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Industrial Development Revenue Bond

A municipal bond in which a local government entity is seeking to raise money for a private company. A municipality issues an IDRB when it wishes to attract a business and the jobs in brings to the area, especially when the business may be otherwise unable to obtain financing for the project.
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The reoffered IDRBs will be the tax-exempt, fixed-rate, senior unsecured obligations of TEP.
Since their original issuance on June 1, 2008, interest on the IDRBs has been reset on a weekly basis.
Santa Cruz Industrial Development Authority (AZ) IDRB series 1985;
Northampton County Industrial Development Authority (PA) IDRB series 1985;
The credit facility, which backed TEP's $130 million of Pima County tax-exempt IDRBs, was terminated and the bonds converted from secured variable- to unsecured fixed-rate mode with a 5.