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Level Debt Service |
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Level debt service A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier. Level Debt Service A provision in many city and other local government charters stating that debt payments must be relatively equal from year to year. This allows the municipality to make revenue projections more easily, but may impose constraints on municipal bond issues. See also: Debt ceiling. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The series 2007 COPs are structured as 30-year COPs with level debt service and a 10-year par call. These features include: the bonds' level debt service structure and short, 20-year life; the additional liquidity provided by minimum fund balance levels (equal to maximum annual debt service [MADS]); and a pledge to refill reserve draws from legally available funds of the 22nd District Agricultural Association (the district), a state entity which owns and operates the 410-acre Del Mar Fairgrounds facility. Concern for the narrow revenue source is mitigated by the substantial cushion between current fee revenues and projected MADS, conservative revenue growth assumptions that are part of the biannual state forecasting, and level debt service. |
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