Tax-Exempt Commercial Paper


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Tax-Exempt Commercial Paper

A short-term, unsecured loan issued by an organization that provides exemption from at least some taxes on its yield. Universities are the most common issuers of tax-exempt commercial papers; they do so with the permission of the government, which wants to help the universities fund their operations without directly injecting cash. Like other commercial papers, tax-exempt commercial papers are rarely for a term longer than a few months and they are usually issued at a discount. They are usually issued to cover short-term liabilities.
References in periodicals archive ?
In addition, Basin has a $130 million credit facility with CFC to provide specific support for the tax-exempt commercial paper program.
The bonds are expected to sell via negotiation in early May and will refund Transmission Services Corporation's (TSC) outstanding tax-exempt commercial paper, with a small amount of new money for its construction fund.
Proceeds of the bonds, which are expected to price via negotiated sale the week of April 5th, will refinance approximately $131 million of outstanding tax-exempt commercial paper notes and fund various capital plan projects.
650 million ($300 million) taxable and ($350 million) tax-exempt commercial paper (CP) program (approximately $201.
122 million in outstanding LCRA tax-exempt commercial paper at 'F1+';
Project One subordinated bond proceeds will be used to (1) finance certain capital improvements to Project One, (2) refund certain tax-exempt commercial paper notes issued for Project One, (3) fund some capitalized interest on the project one bonds and (4) pay the costs of issuance.
1 billion of outstanding parity RFS bonds and the 'F1+' rating on TAMUS' tax-exempt commercial paper (CP) program authorized in a maximum amount of $300 million.