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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NEW YORK -- The rating action referenced in Fitch Ratings' June 14, 2012, press release ('Fitch to Take Various Actions on Clark Cnty, NV IDRBs (Southwest Gas Corp Proj) Ser 03A'), goes into effect today.
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.
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.
Upon completion of the planned $130 million IDRB reoffering, TEP's $132 million LOC facility will terminate.
The organizations he has worked with have raised an estimated $250 million in equity, senior debt, mezzanine financing and IDRBs.
6 million Maricopa County Industrial Development Authority (AZ) IDRB series 1995.
Mohave County Industrial Development Authority (AZ) IDRB series 1985
Santa Cruz Industrial Development Authority (AZ) IDRB series 1985;
Northampton County Industrial Development Authority (PA) IDRB series 1985;
Illinois Development Finance Authority (IL) IDRB series 1985;