Project notes


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Project notes (PN)

Notes issued by municipalities to finance federally sponsored programs in urban renewal and housing and guaranteed by the U.S. Department of Housing and Urban Development.

Project Note

A short-term debt security issued by a municipality, usually in order to finance a federally-sponsored real estate or urban renewal project. When project notes are issued for this purpose, they are guaranteed by the U.S. Department of Housing and Urban Development. These are considered very low-risk bonds, and help the issuer cover the costs of a project while also avoiding taking on long-term debt.
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The commission was established in 1997 as an independent agency and constituted authority of Kentucky, authorized to issue tax and revenue anticipation notes, project notes, and funding notes for authorized projects and repaid through financing agreements.
The current ratings of the Express project notes continue to be supported by: 1) the strategic position of the Express System as the dominant crude oil pipeline into the US Rocky Mountain region combined with the gradual ramp-up of crude oil exports from Western Canada; 2) approximately 67% of Express' current throughput capacity is contracted under existing TSA's with a well-diversified crude shipper group that has a blended credit quality ranging from high-A to low-BBB; and 3) EnCana's continued involvement as a principal contractual offtaker.
The current ratings of the Express project notes continue to be supported by: 1) the strategic position of the Express System as the dominant crude oil pipeline into the Rocky Mountain region; 2) EnCana continues as one of the long-term contractual offtakers, which Fitch views as a credit positive; 3) the holders of the Express project notes benefit from a dual principal amortization schedule that essentially provides a two-year grace period on repayment of principal under the slower 'rated' amortization, which provides protection against legal payment default.
While Express has covered all its scheduled debt service payments on both the senior and subordinated project notes, the project's total debt service cushion has declined by over 20% below original financial projections.
Project Arena's mobile solution enables Internet access to its software with wireless devices such as mobile phones and personal digital assistants (PDAs), linking users to team contact information, timesheets, and other key application components such as snapshot reports, profiles, and project notes.
Since the additional debt was incurred without prior consent of existing noteholders, the project was in technical default of the terms of the existing project notes.
Since this additional debt was incurred without the prior consent of the noteholders, the project is not in compliance with the loan covenants of its existing project notes.
In addition to providing a cash-flow borrowing program for the commonwealth to offset seasonal imbalances, which historically had been met through inter-fund borrowings, the commission is also empowered to issue short-term project notes up to 10 years for capital construction, and to issue judgement notes with a five-year maturity, separately secured but not intended.