Revenue Anticipation Note (RAN)

A short-term municipal debt issue that will be repaid with anticipated revenues, such as sales taxes, from the project.

Revenue Anticipation Note

A municipal bond, with a maturity of one year or less, that is repaid to bondholders with expected revenues from the project the RAN intends to finance. For example, a city may issue an RAN to finance improvements to the local museum. It expects to be able to pay back the bond with money raised on increased ticket sales at the museum after improvements are completed.

revenue anticipation note (RAN)

A short-term municipal obligation with repayment to be made from a revenue source other than taxes.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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References in periodicals archive

17 August 2010 - S&P on Monday assigned its SP-1+ short-term rating to the State of Texas' series 2010 USD7.8bn(EUR6.1bn) tax and revenue anticipation notes (TRANs).

S&P rates Texas' series 2010 TRANs at SP-1+

The report noted that Fitchburg has done short-term borrowing using revenue anticipation notes - in effect, advances on expected revenues from the state.

Fitchburg bond rating falls 2 levels; One notch above `junk'

The most common and straightforward method of temporary cashflow financing is the public issuance of tax anticipation notes or revenue anticipation notes. In difficult circumstances, the issue may be feasible only if it can be privately placed.

Managing budgetary pressure during economic downturns. (Forum)

New York: Fitch Ratings has assigned an 'F1+' rating to the following state of Texas tax and revenue anticipation notes (TRANs):

Fitch Rates Texas' $7.2B Series 2018 TRANS 'F1+'

23 June 2010 - S&P on Tuesday gave its SP-1+ short-term rating to San Diego Unified School District, California's USD235m (EUR190m) 2010-2011 tax and revenue anticipation notes (TRANs), series A.

S&P assigns SP-1+ short-term rating to San Diego Sch District's 2010-2011 notes

These include an issuer's policies regarding off balance sheet financings like certificates of participation or lease debt, as well as bond anticipation notes, tax and revenue anticipation notes, and variable-rate demand notes.

Impact of Management Practices on Municipal Credit

State aid may also be intercepted by the state comptroller if the district is late in making required payments to fund local charter schools ($77.5 million in fiscal 2018) and for the purpose of repaying outstanding district revenue anticipation notes (RANs).

Fitch Rates Monroe County IDA, NY's $199.6MM School Facility Rev Bonds 'AA'; Outlook Stable

19 March 2010- S&P on Thursday gave its SP-1+ short-term rating to the Metropolitan Transportation Authority, New York's USD475m (EUR348.5m) revenue anticipation notes (RANs), series 2010.

S&P rates Metropolitan Transportation Authority's series 2010 RANs at SP-1+

To set the context for a financing strategy, the plan describes the various financing vehicles legally available and discusses how they can best be used: general obligation bonds, revenue bonds, commercial paper, revenue anticipation notes, certificates of participation, an asset financing corporation, pay-as-you-go construction, and lease revenue bonds.

Stable financing for a stable water supply

Securities and Exchange Commission, assigned an 'F1+' rating to the City of Houston, Texas' (the city) $225 million tax and revenue anticipation notes (TRANs), series 2018.

Fitch Ratings assigns 'F1+' rating to City of Houston, Texas' notes