Specifically, the new statement requires that, for current refundings
and advance refundings
resulting in debt defeasance reported by proprietary activities, the difference between the reacquisition price and the net carrying amount of the old debt be deferred and amortized as a component of interest expense in a systematic and rational manner over the remaining life of either the old or new debt, whichever is shorter.
This article discusses current and advance refundings
and explains the mechanics of refundings
5 million taxable general obligation (GO) refunding
bonds, series 2006, maturing 2006-2019.
Put in technical language, the proposed statement requires that, for current and advance refundings
resulting in debt defeasance reported by proprietary activities, the difference between the reacquisition price and the net carrying amount of the old debt be deferred and amortized.
154,475,000 Orange County, California refunding
recovery bonds 2005 series A;
COPs 2005 series A (Administration Building Project);
Fitch Ratings assigns an underlying 'AA-' rating to approximately $261,700,000 Triborough Bridge and Tunnel Authority, NY (TBTA or the authority) subordinate revenue variable-rate refunding
bonds, series 2002D that include approximately $65,000,000 in subseries 2002 D-1, $65,000,000 subseries 2002D-2 and $131,700,000 subseries 2002D-3 bonds.
15 billion Triborough Bridge and Tunnel Authority, NY (TBTA or the authority) general revenue (senior) refunding
bonds, series 2002B that are scheduled to sell on or about Sept.
4 million refunding
revenue bond offering, saving the district's ratepayers $17.
McGladrey & Pullen verified the mathematical accuracy of schedules provided to them by UBS Financial Services, underwriter for the refunding
bonds, indicating the sufficiency of escrowed funds to pay remaining debt service obligations and redemption prices of the refunded bonds.
The 'A' rating on Clay County Utility Authority's refunding
revenue bonds is based on solid debt service coverage by pledged revenues, the county's strong prospects for continued growth, adequate capacity of the system, rapid debt amortization, below average legal provisions, and volatile liquidity.
Fitch assigns its 'AA' rating to approximately $25,000,000 limited tax general obligation parking bonds, series 2002A, $19,200,000 limited tax general obligation sewer refunding
bonds, series 2002B, $4,315,000 limited tax general obligation fire refunding
bonds, series 2002C, and $5,010,000 limited tax general obligation transportation refunding
bonds, series 2002D.