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California Debt Financing Guide

This interactive Debt Financing Guide offers a new approach to understanding the responsibilities and obligations of issuers and the elected and appointed officials who are ultimately accountable for the use of debt financing by their agency.
  • California Debt and Investment Advisory Commission
    • Contents
    • Home
    • Preface
      • What Information Does the Guide Include?
      • How To Use the Guide?
      • Acknowledgements
      • Note to Our Readers
    • Introduction
      • i.1 Understand Your Public Agency
        • i.1.1 Who Are You and What Do You Want To Be?
        • i.1.2 What Is Mission Failure for Your Agency?
        • i.1.3 What Is the Agency’s Tolerance for Risk?
        • i.1.4 Do Projects Conform to the Agency’s Mission and Risk Tolerance?
          • i.1.4.1 Strategic Planning
          • i.1.4.2 Capital Improvement Planning and Capital Improvement Budgeting
          • i.1.4.3 Understand the Difference between Funding and Financing
      • i.2 Decide Whether Debt Financing Is Appropriate For Your Agency
        • i.2.1 Decision #1 – What is the right source of funding?
        • i.2.2 Decision #2 – What is the right source of financing?
          • i.2.2.1 When should a public agency consider PAYGO?
          • i.2.2.2 When should a public agency consider debt?
        • i.2.3 Decision #3 – Can the municipal market help the public agency meet its capital financing needs?
      • i.3 Apply The Appropriate Analysis To The Decision To Use Debt Financing
        • i.3.1 Understanding the Work Each Public Agency Must Commit to When Using Debt Financing
        • i.3.2 Legal Responsibilities of Issuers of Municipal Securities
          • i.3.2.1 Compliance with Municipal Securities Laws – Disclosure
          • i.3.2.2 Legal Responsibilities Under the Internal Revenue Code
          • i.3.2.3 Responsibilities of Elected and Appointed Officials
        • i.3.3 Financial Responsibilities
        • i.3.4 Organizational Responsibilities
      • i.4 Lead the Process of Issuing Your Debt
        • i.4.1 Financing Team
          • i.4.1.1 Pre-Issuance Phase
          • i.4.1.2 Issuance Phase
          • i.4.1.3 Post-Issuance Phase
        • i.4.2 Key Decisions Public Agencies Must Make when Selecting the Appropriate Debt Option
          • i.4.2.1 Decision #1 – Choose the funding source
          • i.4.2.2 Decision #2 – Choose a security package
          • i.4.2.3 Decision #3 – Select a term
          • i.4.2.4 Decision #4 – Select an interest rate type
          • i.4.2.5 Decision #5 – Understand what the agency commits to do in the future
          • i.4.2.6 Decision #6 – Decide whether the debt will be tax-exempt
          • i.4.2.7 Decision #7 – Evaluate municipal market opportunities to use debt financing
        • i.4.3 Steps Public Agencies Must Take to Use Debt Financing
        • i.4.4 Additional Legal Requirements – Internal Boards, Reporting to CDIAC, and Voter Approval
        • i.4.5 Issuing Tax-Exempt Debt
          • i.4.5.1 Requirement #1 – The debt must be issued by a qualified issuer
          • i.4.5.2 Requirement #2 – The debt must finance a qualifying project and satisfy ongoing requirements and limitations regarding the use of the project
          • i.4.5.3 Requirement #3 – Manage the arbitrage rules
          • i.4.5.4 Requirement #4 – Adhere to procedural and other rules
        • i.4.6 What Financing Options are Available?
      • i.5 Manage Your Debt After It Is Issued
        • i.5.1 Managing Your Agency’s Debt Financings
          • i.5.1.1 Debt Management Policies
          • i.5.1.2 Disclosure Policies
          • i.5.1.3 Investor Relations Policies
        • i.5.2 California Review and Reporting Requirements on Bonds
          • i.5.2.1 Proposition 39 General Obligation Bonds
          • i.5.2.2 Marks- and Mello-Roos Bonds
          • i.5.2.3 Conduit Issuer Reporting
          • i.5.2.4 Grand Juries
          • i.5.2.5 Reports to the California Debt and Investment Advisory Commission
    • Chapter 1. Legally Incurring Debt – State Law Restrictions on Public Agency Debt and Revenues
      • 1.1 A Public Agency’s Authority to Borrow
        • 1.1.1 Statutory Authority to Borrow
        • 1.1.2 General Bond Statutes
        • 1.1.3 Borrowing Authority of Charter Cities
      • 1.2 Constitutional Debt Limit
        • 1.2.1 Debt Limit
        • 1.2.2 Purpose of Debt Limit
        • 1.2.3 Scope of Debt Limit – When Does the Debt Limit Apply?
        • 1.2.4 Exceptions to the Debt Limit
          • 1.2.4.1 Current Fiscal Year Exception
          • 1.2.4.2 Annual Appropriation Exception
          • 1.2.4.3 Lease Exception (the “Offner-Dean Lease Exception”)
          • 1.2.4.4 Special Fund Exception
          • 1.2.4.5 Contingent Obligation Exception
          • 1.2.4.6 Obligations Imposed by Law Exception
      • 1.3 Common Strategies for Avoiding the Debt Limit
        • 1.3.1 Lease Revenue Bonds and Certificates of Participation
        • 1.3.2 Joint Powers Authorities
        • 1.3.3 Revenue Bonds
      • 1.4 Local Government Revenue Sources – Security for and Repayment of Debt
        • 1.4.1 Determining the Category of Revenues
        • 1.4.2 What Is a Tax?
        • 1.4.3 Ad Valorem Real Property Taxes
        • 1.4.4 Ad Valorem Real Property Taxes Securing Voter-Approved Obligations
          • 1.4.4.1 Pre-Proposition 13 Obligations
          • 1.4.4.2 Proposition 46 General Obligation Bonds
          • 1.4.4.3 Proposition 39 General Obligation Bonds
        • 1.4.5 General Taxes
        • 1.4.6 Special Taxes
        • 1.4.7 Assessments
        • 1.4.8 Fees and Charges
        • 1.4.9 Property-Related Fees and Charges
      • 1.5 Charter Cities
        • 1.5.1 Charter City Powers – Municipal Affairs vs. Statewide Concerns
        • 1.5.2 Charter City Financing
      • 1.6 The Initiative and Referendum Powers
        • 1.6.1 Initiative Power and its Impact on Debt
        • 1.6.2 Referendum Power and its Impact on Debt
      • 1.7 Historical Overview of Voter-Approved Limitations on Local Government Revenues
        • 1.7.1 Proposition 13 (1978), Jarvis-Gann Initiative
        • 1.7.2 Proposition 4 (1979), Gann Limit Initiative
        • 1.7.3 Proposition 46 (1986)
        • 1.7.4 Proposition 62 (1986), Voter Approval of Taxes Act
        • 1.7.5 Proposition 218 (1996), Right to Vote on Taxes Act
        • 1.7.6 Proposition 39 (2000), School Facilities Local Vote Act of 2000
        • 1.7.7 Proposition 26 (2010) Supermajority Vote To Pass New Taxes And Fees Act Or The Stop Hidden Taxes Initiative
    • Chapter 2. Debt Structures: What Factors Drive Structuring Decisions?
      • 2.1 Overview
      • 2.2 Structural Features Addressing How Debt Will Be Repaid
        • 2.2.1 Sources of Revenue and Security for Repayment
        • 2.2.2 Term and Interest Rate Mode
          • 2.2.2.1 Long-Term, Fixed-Rate Debt
          • 2.2.2.2 Short-Term Debt
          • 2.2.2.3 Variable-Rate Debt
      • 2.3 Structural Factors Addressing Risk and Investor Interests
        • 2.3.1 Redemption or Prepayment
          • 2.3.1.1 Mandatory Redemption
          • 2.3.1.2 Extraordinary Redemption
          • 2.3.1.3 Optional Redemption
        • 2.3.2 Credit Enhancement and Liquidity Support
          • 2.3.2.1 Bond Insurance
          • 2.3.2.2 Debt Service Reserve Fund Surety Bonds
          • 2.3.2.3 Letters of Credit
          • 2.3.2.4 Lines of Credit and Standby Bond Purchase Agreements
        • 2.3.3 Interest Rate Swaps and Synthetic Structures
      • 2.4 Other Common Document Provisions
        • 2.4.1 Application of Proceeds
        • 2.4.2 Source of Payment; Pledge
        • 2.4.3 Funds and Accounts; Flow of Funds
        • 2.4.4 Debt Service Reserve Fund
        • 2.4.5 Covenants
          • 2.4.5.1 Debt Covenants
          • 2.4.5.2 General Financial Covenants
          • 2.4.5.3 Property Covenants
          • 2.4.5.4 System Covenants
        • 2.4.6 Additional Debt
          • 2.4.6.1 Additional Debt Issued under Existing Bond Documents
          • 2.4.6.2 Additional Debt Payable from the Same Source
          • 2.4.6.3 Additional Debt Test Calculations
        • 2.4.7 Investments
        • 2.4.8 Events of Default and Remedies
          • 2.4.8.1 Events of Default
          • 2.4.8.2 Remedies
        • 2.4.9 Fiduciary Rights and Duties
        • 2.4.10 Discharge and Defeasance
        • 2.4.11 Amendments
          • 2.4.11.1 Amendments Not Requiring Debt Holder Consent
          • 2.4.11.2 Amendments Requiring Debt Holder Consent
          • 2.4.11.3 Amendments Requiring the Consent of Each Affected Debt Holder
    • Chapter 3. Types of Debt Obligations Issued by Public Agencies
      • 3.1 Introduction: What Constitutes A “Type” Of Debt Obligation
        • 3.1.1 Security and Source of Payment
        • 3.1.2 Payment Term and Interest Rate
        • 3.1.3 Tax Treatment
        • 3.1.4 Unique Public Agency Financings that Address Legal Constraints or Public Policy Issues
        • 3.1.5 Purposes for Which Debt is Incurred
        • 3.1.6 Types of Debt Instruments
      • 3.2 Diagrams of Basic Debt Obligations
        • 3.2.1 Direct Debt Obligation
        • 3.2.2 Debt Obligations Issued on behalf of a Borrower
        • 3.2.3 Lease-Supported Debt
      • 3.3 Types of Debt Obligations Organized by Security and Source of Payment
        • 3.3.1 Local Agency General Obligation Bonds
        • 3.3.2 General Fund Obligations
          • 3.3.2.1 Lease Revenue Bonds and Certificates of Participation
          • 3.3.2.2 Pension Obligation Bonds
        • 3.3.3 Sales Tax Revenue Bonds
        • 3.3.4 TRANs and RANs
        • 3.3.5 Teeter Bonds
        • 3.3.6 Enterprise Fund Debt Obligations
          • 3.3.6.1 Public Enterprise Revenue Bonds
          • 3.3.6.2 Public Enterprise Revenue Installment Sale Agreements
        • 3.3.7 Special Assessments, Special Taxes, and Tax Increments
          • 3.3.7.1 Assessment Bonds
          • 3.3.7.2 Mello-Roos Bonds (Community Facilities Districts)
          • 3.3.7.3 Redevelopment Agencies
          • 3.3.7.4 Enhanced Infrastructure Financing Districts
        • 3.3.8 Single-Family Mortgage Revenue Bonds
        • 3.3.9 Conduit Revenue Bonds
          • 3.3.9.1 Exempt Facilities
          • 3.3.9.2 Small Manufacturing Facilities
          • 3.3.9.3 Health Care
          • 3.3.9.4 Education
          • 3.3.9.5 Multifamily Housing
      • 3.4 Interest Rate and Payment Terms
        • 3.4.1 Long-Term, Fixed-Rate Debt
        • 3.4.2 Long-Term, Variable-Rate Debt
          • 3.4.2.1 Index Debt
          • 3.4.2.2 Tender or Demand Obligations
        • 3.4.3 Commercial Paper
      • 3.5 Tax Treatment of Municipal Bonds
      • 3.6 Unique Public Agency Financing to Address Legal Constraints
        • 3.6.1 Financing Leases
        • 3.6.2 Installment Sale Agreements
        • 3.6.3 Certificates of Participation
        • 3.6.4 Joint Powers Agency or Authority (JPA) Bonds and Other Issuances
      • 3.7 Other Obligations
        • 3.7.1 Direct Loans
        • 3.7.2 Direct Leases
        • 3.7.3 Bond Anticipation Notes and Grant Anticipation Notes
        • 3.7.4 Other Tax and Fee-Secured Debt
        • 3.7.5 Asset Securitization
        • 3.7.6 Refunding Bonds
        • 3.7.7 Pool Bonds
      • 3.8 Joint Exercise of Powers Agencies
      • 3.9 State Financings
        • 3.9.1 State General Obligation Bonds
        • 3.9.2 State Public Works Board Lease Revenue Bonds
        • 3.9.3 Revenue Anticipation Notes
        • 3.9.4 Financings for State Enterprises
    • Chapter 4. Federal and State Tax Law Requirements
      • 4.1 California Tax Exemption
      • 4.2 Obligations of a State or a Political Subdivision
        • 4.2.1 General
        • 4.2.2 Political Subdivision – Sovereign Powers Requirement
        • 4.2.3 “On Behalf of” Issuers
          • 4.2.3.1 Constituted Authorities
          • 4.2.3.2 63-20 Corporations
        • 4.2.4 Other Issuers
      • 4.3 What is an Issue of Debt?
      • 4.4 Capital Expenditure Financings
        • 4.4.1 Issue Sizing and Term
        • 4.4.2 Costs of Issuance
        • 4.4.3 Capitalized Interest
        • 4.4.4 Reserves
        • 4.4.5 Reimbursement of Prior Expenditures
      • 4.5 Cash Flow Borrowings
      • 4.6 Governmental Bonds/Private Activity Bonds
        • 4.6.1 Private Business Use
          • 4.6.1.1 De Minimis Private Business Use Exceptions
          • 4.6.1.2 Measurement of Private Business Use
          • 4.6.1.3 Management, Operating, and Service Contracts
          • 4.6.1.4 Output Facilities
        • 4.6.2 Private Security or Payment Test
        • 4.6.3 Private Loan Test
      • 4.7 Qualified Private Activity Bonds
        • 4.7.1 Categories of Qualified Private Activity Bonds
          • 4.7.1.1 Exempt Facility Bonds
          • 4.7.1.2 Multifamily Housing Bonds
          • 4.7.1.3 Single-Family Mortgage Revenue Bonds
          • 4.7.1.4 Student Loan Bonds
          • 4.7.1.5 Qualified Small-Issue Bonds
          • 4.7.1.6 Qualified Redevelopment Bonds
          • 4.7.1.7 Qualified 501(c)(3) Bonds
        • 4.7.2 Additional Requirements Applicable to Qualified Private Activity Bonds
          • 4.7.2.1 Volume Cap
          • 4.7.2.2 TEFRA Public Requirements
          • 4.7.2.3 Useful Life Limitations
          • 4.7.2.4 Land and Used Property Limits
          • 4.7.2.5 Cost of Issuance Limit
          • 4.7.2.6 Certain Prohibited Facilities
          • 4.7.2.7 Substantial User Restriction
      • 4.8 Arbitrage Yield Restriction
        • 4.8.1 General
        • 4.8.2 Bond Proceeds
          • 4.8.2.1 Categories of Proceeds
          • 4.8.2.2 Expenditure of Gross Proceeds
        • 4.8.3 Yield
          • 4.8.3.1 Fair Market Value Rules
          • 4.8.3.2 Guaranteed Investment Contracts
        • 4.8.4 Arbitrage Yield Restriction Exceptions
          • 4.8.4.1 Initial Temporary Period
          • 4.8.4.2 Bona Fide Debt Service Funds
          • 4.8.4.3 Reserve Funds
          • 4.8.4.4 Other Exceptions
        • 4.8.5 Yield Restriction; Yield Reduction Payments
      • 4.9 Arbitrage Rebate
        • 4.9.1 Rebate Exceptions
          • 4.9.1.1 Small Issuer Exception
          • 4.9.1.2 6-month Expenditure Exception
          • 4.9.1.3 18-Month Expenditure Exception
          • 4.9.1.4 2-Year Expenditure Exception
        • 4.9.2 Penalty in Lieu of Rebate
      • 4.10 Additional Federal Tax Law Requirements
        • 4.10.1 Registration
        • 4.10.2 No Federal Guarantee
        • 4.10.3 Information Reporting Requirements
        • 4.10.4 Limitations on Pooled Financing Loans
      • 4.11 Bank Qualified Bonds
      • 4.12 Refunding Bonds
      • 4.13 Tax Risk
    • Chapter 5. Sale of Municipal Debt
      • 5.1 What is a public offering?
        • 5.1.1 Sale Methods – Competitive or Negotiated Sale
      • 5.2 Competitive Sales
        • 5.2.1 Advantages of a Competitive Sale
        • 5.2.2 Disadvantages of a Competitive Sale
        • 5.2.3 Documentation for a Competitive Sale
      • 5.3 Negotiated Public Offerings
        • 5.3.1 Advantages of a Negotiated Public Offering
        • 5.3.2 Disadvantages of a Negotiated Public Offering
        • 5.3.3 Documentation for a Negotiated Public Offering
        • 5.3.4 Pricing of a Negotiated Public Offering
      • 5.4 Costs of Issuance
        • 5.4.1 Direct Costs of Issuance
        • 5.4.2 Underwriting Fees and Expenses
      • 5.5 Private Placements
        • 5.5.1 Documentation Used in Private Placement Transactions
        • 5.5.2 Direct Loans
        • 5.5.3 Alternative Financing Considerations
      • 5.6 Credit Ratings
        • 5.6.1 What Credit Ratings Mean
        • 5.6.2 The Credit Rating Process
      • 5.7 How Bonds Are Marketed to Investors
        • 5.7.1 Marketing Strategy
        • 5.7.2 Targeting Investors
      • 5.8 Improving Transparency and Investor Access to the Municipal Market
        • 5.8.1 Investor Relations and Outreach
    • Chapter 6. Securities Laws Pertaining to Municipal Debt
      • 6.1 Federal Securities Laws
        • 6.1.1 Antifraud Rules
        • 6.1.2 Governing Board Responsibilities
        • 6.1.3 Secondary Market Disclosure
        • 6.1.4 SEC Enforcement Actions
          • 6.1.4.1 Recent SEC Enforcement Focus
          • 6.1.4.2 Lessons from SEC Cases
      • 6.2 Roles and Responsibilities of Other Financing Participants
        • 6.2.1 Municipal Advisors and Underwriters
        • 6.2.2 Attorneys
      • 6.3 The Official Statement
        • 6.3.1 Role and Purpose of the Official Statement and the Preliminary Official Statement
        • 6.3.2 Contents of the Official Statement
        • 6.3.3 Disclosure Standards and Guidance
        • 6.3.4 Transactions with Credit or Liquidity Support
        • 6.3.5 Conduit Offerings
      • 6.4 Other Marketing Activities and Other Public Statements
      • 6.5 State Securities Laws
        • 6.5.1 California State Securities Laws
        • 6.5.2 Securities Laws in Other States
    • Chapter 7. Additional Requirements Imposed on Issuers of Municipal Debt
      • 7.1 Reporting to the California Debt and Investment Advisory Commission
        • 7.1.1 Report of Proposed Debt Issuance
        • 7.1.2 Report of Final Sale
        • 7.1.3 Annual Debt Transparency Report
        • 7.1.4 Mello-Roos Community Facilities District Reports
        • 7.1.5 Marks-Roos Reports
      • 7.2 Other Reporting Requirements Imposed on Issuers of Municipal Debt
        • 7.2.1 Local Bond Disclosures
        • 7.2.2 Local Issuer Bond Accountability
        • 7.2.3 Joint Powers Authority Notices
        • 7.2.4 General Obligation Bond Issuance Costs
        • 7.2.5 School and Community College Bond Issuance Costs
        • 7.2.6 Mello-Roos Community Facilities Reports
        • 7.2.7 California Debt Limit Allocation Committee Reports
      • 7.3 Prohibition of Gift of Public Funds
      • 7.4 California Environmental Quality Act
    • Chapter 8. Post-Issuance Debt Management Requirements
      • 8.1 A Framework for Managing Bond Funds
        • 8.1.1 Bond Documents
      • 8.2 Elements of Post-Issuance Compliance
        • 8.2.1 Establishing a Compliance Program
        • 8.2.2 Maintaining Tax-Exempt Status
        • 8.2.3 Recordkeeping and Reporting
        • 8.2.4 Accounting Records
        • 8.2.5 Written Procedures
        • 8.2.6 Compliance Checklists
        • 8.2.7 Audit Review
      • 8.3 Post-Issuance Federal Tax Law Requirements
        • 8.3.1 Post-Issuance Tax Compliance Programs
        • 8.3.2 Tracking and Allocating Bond Proceeds
        • 8.3.3 Monitoring Use of Bond-Financed Property
        • 8.3.4 Monitoring Investment Income and Arbitrage Compliance
        • 8.3.5 Arbitrage Rebate
        • 8.3.6 Recordkeeping and Retention
        • 8.3.7 Changes in Use of Bond-Financed Property
      • 8.4 Continuing Disclosure
        • 8.4.1 Annual Reports
        • 8.4.2 Event Notices
        • 8.4.3 Exceptions to SEC Rule 15c2-12 Continuing Disclosure Requirements
        • 8.4.4 Incentives for Compliance
      • 8.5 Other Disclosures to the Market
        • 8.5.1 Audited Financial Statements
        • 8.5.2 Informal Statements and Websites
        • 8.5.3 Questions from Investors
        • 8.5.4 Managing Disclosure Risk
    • Chapter 9. Investment of Bond Funds
      • 9.1 A Team Approach to Investing Bond Funds
      • 9.2 Types of Funds Available for Investment
        • 9.2.1 Project Fund
        • 9.2.2 Capitalized Interest Fund
        • 9.2.3 Debt Service Reserve Fund
        • 9.2.4 Debt Service Funds
        • 9.2.5 Refunding Escrow Funds
      • 9.3 Investment Authority and Controlling Documents
        • 9.3.1 Statutory Authority
        • 9.3.2 Bond Document Provisions
        • 9.3.3 Investment Policies
      • 9.4 Common Types of Investments for Bond Funds
        • 9.4.1 Permitted Investments
        • 9.4.2 Investments Specific to Bond Funds
      • 9.5 Legal and Investment Considerations
        • 9.5.1 Arbitrage Rebate and Yield Restriction
        • 9.5.2 Investment Considerations
      • 9.6 Investment Review and Oversight
    • Appendix A. Legal References
      • A.1 California Consitution Provisions Relating to Local Public Agency Debt
      • A.2 Authority for Cities, Counties and K-14 School Districts to Issue Debt
      • A.3 Organic Statutes of Specific Entities Authorized to Issue Debt
      • A.4 Joint Powers Agencies/Authorities
      • A.5 Financing Tools Contained in Statute
      • A.6 General Bond Statutes
      • A.7 Other Helpful Statutes
    • Appendix B. School Finance
      • B.1 School Facility Finance
        • B.1.1 Overview of School Facility Financing
          • B.1.1.1 School Facility Finance Before Proposition 13
          • B.1.1.2 Proposition 13
        • B.1.2 State-Level Facility Funding
        • B.1.3 School District Financing Options
          • B.1.3.1 Local General Obligation Bonds
            • B.1.3.1.1 Process for Approval of Local School District GO Bonds
            • B.1.3.1.2 GO Bond Structures
            • B.1.3.1.3 Policy Considerations for Issuing GO Bonds
          • B.1.3.2 School Facilities Improvement Districts
          • B.1.3.3 Certificates of Participation/Leases
        • B.1.4 Other Financing Sources
          • B.1.4.1 Community Facilities Districts/Mello-Roos Bonds
          • B.1.4.2 Developer Fees
          • B.1.4.3 Parcel Taxes
        • B.1.5 Additional Financing Tools for School Districts
          • B.1.5.1 Tax and Revenue Anticipation Notes
          • B.1.5.2 Bond Anticipation Notes
          • B.1.5.3 Refunding Bonds
        • B.1.6 Other Types of Education Providers in California
          • B.1.6.1 Charter School Facilities
          • B.1.6.2 Nonprofit and Religious School Facilities
    • Appendix C. Additional Sources of Information
      • C.1 Policy Related and Educational Resources for Public Finance
        • C.1.1 State and Local Organizations
        • C.1.2 National Organizations
      • C.2 Regulatory Resources
      • C.3 Credit Rating Agencies
        • C.3.1 Regulatory Oversight
        • C.3.2 Commonly Used Credit Ratings in the Municipal Market
      • C.4 State Finance and Joint Powers Authorities with Statewide Jurisdiction
        • C.4.1 State Finance Authorities
        • C.4.2 JPAs (Joint Powers Authorities/Agencies)
        • C.4.3 Other Financing Resources
        • C.4.4 Other Resources for Local Agencies
    • Appendix D. Municipal Bankruptcy
      • D.1 Public Agencies and Bankruptcy
        • D.1.1 Eligibility
        • D.1.2 Process
        • D.1.3 Advantages and Disadvantages
    • Appendix E. Glossary of Terms
    • Appendix F. Index
      • A
      • B
      • C
      • D
      • E
      • F
      • G
      • H
      • I
      • J
      • K
      • L
      • M
      • N
      • O
      • P
      • Q
      • R
      • S
      • T
      • U
      • V
      • W
      • X
      • Y
      • Z
    • Non Index Concepts
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    • Contents
    • Home
    • Preface
      • What Information Does the Guide Include?
      • How To Use the Guide?
      • Acknowledgements
      • Note to Our Readers
    • Introduction
      • i.1 Understand Your Public Agency
        • i.1.1 Who Are You and What Do You Want To Be?
        • i.1.2 What Is Mission Failure for Your Agency?
        • i.1.3 What Is the Agency’s Tolerance for Risk?
        • i.1.4 Do Projects Conform to the Agency’s Mission and Risk Tolerance?
          • i.1.4.1 Strategic Planning
          • i.1.4.2 Capital Improvement Planning and Capital Improvement Budgeting
          • i.1.4.3 Understand the Difference between Funding and Financing
      • i.2 Decide Whether Debt Financing Is Appropriate For Your Agency
        • i.2.1 Decision #1 – What is the right source of funding?
        • i.2.2 Decision #2 – What is the right source of financing?
          • i.2.2.1 When should a public agency consider PAYGO?
          • i.2.2.2 When should a public agency consider debt?
        • i.2.3 Decision #3 – Can the municipal market help the public agency meet its capital financing needs?
      • i.3 Apply The Appropriate Analysis To The Decision To Use Debt Financing
        • i.3.1 Understanding the Work Each Public Agency Must Commit to When Using Debt Financing
        • i.3.2 Legal Responsibilities of Issuers of Municipal Securities
          • i.3.2.1 Compliance with Municipal Securities Laws – Disclosure
          • i.3.2.2 Legal Responsibilities Under the Internal Revenue Code
          • i.3.2.3 Responsibilities of Elected and Appointed Officials
        • i.3.3 Financial Responsibilities
        • i.3.4 Organizational Responsibilities
      • i.4 Lead the Process of Issuing Your Debt
        • i.4.1 Financing Team
          • i.4.1.1 Pre-Issuance Phase
          • i.4.1.2 Issuance Phase
          • i.4.1.3 Post-Issuance Phase
        • i.4.2 Key Decisions Public Agencies Must Make when Selecting the Appropriate Debt Option
          • i.4.2.1 Decision #1 – Choose the funding source
          • i.4.2.2 Decision #2 – Choose a security package
          • i.4.2.3 Decision #3 – Select a term
          • i.4.2.4 Decision #4 – Select an interest rate type
          • i.4.2.5 Decision #5 – Understand what the agency commits to do in the future
          • i.4.2.6 Decision #6 – Decide whether the debt will be tax-exempt
          • i.4.2.7 Decision #7 – Evaluate municipal market opportunities to use debt financing
        • i.4.3 Steps Public Agencies Must Take to Use Debt Financing
        • i.4.4 Additional Legal Requirements – Internal Boards, Reporting to CDIAC, and Voter Approval
        • i.4.5 Issuing Tax-Exempt Debt
          • i.4.5.1 Requirement #1 – The debt must be issued by a qualified issuer
          • i.4.5.2 Requirement #2 – The debt must finance a qualifying project and satisfy ongoing requirements and limitations regarding the use of the project
          • i.4.5.3 Requirement #3 – Manage the arbitrage rules
          • i.4.5.4 Requirement #4 – Adhere to procedural and other rules
        • i.4.6 What Financing Options are Available?
      • i.5 Manage Your Debt After It Is Issued
        • i.5.1 Managing Your Agency’s Debt Financings
          • i.5.1.1 Debt Management Policies
          • i.5.1.2 Disclosure Policies
          • i.5.1.3 Investor Relations Policies
        • i.5.2 California Review and Reporting Requirements on Bonds
          • i.5.2.1 Proposition 39 General Obligation Bonds
          • i.5.2.2 Marks- and Mello-Roos Bonds
          • i.5.2.3 Conduit Issuer Reporting
          • i.5.2.4 Grand Juries
          • i.5.2.5 Reports to the California Debt and Investment Advisory Commission
    • Chapter 1. Legally Incurring Debt – State Law Restrictions on Public Agency Debt and Revenues
      • 1.1 A Public Agency’s Authority to Borrow
        • 1.1.1 Statutory Authority to Borrow
        • 1.1.2 General Bond Statutes
        • 1.1.3 Borrowing Authority of Charter Cities
      • 1.2 Constitutional Debt Limit
        • 1.2.1 Debt Limit
        • 1.2.2 Purpose of Debt Limit
        • 1.2.3 Scope of Debt Limit – When Does the Debt Limit Apply?
        • 1.2.4 Exceptions to the Debt Limit
          • 1.2.4.1 Current Fiscal Year Exception
          • 1.2.4.2 Annual Appropriation Exception
          • 1.2.4.3 Lease Exception (the “Offner-Dean Lease Exception”)
          • 1.2.4.4 Special Fund Exception
          • 1.2.4.5 Contingent Obligation Exception
          • 1.2.4.6 Obligations Imposed by Law Exception
      • 1.3 Common Strategies for Avoiding the Debt Limit
        • 1.3.1 Lease Revenue Bonds and Certificates of Participation
        • 1.3.2 Joint Powers Authorities
        • 1.3.3 Revenue Bonds
      • 1.4 Local Government Revenue Sources – Security for and Repayment of Debt
        • 1.4.1 Determining the Category of Revenues
        • 1.4.2 What Is a Tax?
        • 1.4.3 Ad Valorem Real Property Taxes
        • 1.4.4 Ad Valorem Real Property Taxes Securing Voter-Approved Obligations
          • 1.4.4.1 Pre-Proposition 13 Obligations
          • 1.4.4.2 Proposition 46 General Obligation Bonds
          • 1.4.4.3 Proposition 39 General Obligation Bonds
        • 1.4.5 General Taxes
        • 1.4.6 Special Taxes
        • 1.4.7 Assessments
        • 1.4.8 Fees and Charges
        • 1.4.9 Property-Related Fees and Charges
      • 1.5 Charter Cities
        • 1.5.1 Charter City Powers – Municipal Affairs vs. Statewide Concerns
        • 1.5.2 Charter City Financing
      • 1.6 The Initiative and Referendum Powers
        • 1.6.1 Initiative Power and its Impact on Debt
        • 1.6.2 Referendum Power and its Impact on Debt
      • 1.7 Historical Overview of Voter-Approved Limitations on Local Government Revenues
        • 1.7.1 Proposition 13 (1978), Jarvis-Gann Initiative
        • 1.7.2 Proposition 4 (1979), Gann Limit Initiative
        • 1.7.3 Proposition 46 (1986)
        • 1.7.4 Proposition 62 (1986), Voter Approval of Taxes Act
        • 1.7.5 Proposition 218 (1996), Right to Vote on Taxes Act
        • 1.7.6 Proposition 39 (2000), School Facilities Local Vote Act of 2000
        • 1.7.7 Proposition 26 (2010) Supermajority Vote To Pass New Taxes And Fees Act Or The Stop Hidden Taxes Initiative
    • Chapter 2. Debt Structures: What Factors Drive Structuring Decisions?
      • 2.1 Overview
      • 2.2 Structural Features Addressing How Debt Will Be Repaid
        • 2.2.1 Sources of Revenue and Security for Repayment
        • 2.2.2 Term and Interest Rate Mode
          • 2.2.2.1 Long-Term, Fixed-Rate Debt
          • 2.2.2.2 Short-Term Debt
          • 2.2.2.3 Variable-Rate Debt
      • 2.3 Structural Factors Addressing Risk and Investor Interests
        • 2.3.1 Redemption or Prepayment
          • 2.3.1.1 Mandatory Redemption
          • 2.3.1.2 Extraordinary Redemption
          • 2.3.1.3 Optional Redemption
        • 2.3.2 Credit Enhancement and Liquidity Support
          • 2.3.2.1 Bond Insurance
          • 2.3.2.2 Debt Service Reserve Fund Surety Bonds
          • 2.3.2.3 Letters of Credit
          • 2.3.2.4 Lines of Credit and Standby Bond Purchase Agreements
        • 2.3.3 Interest Rate Swaps and Synthetic Structures
      • 2.4 Other Common Document Provisions
        • 2.4.1 Application of Proceeds
        • 2.4.2 Source of Payment; Pledge
        • 2.4.3 Funds and Accounts; Flow of Funds
        • 2.4.4 Debt Service Reserve Fund
        • 2.4.5 Covenants
          • 2.4.5.1 Debt Covenants
          • 2.4.5.2 General Financial Covenants
          • 2.4.5.3 Property Covenants
          • 2.4.5.4 System Covenants
        • 2.4.6 Additional Debt
          • 2.4.6.1 Additional Debt Issued under Existing Bond Documents
          • 2.4.6.2 Additional Debt Payable from the Same Source
          • 2.4.6.3 Additional Debt Test Calculations
        • 2.4.7 Investments
        • 2.4.8 Events of Default and Remedies
          • 2.4.8.1 Events of Default
          • 2.4.8.2 Remedies
        • 2.4.9 Fiduciary Rights and Duties
        • 2.4.10 Discharge and Defeasance
        • 2.4.11 Amendments
          • 2.4.11.1 Amendments Not Requiring Debt Holder Consent
          • 2.4.11.2 Amendments Requiring Debt Holder Consent
          • 2.4.11.3 Amendments Requiring the Consent of Each Affected Debt Holder
    • Chapter 3. Types of Debt Obligations Issued by Public Agencies
      • 3.1 Introduction: What Constitutes A “Type” Of Debt Obligation
        • 3.1.1 Security and Source of Payment
        • 3.1.2 Payment Term and Interest Rate
        • 3.1.3 Tax Treatment
        • 3.1.4 Unique Public Agency Financings that Address Legal Constraints or Public Policy Issues
        • 3.1.5 Purposes for Which Debt is Incurred
        • 3.1.6 Types of Debt Instruments
      • 3.2 Diagrams of Basic Debt Obligations
        • 3.2.1 Direct Debt Obligation
        • 3.2.2 Debt Obligations Issued on behalf of a Borrower
        • 3.2.3 Lease-Supported Debt
      • 3.3 Types of Debt Obligations Organized by Security and Source of Payment
        • 3.3.1 Local Agency General Obligation Bonds
        • 3.3.2 General Fund Obligations
          • 3.3.2.1 Lease Revenue Bonds and Certificates of Participation
          • 3.3.2.2 Pension Obligation Bonds
        • 3.3.3 Sales Tax Revenue Bonds
        • 3.3.4 TRANs and RANs
        • 3.3.5 Teeter Bonds
        • 3.3.6 Enterprise Fund Debt Obligations
          • 3.3.6.1 Public Enterprise Revenue Bonds
          • 3.3.6.2 Public Enterprise Revenue Installment Sale Agreements
        • 3.3.7 Special Assessments, Special Taxes, and Tax Increments
          • 3.3.7.1 Assessment Bonds
          • 3.3.7.2 Mello-Roos Bonds (Community Facilities Districts)
          • 3.3.7.3 Redevelopment Agencies
          • 3.3.7.4 Enhanced Infrastructure Financing Districts
        • 3.3.8 Single-Family Mortgage Revenue Bonds
        • 3.3.9 Conduit Revenue Bonds
          • 3.3.9.1 Exempt Facilities
          • 3.3.9.2 Small Manufacturing Facilities
          • 3.3.9.3 Health Care
          • 3.3.9.4 Education
          • 3.3.9.5 Multifamily Housing
      • 3.4 Interest Rate and Payment Terms
        • 3.4.1 Long-Term, Fixed-Rate Debt
        • 3.4.2 Long-Term, Variable-Rate Debt
          • 3.4.2.1 Index Debt
          • 3.4.2.2 Tender or Demand Obligations
        • 3.4.3 Commercial Paper
      • 3.5 Tax Treatment of Municipal Bonds
      • 3.6 Unique Public Agency Financing to Address Legal Constraints
        • 3.6.1 Financing Leases
        • 3.6.2 Installment Sale Agreements
        • 3.6.3 Certificates of Participation
        • 3.6.4 Joint Powers Agency or Authority (JPA) Bonds and Other Issuances
      • 3.7 Other Obligations
        • 3.7.1 Direct Loans
        • 3.7.2 Direct Leases
        • 3.7.3 Bond Anticipation Notes and Grant Anticipation Notes
        • 3.7.4 Other Tax and Fee-Secured Debt
        • 3.7.5 Asset Securitization
        • 3.7.6 Refunding Bonds
        • 3.7.7 Pool Bonds
      • 3.8 Joint Exercise of Powers Agencies
      • 3.9 State Financings
        • 3.9.1 State General Obligation Bonds
        • 3.9.2 State Public Works Board Lease Revenue Bonds
        • 3.9.3 Revenue Anticipation Notes
        • 3.9.4 Financings for State Enterprises
    • Chapter 4. Federal and State Tax Law Requirements
      • 4.1 California Tax Exemption
      • 4.2 Obligations of a State or a Political Subdivision
        • 4.2.1 General
        • 4.2.2 Political Subdivision – Sovereign Powers Requirement
        • 4.2.3 “On Behalf of” Issuers
          • 4.2.3.1 Constituted Authorities
          • 4.2.3.2 63-20 Corporations
        • 4.2.4 Other Issuers
      • 4.3 What is an Issue of Debt?
      • 4.4 Capital Expenditure Financings
        • 4.4.1 Issue Sizing and Term
        • 4.4.2 Costs of Issuance
        • 4.4.3 Capitalized Interest
        • 4.4.4 Reserves
        • 4.4.5 Reimbursement of Prior Expenditures
      • 4.5 Cash Flow Borrowings
      • 4.6 Governmental Bonds/Private Activity Bonds
        • 4.6.1 Private Business Use
          • 4.6.1.1 De Minimis Private Business Use Exceptions
          • 4.6.1.2 Measurement of Private Business Use
          • 4.6.1.3 Management, Operating, and Service Contracts
          • 4.6.1.4 Output Facilities
        • 4.6.2 Private Security or Payment Test
        • 4.6.3 Private Loan Test
      • 4.7 Qualified Private Activity Bonds
        • 4.7.1 Categories of Qualified Private Activity Bonds
          • 4.7.1.1 Exempt Facility Bonds
          • 4.7.1.2 Multifamily Housing Bonds
          • 4.7.1.3 Single-Family Mortgage Revenue Bonds
          • 4.7.1.4 Student Loan Bonds
          • 4.7.1.5 Qualified Small-Issue Bonds
          • 4.7.1.6 Qualified Redevelopment Bonds
          • 4.7.1.7 Qualified 501(c)(3) Bonds
        • 4.7.2 Additional Requirements Applicable to Qualified Private Activity Bonds
          • 4.7.2.1 Volume Cap
          • 4.7.2.2 TEFRA Public Requirements
          • 4.7.2.3 Useful Life Limitations
          • 4.7.2.4 Land and Used Property Limits
          • 4.7.2.5 Cost of Issuance Limit
          • 4.7.2.6 Certain Prohibited Facilities
          • 4.7.2.7 Substantial User Restriction
      • 4.8 Arbitrage Yield Restriction
        • 4.8.1 General
        • 4.8.2 Bond Proceeds
          • 4.8.2.1 Categories of Proceeds
          • 4.8.2.2 Expenditure of Gross Proceeds
        • 4.8.3 Yield
          • 4.8.3.1 Fair Market Value Rules
          • 4.8.3.2 Guaranteed Investment Contracts
        • 4.8.4 Arbitrage Yield Restriction Exceptions
          • 4.8.4.1 Initial Temporary Period
          • 4.8.4.2 Bona Fide Debt Service Funds
          • 4.8.4.3 Reserve Funds
          • 4.8.4.4 Other Exceptions
        • 4.8.5 Yield Restriction; Yield Reduction Payments
      • 4.9 Arbitrage Rebate
        • 4.9.1 Rebate Exceptions
          • 4.9.1.1 Small Issuer Exception
          • 4.9.1.2 6-month Expenditure Exception
          • 4.9.1.3 18-Month Expenditure Exception
          • 4.9.1.4 2-Year Expenditure Exception
        • 4.9.2 Penalty in Lieu of Rebate
      • 4.10 Additional Federal Tax Law Requirements
        • 4.10.1 Registration
        • 4.10.2 No Federal Guarantee
        • 4.10.3 Information Reporting Requirements
        • 4.10.4 Limitations on Pooled Financing Loans
      • 4.11 Bank Qualified Bonds
      • 4.12 Refunding Bonds
      • 4.13 Tax Risk
    • Chapter 5. Sale of Municipal Debt
      • 5.1 What is a public offering?
        • 5.1.1 Sale Methods – Competitive or Negotiated Sale
      • 5.2 Competitive Sales
        • 5.2.1 Advantages of a Competitive Sale
        • 5.2.2 Disadvantages of a Competitive Sale
        • 5.2.3 Documentation for a Competitive Sale
      • 5.3 Negotiated Public Offerings
        • 5.3.1 Advantages of a Negotiated Public Offering
        • 5.3.2 Disadvantages of a Negotiated Public Offering
        • 5.3.3 Documentation for a Negotiated Public Offering
        • 5.3.4 Pricing of a Negotiated Public Offering
      • 5.4 Costs of Issuance
        • 5.4.1 Direct Costs of Issuance
        • 5.4.2 Underwriting Fees and Expenses
      • 5.5 Private Placements
        • 5.5.1 Documentation Used in Private Placement Transactions
        • 5.5.2 Direct Loans
        • 5.5.3 Alternative Financing Considerations
      • 5.6 Credit Ratings
        • 5.6.1 What Credit Ratings Mean
        • 5.6.2 The Credit Rating Process
      • 5.7 How Bonds Are Marketed to Investors
        • 5.7.1 Marketing Strategy
        • 5.7.2 Targeting Investors
      • 5.8 Improving Transparency and Investor Access to the Municipal Market
        • 5.8.1 Investor Relations and Outreach
    • Chapter 6. Securities Laws Pertaining to Municipal Debt
      • 6.1 Federal Securities Laws
        • 6.1.1 Antifraud Rules
        • 6.1.2 Governing Board Responsibilities
        • 6.1.3 Secondary Market Disclosure
        • 6.1.4 SEC Enforcement Actions
          • 6.1.4.1 Recent SEC Enforcement Focus
          • 6.1.4.2 Lessons from SEC Cases
      • 6.2 Roles and Responsibilities of Other Financing Participants
        • 6.2.1 Municipal Advisors and Underwriters
        • 6.2.2 Attorneys
      • 6.3 The Official Statement
        • 6.3.1 Role and Purpose of the Official Statement and the Preliminary Official Statement
        • 6.3.2 Contents of the Official Statement
        • 6.3.3 Disclosure Standards and Guidance
        • 6.3.4 Transactions with Credit or Liquidity Support
        • 6.3.5 Conduit Offerings
      • 6.4 Other Marketing Activities and Other Public Statements
      • 6.5 State Securities Laws
        • 6.5.1 California State Securities Laws
        • 6.5.2 Securities Laws in Other States
    • Chapter 7. Additional Requirements Imposed on Issuers of Municipal Debt
      • 7.1 Reporting to the California Debt and Investment Advisory Commission
        • 7.1.1 Report of Proposed Debt Issuance
        • 7.1.2 Report of Final Sale
        • 7.1.3 Annual Debt Transparency Report
        • 7.1.4 Mello-Roos Community Facilities District Reports
        • 7.1.5 Marks-Roos Reports
      • 7.2 Other Reporting Requirements Imposed on Issuers of Municipal Debt
        • 7.2.1 Local Bond Disclosures
        • 7.2.2 Local Issuer Bond Accountability
        • 7.2.3 Joint Powers Authority Notices
        • 7.2.4 General Obligation Bond Issuance Costs
        • 7.2.5 School and Community College Bond Issuance Costs
        • 7.2.6 Mello-Roos Community Facilities Reports
        • 7.2.7 California Debt Limit Allocation Committee Reports
      • 7.3 Prohibition of Gift of Public Funds
      • 7.4 California Environmental Quality Act
    • Chapter 8. Post-Issuance Debt Management Requirements
      • 8.1 A Framework for Managing Bond Funds
        • 8.1.1 Bond Documents
      • 8.2 Elements of Post-Issuance Compliance
        • 8.2.1 Establishing a Compliance Program
        • 8.2.2 Maintaining Tax-Exempt Status
        • 8.2.3 Recordkeeping and Reporting
        • 8.2.4 Accounting Records
        • 8.2.5 Written Procedures
        • 8.2.6 Compliance Checklists
        • 8.2.7 Audit Review
      • 8.3 Post-Issuance Federal Tax Law Requirements
        • 8.3.1 Post-Issuance Tax Compliance Programs
        • 8.3.2 Tracking and Allocating Bond Proceeds
        • 8.3.3 Monitoring Use of Bond-Financed Property
        • 8.3.4 Monitoring Investment Income and Arbitrage Compliance
        • 8.3.5 Arbitrage Rebate
        • 8.3.6 Recordkeeping and Retention
        • 8.3.7 Changes in Use of Bond-Financed Property
      • 8.4 Continuing Disclosure
        • 8.4.1 Annual Reports
        • 8.4.2 Event Notices
        • 8.4.3 Exceptions to SEC Rule 15c2-12 Continuing Disclosure Requirements
        • 8.4.4 Incentives for Compliance
      • 8.5 Other Disclosures to the Market
        • 8.5.1 Audited Financial Statements
        • 8.5.2 Informal Statements and Websites
        • 8.5.3 Questions from Investors
        • 8.5.4 Managing Disclosure Risk
    • Chapter 9. Investment of Bond Funds
      • 9.1 A Team Approach to Investing Bond Funds
      • 9.2 Types of Funds Available for Investment
        • 9.2.1 Project Fund
        • 9.2.2 Capitalized Interest Fund
        • 9.2.3 Debt Service Reserve Fund
        • 9.2.4 Debt Service Funds
        • 9.2.5 Refunding Escrow Funds
      • 9.3 Investment Authority and Controlling Documents
        • 9.3.1 Statutory Authority
        • 9.3.2 Bond Document Provisions
        • 9.3.3 Investment Policies
      • 9.4 Common Types of Investments for Bond Funds
        • 9.4.1 Permitted Investments
        • 9.4.2 Investments Specific to Bond Funds
      • 9.5 Legal and Investment Considerations
        • 9.5.1 Arbitrage Rebate and Yield Restriction
        • 9.5.2 Investment Considerations
      • 9.6 Investment Review and Oversight
    • Appendix A. Legal References
      • A.1 California Consitution Provisions Relating to Local Public Agency Debt
      • A.2 Authority for Cities, Counties and K-14 School Districts to Issue Debt
      • A.3 Organic Statutes of Specific Entities Authorized to Issue Debt
      • A.4 Joint Powers Agencies/Authorities
      • A.5 Financing Tools Contained in Statute
      • A.6 General Bond Statutes
      • A.7 Other Helpful Statutes
    • Appendix B. School Finance
      • B.1 School Facility Finance
        • B.1.1 Overview of School Facility Financing
          • B.1.1.1 School Facility Finance Before Proposition 13
          • B.1.1.2 Proposition 13
        • B.1.2 State-Level Facility Funding
        • B.1.3 School District Financing Options
          • B.1.3.1 Local General Obligation Bonds
            • B.1.3.1.1 Process for Approval of Local School District GO Bonds
            • B.1.3.1.2 GO Bond Structures
            • B.1.3.1.3 Policy Considerations for Issuing GO Bonds
          • B.1.3.2 School Facilities Improvement Districts
          • B.1.3.3 Certificates of Participation/Leases
        • B.1.4 Other Financing Sources
          • B.1.4.1 Community Facilities Districts/Mello-Roos Bonds
          • B.1.4.2 Developer Fees
          • B.1.4.3 Parcel Taxes
        • B.1.5 Additional Financing Tools for School Districts
          • B.1.5.1 Tax and Revenue Anticipation Notes
          • B.1.5.2 Bond Anticipation Notes
          • B.1.5.3 Refunding Bonds
        • B.1.6 Other Types of Education Providers in California
          • B.1.6.1 Charter School Facilities
          • B.1.6.2 Nonprofit and Religious School Facilities
    • Appendix C. Additional Sources of Information
      • C.1 Policy Related and Educational Resources for Public Finance
        • C.1.1 State and Local Organizations
        • C.1.2 National Organizations
      • C.2 Regulatory Resources
      • C.3 Credit Rating Agencies
        • C.3.1 Regulatory Oversight
        • C.3.2 Commonly Used Credit Ratings in the Municipal Market
      • C.4 State Finance and Joint Powers Authorities with Statewide Jurisdiction
        • C.4.1 State Finance Authorities
        • C.4.2 JPAs (Joint Powers Authorities/Agencies)
        • C.4.3 Other Financing Resources
        • C.4.4 Other Resources for Local Agencies
    • Appendix D. Municipal Bankruptcy
      • D.1 Public Agencies and Bankruptcy
        • D.1.1 Eligibility
        • D.1.2 Process
        • D.1.3 Advantages and Disadvantages
    • Appendix E. Glossary of Terms
    • Appendix F. Index
      • A
      • B
      • C
      • D
      • E
      • F
      • G
      • H
      • I
      • J
      • K
      • L
      • M
      • N
      • O
      • P
      • Q
      • R
      • S
      • T
      • U
      • V
      • W
      • X
      • Y
      • Z
    • Non Index Concepts
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