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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />V. <br /> <br />IV. <br /> <br />3 <br /> <br />4. Combined projects such as a hydroelectric generating <br />facility and a water storage facility. <br /> <br />5. Security enhancement devices <br /> <br />(a) letters of credit <br /> <br />(b) municipal bond insurance <br /> <br />(c) appropriated and other non-borrowed reserve funds, <br />such as the $30 million made available to the <br />Colorado Water Resources and Power Development <br />Authority by the Colorado Legislature. <br /> <br />Procedures involved in a tax-exempt financing <br /> <br />A. Identifying credit source and feasibility. <br /> <br />B. Developing legal basis and structuring legal documents. <br /> <br />C. Structuring the bond or note issue <br /> <br />1. Long-term vs. short-term <br />2. Level debt service vs. level principal payments <br /> <br />3. Floating interest rate vs. fixed interest rate <br /> <br />4. Funding reserve funds and interest during construction <br /> <br />5. Establishing the flow of funds <br /> <br />6. Establishing rate covenants <br /> <br />D. Presenting the issue to the rating agencies. <br /> <br />E. Marketing the issue. <br /> <br />F. Closing the issue. <br /> <br />Conclusion <br />