Examples of Industrial development revenue bonds in a sentence
When both restricted and unrestricted resources are available for use for the same purpose, the Agency uses restricted resources first and then unrestricted resources, as needed.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Nature of Activities Industrial Development Revenue Bonds Industrial development revenue bonds issued by the Agency are secured by the properties which are leased to companies and are retired by lease payments.
Industrial development revenue bonds and private activity bonds are usually issued by local government bodies or their authorities to provide funding for industrial facilities, privately operated housing, health care facilities, airports, docks and mass commuting facilities, certain water and sewage facilities, qualified hazardous waste facilities and high speed innercity rail facilities.
Industrial development revenue bonds and notes issued by the Agency are secured by the properties which are leased to companies and retired by lease payments.
Industrial development revenue bonds are collateralized by the property, plant, equipment and radioisotope purchased with the proceeds of such bonds and the agreements relating to such bonds contain various restrictive covenants.
Notes payable (GAAP measure) $ 159,333 $226,259 Industrial development revenue bonds and other 21,100 21,100 Less cash, cash equivalents and other investments (167,175) (184,815) --------- -------- Net debt (non-GAAP measure) $ 13,258 $ 62,544 ========= ======== Given the significant cash, cash equivalents and other investments on the balance sheet, a meaningful debt calculation is to net cash against outstanding debt.
Cash, cash equivalents and other investments (GAAP measure) $ 178,358 $ 215,699 $ 123,579 Less Industrial development revenue bonds and other (13,500) (13,500) (13,550) Less Notes payable (307,107) (289,510) (277,164) --------- --------- --------- Net (debt) (non-GAAP measure) $(142,249) $ (87,311) $(167,135) ========= ========= ========= Given the significant cash, cash equivalents and other investments on the balance sheet, a meaningful debt calculation is to net cash against outstanding debt.
Industrial development revenue bonds are payable in seven annual installments ranging from $105,000 to $150,000 with additional payments of $1,910,000 and $3,320,000 due October 1, 2012 and NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--Continued FIRST FINANCIAL CORPORATION NOTE J--BORROWINGS--Continued 2021, respectively.
Industrial development revenue bonds issued by the Agency had an aggregated original issue value of $48,930,000, and outstanding balances at December 31, 2017 and 2016, were$29,799,186 and $31,533,767, respectively.
Industrial development revenue bonds are a specific type of revenue bond backed by the credit of the private issuer of the facility, and therefore investments in these bonds have more potential risk that the issuer will not be able to meet scheduled payments of principal and interest.
Industrial development revenue bonds – tax-exempt and taxable – will be utilized in the financing.