In the Year That a Governmental Entity Enters into an Advance

question 34

Multiple Choice

In the year that a governmental entity enters into an advance refunding to legally defease outstanding debt, which of the following note disclosures would not be required?

• A) The present value of the net debt service savings or cost of advance refunding transaction.
• B) The amount of defeased debt that is still outstanding.
• C) The difference between total of the remaining debt service requirements of the old defeased issue and the total debt service requirements of the new issue, adjusted for any additional cash received or paid.
• D) General description of the transaction.

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Definitions:

Comprehensive Environmental Response

A component of U.S. legislation aimed at the cleanup of sites contaminated with hazardous substances and pollutants.

Hazardous Waste Materials

Dangerous substances that pose substantial or potential threats to public health or the environment.

Resource Conservation

Practices and strategies aimed at protecting, preserving, and sustainably managing natural resources.

Recovery Act

A legislative package aimed at stimulating economic recovery and assisting those affected by a financial downturn.