The custodian of funds held in the Escrow Fund in a Refunding transaction and responsible for holding and managing the Escrow Fund, including any investments in the Escrow Fund, up to and including the date when the Refunded Bonds Mature or Redeemed, whichever is earlier.
Life’s a Party
Learn more about the various parties involved in a municipal securities transaction and their roles.
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Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.
Document used to defease refunded bonds by establishing an escrow fund during a refunding.
A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.
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Type of private activity bond (PAB) permitted to be issued as a tax-exempt bond under Section 142 of the code for the purpose of funding many categories of exempt facilities.