Bond Financing Definitions

Conduit Issuer is the entity that issues private activity bonds for the benefit of private users to finance revenue-generating projects. The financing is backed by either (i) a conduit borrower's credit, or (ii) funds that private third-party investors pledge towards the project.

Proceedings means proceedings of the Board under which the bonds are authorized to be issued, as set forth in Arizona Revised Status §35-721(a).

Private Activity Bond is a bond issued by a conduit issuer on behalf of a private user to provide low financing benefits for qualified projects.

Revenue Bond is a bond payable from a dedicated revenue stream that is generated from a project, such as fees, rents, and other revenue-generating sources.

General Obligation Bond is a municipal bond backed by the full faith and credit, or "taxing power", of the issuing jurisdiction, rather than the revenue from the given project.

Tax-Exempt Bond is a bond on which the interest income that the bondholder earns is exempt from federal, state, and local taxes.

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