Exam (elaborations)
CMFO - LOCAL BOND LAW QUESTIONS
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CMFO - LOCAL BOND LAW QUESTIONS
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CMFO - LOCAL BOND LAW QUESTIONSThe local bond law authorizes a local unit to pay any and all bonds and notes issued by
it. The limit is: - Answers- Unlimited
Debt limit for a municipality - Answers- 3.5%
BANs must fully mature no later than - Answers- The 1st day of the 5th month following
the close of the 10th fiscal year
A notice of public sale of bonds shall be advertised at least ___________ at least
_______ days prior to the sale in a newspaper
___________________________________- - Answers- Once
7
Qualified for publication of a bond ordinance (Bond Buyer, Wall street Journal)
All bidders on bonds shall be required to deposit a certified or cashier's check equal to
________________________ - Answers- Not less than 2% of the bonds
The governing body shall specify in its notice of public sale advertised whether the
award shall be based on _____interest cost or ___________interest cost - Answers-
Net
True
The governing body may by ______________ designate a
________________________ of the local unit to sell and award bonds. With no
designation, the governing body must hold sale at public meeting. - Answers-
Resolution
Financial officer
Any municipal public utility shall be deemed to be ______________________ during
the period of constructino or aquisition and until it shall have been in operation for
________________ - Answers- Self Liquidating
At least one year
When must the supplemental debt statement be filed prior to issuing new debt? -
Answers- Prior to the passage on first reading of any bond ordinance
Minimum down payment for bonds/notes - Answers- 5%
Maximum number of annual installments for special assessments - Answers- 20 years
Vote to introduce by title and approve a bond ordinance - Answers- Majority of full
membership
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