Exam (elaborations)
CMFO - LOCAL BOND LAW QUESTIONS
- Course
- Institution
CMFO - LOCAL BOND LAW QUESTIONS
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now