Virtual Memory Management Overview
"This content provides insights into virtual memory management, including virtual-to-physical translations, physical memory allocation, and page table creation. It covers key concepts such as stack and heap management, address space organization, and handling virtual-to-physical translation scenarios. Learn about strategies for efficient memory allocation and the importance of managing physical memory dynamically to optimize system performance."
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Financing Water and Wastewater Projects with Bonds August 10, 2020
Overview Financing Options for Utilities Revenue Bonds GO Bonds Bond Anticipation Notes ( BANs ) & USDA Financing Timeline Financing Team Members and Roles Approval Process Financing Considerations
Revenue Bonds Security Water/Wastewater Revenue Not an obligation of the State Covenants Rate Covenant Additional Bonds Test Debt Service Reserve Fund or Rate Stabilization Fund Structure Tax Exempt/20 Years Rating Factors Strength of Rate Payers Low upcoming debt Publicly-offered or privately placed
General Obligation Bonds Security General taxing power Not an obligation of the State No Special Covenants Structure - Tax Exempt / 20 Years Rating Factors Budgetary Performance and Flexibility Liquidity Debt and Contingent Liabilities Publicly-offered; Generally competitively bid, can be negotiated
BANs Two-Step Process Governed by USDA Interim BAN to be taken out with USDA Loan at maturity Structure (BANs) - Typical 18-24 month term Authorized and Issued like a GO or Revenue Bond Must abide by USDA requirements for bidding, project funding, documentation Long-term Note provided by USDA Structure (Long Term) Typical 40-year term Limited availability
Financing Timeline Identify financing team Prepare calendar 3 to 4 months on public deal Document preparation - bond docs, disclosure docs, feasibility study Rating Agency visits Meetings/Calls to finalize docs/Post disclosure document Sale Closing
Financing Team Members Issuer Department for Local Government Underwriter Attorneys Bond Counsel, Underwriter s Counsel Bond Insurer Rating Analyst Financial Advisor Trustee
Financing Team Roles Issuer Develop project plan, cost estimates, financing plan Review documents, coordinate approvals Department for Local Government Approval of State and Local Debt Officer as required by Kentucky Revised Statutes Underwriter Work with Issuer to develop financing plan Coordinate schedule, meetings, contact with bond insurer/rating agencies Responsible for sale of bonds
Financing Team Roles Bond Counsel Work with Issuer to develop financing plan and identify best financing structure Draft bond documents and necessary approvals Conduct tax due diligence and assure compliance with tax laws Coordinate closing Underwriter s Counsel Draft disclosure documentation and bond purchase agreement Assure underwriter complies with securities regulations
Financing Team Roles Bond Insurer Provide municipal bond insurance policy for DS payments Provide surety policy for DSR Rating Analyst Review transaction and provide credit rating Financial Advisor Work with Issuer to develop financing plan Often coordinates with rating agencies and bond insurers
Financing Team Roles Trustee Serve as depository and paying agent under bond documents Require documentation for disbursement from bond funds
Financing Considerations Why Bonds? Availability of Funding Fewer Requirements Timing
