Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt (2022) / Chapter Skim
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Pages 85-86
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From page 85... ...
85 The following is a list of key terms used throughout this guidebook taken from NCHRP Synthesis 513: Evolving Debt Finance Practices for Surface Transportation (unless otherwise endnoted) .1 Arbitrage With respect to the issuance of multiple securities, arbitrage usually refers to the difference between the interest paid on tax-exempt bonds and the interest earned by investing the proceeds of the tax-exempt bonds in higher-yielding taxable securities.
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From page 86... ...
86 Guidebook for Effective Policies and Practices for Managing Surface Transportation Debt Official statement A document generally required for each new issue that contains information about the nature of the security being offered and the revenue-pledged sources of payment behind the security. Pay-as-you-go-funding Describes government funding of capital outlays from current revenues or grants rather than by borrowing.
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