Premiums and Surplus Proceeds for Proposition 2½ Excluded Debt
Borrowing, Proposition 21/2
Proposition 2 1/2 debt exclusion adjustments premiums used for project costs reduction in borrowing authorization capital reserve and bonds notes surplus bond proceeds used for non-excluded debt
44:20 59:21C[k] acts 2016 218:67
This Informational Guideline Release (IGR) explains adjustments to an approved Proposition 2½ debt exclusion under G.L. c. 59, § 21C(k) when premiums are received in connection with the sale of the bonds or notes for the excluded borrowing and surplus loan proceeds remain after the project or purpose of the borrowing is completed. Supersedes Bulletin 2013-01B and Prior Inconsistent Written Statements.
In effect. Supersedes Bulletin 2013-01B and Prior Inconsistent Written Statements.