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); 44:53; 59:21C; 59:21D; 44:53F1/2; 44B;
This Informational Guideline Release (IGR) explains to local officials the adjustments made to a Proposition 2½ debt exclusion when premiums are received in connection with the sale of the bonds or notes for the excluded borrowing and when surplus loan proceeds remain after the project or purpose of the borrowing is completed.
In effect. Supersedes Bulletin 2013-01B, Informational Guideline Release No. 17-22 and Prior Inconsistent Written Statements