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No. 0851 finding/determining that payments of property tax proceeds from the allocation fund to the respective taxing units shall not be authorized
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No. 0851 finding/determining that payments of property tax proceeds from the allocation fund to the respective taxing units shall not be authorized
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10/18/2012 3:21:57 PM
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Mr. F. Jay Nimtz, President <br />7 July 1988 <br />Page 2 <br />In such a circumstance, the accumulation of excess funds may permit the early <br />redemption of the issue several years prior to maturity, thus protecting the <br />bondholder against the unknown risks of holding the bonds in the later years <br />of the issue. <br />It is our opinion, based on our experience as financial advisor on <br />approximately 200 bond issues per year, and as specialists in the area of tax <br />increment financing, that with respect to tax increment revenue bonds secured <br />solely by tax increment revenue, any payment of tax increment revenue to the <br />respective taxing units prior to the accumulation of sufficient funds to <br />defease outstanding bond issues, does endanger the interests of the holders <br />of those bonds. The endangerment is caused by a reduction in the resources <br />and security which would otherwise be available to the bondholders as <br />protection against risks such as were described in the preceding paragraph. <br />Respectfully submitted, <br />SPRINGSTED Incorportaed <br />r <br />
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