A Virginia Order Refunding Bond is a financial instrument issued by the state of Virginia to raise funds for refunding certain outstanding debt obligations. These bonds are used to refinance existing debts at a lower interest rate, resulting in cost savings for the state. The purpose of issuing a Virginia Order Refunding Bond is to provide the state with an opportunity to restructure its debt obligations in a more favorable financial environment. By taking advantage of lower interest rates or improved credit ratings, the state can reduce its debt service payments and free up funds for other essential public services and investments. There are different types of Virginia Order Refunding Bonds, each designed to meet specific financing needs: 1. General Obligation Refunding Bonds: These bonds are backed by the full faith and credit of the state of Virginia, which means that the state pledges its taxing power to repay the debt. General Obligation Refunding Bonds are often considered more secure as the state has a legal obligation to repay them. 2. Revenue Refunding Bonds: These bonds are supported by specific revenue sources, such as tolls, fees, or taxes, which are dedicated to servicing the debt. Revenue Refunding Bonds generally offer higher yields to investors due to the increased risk associated with relying on specific revenue streams. 3. Public-Private Partnership Refunding Bonds: These bonds are issued when the state enters into a partnership with a private entity to finance a public infrastructure project. The bonds are used to refinance the private financing portion of the project, reducing costs and potentially enhancing project profitability. 4. Municipal Refunding Bonds: These bonds are issued by local government entities within the state of Virginia, such as cities, counties, or school districts, to refund their outstanding debt obligations. Municipal Refunding Bonds allow local governments to restructure their debt and potentially lower interest rates, thereby improving their financial position. In summary, Virginia Order Refunding Bonds are a financial tool used by the state of Virginia to reduce debt service costs by refinancing existing obligations at a lower interest rate or improved credit terms. Different types of these bonds, such as General Obligation Refunding Bonds, Revenue Refunding Bonds, Public-Private Partnership Refunding Bonds, and Municipal Refunding Bonds, are available to meet specific financing needs.
Virginia Order Refunding Bond
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Many of the releases signed when estate distributions are made are called "Receipt, Release and Refunding Bond". It is a legal document in which you as the heir would acknowledge receipt of a distribution, release (no claims) against the personal administrator and then agree to refund or return the money if necessary.
In corporate finance and capital markets, refunding is the process where a fixed-income issuer retires some of their outstanding callable bonds and replaces them with new bonds, usually at more favorable terms to the issuer as to reduce financing costs.
A personal representative shall not be compelled to pay any legacy made in the will or to distribute the estate of the decedent for six months from the date of the order conferring authority on the first executor or administrator of such decedent and, except when it is otherwise specifically provided for in the will, ...
Current refunding: This occurs when the issuer calls (redeems) the outstanding bonds before their maturity and uses the proceeds from the issuance of new bonds to retire the existing bonds immediately. Current refunding usually takes place within 90 days of the call date.
The procedures for debts and demands is covered by Section 64.2-550, Code of Virginia (1950), as amended. The proceeding is initiated by a simple written request from the personal representative to the Commissioner of Accounts or request of a claimant (creditor) of the estate.
The Refunding Bond and Release has a dual purpose: Refunding ? To refund to the Executor or Administrator out of his/her share of the estate his ratable part of any unpaid debts, owed by the testator or intestate, if there are no other assets to pay them.
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuer's interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
Any personal representative who has in good faith complied with the provisions of this section and has, in compliance with or, as subsequently approved by, the order of the court, paid and delivered the money or other estate in his possession to any party that the court has adjudged entitled thereto shall not be liable ...
