Secured Debt Shall With A Sinking Fund In Fairfax
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§ 2.2-4000. Short title; purpose The purpose of this chapter is to supplement present and future basic laws conferring authority on agencies either to make regulations or decide cases as well as to standardize court review thereof save as laws hereafter enacted may otherwise expressly provide.
§ 2.2-4500. Legal investments for public sinking funds Bonds, notes and other evidences of indebtedness of the Commonwealth, and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth.
§ 2.2-4800. Policy of the Commonwealth; collection of accounts receivable. This chapter establishes the policy of the Commonwealth as it relates to the accounting for, management and collection of all accounts receivable due to the Commonwealth.
An independent trustee will invest the corporation's annual deposits with the goal of the sinking fund balance growing to approximately $20 million by the time the bonds come due in 20 years. The corporation will report the bond sinking fund balance in the investments section of its balance sheet.
Notwithstanding any provisions of law to the contrary, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control other than sinking funds in bankers' acceptances.
Bonds issued under a SINKING FUND agreement, which requires the debtor organization (obligor) to periodically set aside out of earnings a sum which, with interest, will be sufficient to redeem the issue in whole or part of maturity.
Answer and Explanation: A bond sinking fund would be categorized as an investment on the balance sheet. These are long-term assets.
Sinking funds are in 'trust' for the scheme and should not be returned to lessees upon assignment, or at any time. Interest earned on funds should be added to the funds unless the lease states otherwise. If funds are held in 'trust' then a tax will be charged on the interest earned.
