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The bonds may be repaid through the revenue earned by the transportation system. However, some transportation revenue bonds are repaid through taxes generated in the area the system serves or another pledge.
Government agencies issue bonds to finance a variety of economic or public development projects for private and public entities. When investors purchase bonds, they essentially lend money to the borrower through the issuer.
An IRB is a variety of revenue bond, specifically a private activity bond. IRBs raise capital to fund the development of a manufacturing facility or equipment that will benefit the community at large; bondholders are repaid by the revenue the project generates.
Revenue bonds are issued by a state or local entity to fund a specific project, such as a toll road, airport, bridge, or sewer facility. Put another way, municipalities issue revenue bonds to support their infrastructure projects.
Interest Rate Risk. Interest rate risk is the potential for bond prices to decrease as market interest rates rise. Since revenue bonds often have longer maturities than other types of municipal bonds, they may be more susceptible to interest rate fluctuations.
In addition, the Bank may dictate the rate at which VDRBs bear interest while held by the Bank. Although the structure of a revenue bond can appear complex, there are a number of benefits to the borrower, including a relatively low interest rate, a fixed interest rate, if desired, and a long amortization period.
Key Takeaways. Revenue bonds are a class of municipal bonds issued to fund public projects which then repay investors from the income created by that project. For instance, a toll road or utility can be financed with municipal bonds with creditors' interest and principal repaid from the tolls or fees collected.
Traditional Revenue Bonds. These also finance capital infrastructure projects, but are not supported by the General Fund. Rather, they are paid off from a designated revenue stream-usually generated by the projects they finance-such as bridge tolls, parking garage fees, or water contract payments.
What Are Industrial Revenue Bonds?IRBs? Industrial revenue bonds (IRB) are municipal debt securities issued by a government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools. IRBs were formerly called Industrial Development Bonds (IDB).
The California Public Finance Authority (CalPFA) Industrial Development Bond Program provides eligible manufacturers with capital project financing for land, buildings, and new equipment through the issuance of tax-exempt industrial development bonds (?IDBs?).