New Jersey Refunding Bond and Release with Instructions is a type of bond or financial guarantee that is used to secure a refund from the state of New Jersey due to an overpayment or other financial loss. This document provides instructions on how to file a claim for a refund and how to receive a refund once the claim is approved. The bond is typically issued by a bank or other financial institution and is backed by the full faith and credit of the state of New Jersey. The bond also includes a release of all claims against the state of New Jersey that may result from the overpayment or other financial loss. The different types of New Jersey Refunding Bond and Release with Instructions include: 1. Tax Refund Bond and Release with Instructions — This bond guarantees the taxpayer's right to a refund of any taxes paid in excess of the amount due. 2. Property Tax Refund Bond and Release with Instructions — This bond guarantees the taxpayer's right to a refund of any property taxes paid in excess of the amount due. 3. Contract Refund Bond and Release with Instructions — This bond guarantees the right of a contractor to receive a refund if they are overpaid for services rendered. 4. Overpayment Refund Bond and Release with Instructions — This bond guarantees the right of an individual or business to receive a refund if they are overpaid for goods or services.
New Jersey Refunding Bond and Release with Instructions
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FAQ
For example, an issuer that refunds a $100 million bond issue with a 10% coupon at maturity and replaces it with a new $100 million issue (refunding bond issue) with a 6% coupon, will have savings of $4 million in interest expense per annum.
The decision of bond refunding involves two major questions ? (1) is it economically feasible to call back the outstanding bonds at the current interest and replace them with the new issue; and (2) would the expected value of the firm improve further if the bond refunding is done on a later date.
Bond refunding is the process of reissuing new bonds in place of existing bonds, while bond refinancing is a different concept. Unlike bond refunding, it does not refund the money to the investor. Bond refinancing is the restructuring of bonds instead of the repayment of money to the investors.
Bond refinancings or ?refundings? are used by state and local governments to achieve debt service savings on outstanding bonds. Though less frequent, refunding bonds can also be issued to remove or revise burdensome bond covenants or to restructure debt service payments.
The decision of bond refunding involves two major questions ? (1) is it economically feasible to call back the outstanding bonds at the current interest and replace them with the new issue; and (2) would the expected value of the firm improve further if the bond refunding is done on a later date.
The bonds which are issued to refund older bonds are called refunding bonds or pre-refunding bonds. The outstanding bonds which are paid off using proceeds from refunding bonds are called refunded bonds.
By statute (N.J.S.A. 3B:23-24) an Executor or Administrator is required on paying a beneficiary his/her share of the estate, to take a Refunding Bond and Release from the beneficiary and to file the bond in the Surrogate's Court.
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.