3 General Obligation GO's Flashcards by Brandy S | Brainscape

Q

GO’s issued for

A

capital improvements to benefit community

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Q

GO’s

collatorial

A

FFC - Full Faith & Credit Issue

bond paid from taxes

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Q

GO backed by

State Issue

Town/City County Issues

A

income tax

sales tax

license fees

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Q

GO backed by

State Issue

Town/City County Issues

A

ad valorem (property) taxes

license fees & fines

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Q

Protection of taxpayers

A

debit limits

voter approval for bonds above limit

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Q

Property Tax

Mills def

Annual tax rate 7 mills = ?

A

$1 per $1000

Annual tax rate = 7 / 1000 = .007

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Q

Property Tax

Value

A

50 % of market value

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Q

Property Tax Liability?

Home mkt value = $400,000

Annual tax rate = 7 mills

A

Property Tax = Mkt Val

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Q

Limited Tax GO

A

Secured by specific tax

more risk

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Q

Overlapping / Coterminous Debt

A

bonds by different muni authorities

baked by same taxpayer

(ie county & city both taxing same prop)

only in prop and state - no real estate

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