Finance Phrases Flashcards
CC STOP
When analyzing bond look for limits in these things & include them in the requisite resolution:
1) Constitution - public purpose
2) Contracts
3) Statutes
4) Ordinances
5) Pledge
What connections must be shown:
exactions AND impact fees
Connection b/w the
🔸Ex & his anticipated needs
🔸New developmt & his capital improvements
———–
1. Reas connection b/w required exaction & anticipated needs of the community due to the impacts of the new development
AND
2. Reas connection b/w impacts of new development & the capital improvements being funded by the exaction.
What 3 things are required for justify an impact fee?
to justify the exact Purpose must Connect the Data
- Has a public Purpose
- Connection [Ex/Antic Needs + New/Improve]
- Amt is based on best and most recent localized Data.
What are the 6 types of revenue bonds?
Typical COPS LAC TIF
1) Typical
2) COPs
3) Lease
4) spec Assessment
5) Conduit
6) TIF/CRA
What are the constitutional limits on bond issuance?
Constitutional Restrictions can’t Purposely Lend Credit or Mortgage an Extraterrestrial ----------- 1. Public Purpose 2. No lending of credit 3. No mortgage 4. Extraterritorial Powers
In declaring public purpose of a bond, state the powers of Charter County.
How remember:
c”H”arter is alphabetically close to “I”nconsitent.
In declaring public purpose of a bond, state powers of non-charter county.
How remember:
“N”on C is alphabetically close to “P”rovided.
In declaring public purpose of a bond, state powers of a municipality.
Muni:
Govtl, corporate and proprietary pwrs
To conduct govt, perform functs + services:
(a) For muni purposes
(b) Except as OTHERWISE PROVIDED BY LAW.
An Order to Show Cause in a bond validation proceeding must be published:
(a) once a week for 4 weeks, the 1st publication at least 30 days prior to the hearing date
(b) once at least 20 days prior to the hearing date
(c) once a week for 2 weeks, the 1st publication at least 20 days prior to the hearing date
(d) none of the above
C
How remember?
“show cause” is 2 words. Publish 2 times, 20 days
Notice of a bond referendum must be published at least 30 days prior to the referendum,
at least twice,
once in the 3rd week and once in the 5th week prior to the date of the referendum.
TRUE
perhaps remember that 5 wks x 7 days/wk = 35 days
35 is ‘at least’ 30 days before
What do spec dist include?
Hospital (is on) Fire (get) Water (go to) Airport.
What are PILOT agreements?
PILOT (payments in lieu of taxes) agreement are
imposed under the proprietary powers of government (not sovereign right) and the payments are
not invalid as taxes.
State 4 ways LG must handle its accounting re: Impact Fees.
I Account for my Separate Ears that are Unrelated & Equal.
(1) Provide for accounting & keep $ separate.
(2) Earmark $ for capital improvements for new users.
(3) Can’t $ to pay debt on unrelated projects.
(4) Admin charges = actual costs.
IMPACT FEE ----------- New 2021 - ----------- How often can LG increase its impact fee?
IMPACT FEE ----------- New 2021 - ----------- Every 4 yrs my SEWing increases by 2/3. ----------- Increase only every 4 yrs UNLESS a) Demonstrated-need study justifies; b) Extraordinary circumstances; c) 2 publicly noticed workshops, & d) Adopts by 2/3 vote.
What are PILOT agreements?
Pilots are not sovereigns imposing taxes.
———–
(1) Imposed under the proprietary powers of govt (not sovereign right) and
(2) Not invalid as taxes.
