UIRVDA’s bond financing empowered Cambridge Lakes Charter School to undertake $8 million in vital facility upgrades. Explore how this partnership demonstrates the tangible community impact of strategic public financing.
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The Federal Tax Code allows some private companies to receive favorable financing or municipal financing that is generally reserved for units of government like cities and counties. The Code requires that a governmental body act as an “issuer” of bonds on behalf of private entities like manufacturers and housing developers.
Industrial Revenue Bonds (IRBs) are debt instruments issued by units of government to assist manufacturing companies in financing the acquisition of land, buildings, equipment, new construction or renovation.
The term Gap Loan is best described as a second mortgage. In a normal business lending structure, the applicant would borrow money form a local bank and then pay for the remaining funds needed from his own resources.
When Congress passed the Federal Tax Code, it felt that there were certain activities that were so important to the welfare of the United States economy that they should be able to receive tax free income, like airports, mass transit districts, etc.