About this bond issuance
Estimated impacts for projects capitalized by the 2018 Bonds include:
- More than 11,000 linear feet of streetscape improvements, including multi-purpose paths and sidewalk improvements
- More than 600,000 square feet of facilities upgraded
- More than 360,000 kWH of energy efficiency savings and/or renewable energy produced
- More than 6,700 student seats enhanced
- One pocket park
- One new fire truck
- More than 95,000 people directly served
- More than 70 new construction jobs
IssuerOften the obligor. However, sometimes issuers partner with an authorized conduit financing non-profit within their state or city to issue the bonds.
Vermont Municipal Bond Bank
AuthorityBefore an issuer can raise money for a project, they must first have the legal authority to do so. This authority is sometimes preceded by a general election, and awarded after the successful passing of a bond measure.
The 2018 Bonds are being issued pursuant to the Vermont Municipal Bond Bank Law, being Public Act No. 216 of the Laws of Vermont of the 1969 Adjourned Session of the Vermont General Assembly, as amended (the "Act"), the Bank's General Bond Resolution adopted on May 3, 1988 (the "General Resolution") and the Series Resolution authorizing the issuance of the 2018 Bonds (the "Series Resolution"), adopted June 11, 2018.
SecurityThe security section is a breakdown of the funds an issuer is planning to use to repay its investors. This repayment can come from a variety of sources, including local taxes.
The 2018 Bonds are general obligations of the Bank and are secured on a parity with other bonds issued and to be issued (collectively, the "Bonds") under the Bank's General Resolution (defined herein). The Bonds are secured by a pledge of the municipal bonds issued by Governmental Units and purchased by the Bank ("Municipal Bonds") and the amounts required to be paid by such Governmental Units to the Bank pursuant to loan agreements for principal and interest on the Municipal Bonds ("Municipal Bonds Payments"). The Bonds are further secured under the Act by an intercept by the State Treasurer of State funding to any Governmental Units that are in default on their Municipal Bonds Payments. The Bonds are further secured by the Reserve Fund (defined herein). If there is a draw on the Reserve Fund that reduces the amount therein below the Required Debt Service Reserve, the State is legally authorized, but not legally obligated, to appropriate annually the amount required to replenish the Reserve Fund.
Priority of orders:
2.Vermont Professional Retail
3 National Retail
4.Group Net (Except if an investor is affiliated with a syndicate member in which case the economics will be reallocated among the other managers. Please contact the Senior Manager.)
Retail Definition: A "retail" order is defined as an order placed for the account of an individual, bank trust or investment advisor, with a maximum of $500,000 per account. Retail orders do not include bank portfolios, insurance companies, mutual funds or municipalities. Zip codes are required at the time of order entry.
Net roadshow available at http://roadshow.munios.com/rs/9ftbn