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Extra resources for Kaplan Series 7 General Securities Representative Exam License Exam Manual (7th Edition)
Indb 142 3/7/2011 9:16:26 AM Unit three Municipal Securities 143 bondholders, now not the taxpayers, undergo the danger. while assessing the standard of profit bonds, an investor may still give some thought to the subsequent elements. ■■ fiscal justification: the power being equipped might be in a position to generate sales. ■■ Competing amenities: a facility shouldn't be put the place larger choices are simply on hand. ■■ resources of profit: the assets may be liable. ■■ name provisions: with callable bonds, the better the decision top class, the extra beautiful a bond is to an investor. ■■ circulate of cash: sales generated has to be enough to pay the entire facility’s working charges and to fulfill debt carrier legal responsibility. three. three. 2. 1 functions of sales significant and curiosity on profit bonds are paid completely from funds generated by way of the power the difficulty funds. The provider pledges to pay bills in a selected order, referred to as the move of money. normally, a web profit pledge is used, that means that working and upkeep bills are paid first. the rest money (or web sales) are used to pay debt provider and meet different responsibilities. three. three. 2. 1. 1 stream of money in a web profit Pledge In a internet profit pledge, overall receipts from working the ability are typically deposited within the profit fund, and money are dispensed as follows: ■■ Operations and maintenance—used to pay present working and upkeep costs; final money are known as web sales ■■ Debt provider account—used to pay the curiosity and imperative maturing within the present 12 months and serves as a sinking fund for time period concerns ■■ Debt carrier reserve fund—used to carry sufficient cash to pay one year’s debt provider ■■ Reserve upkeep fund—used to complement the overall upkeep fund ■■ Renewal and substitute fund—used to create reserve money for significant renewal initiatives and gear replacements ■■ Surplus fund—used for a number of reasons, comparable to redeeming bonds or deciding to buy advancements If the provider has now not pledged to pay working and upkeep costs first, debt carrier is the concern fee. whilst debt carrier is paid first, the move of money is termed a gross profit pledge. The debt carrier contains present critical and curiosity due, plus any sinking fund responsibilities. If sales exceed working and different duties, the cash is generally put in a surplus fund. sequence 7 LEM. indb 143 3/7/2011 9:16:26 AM 144 Unit three Municipal Securities Gross and internet profit Pledges ! T est T opic A lert three. three. three Gross profit Pledge web profit Pledge provider will pay debt provider first from gross sales. provider can pay expenditures first from gross sales. person can pay operations and upkeep. provider can pay debt provider moment from internet sales. for those who see questions that require differentiating gross profit and web profit pledges, might be this may support: the identify of the pledge tells you the way debt carrier is paid. In a gross profit pledge, debt provider is paid first, from gross sales.