Reprinted with permission from Building Together: Investing in Community Infrastructure (National Association of Counties, National Association of Homebuilders, Government Finance Officers Association, and Urban Land Institute).
FINANCING SOURCEPROVIDES FUNDSREPAYMENTADVANTAGESDISADVANTAGES General Obligation Bonds -- Limited or Unlimited Tax Immediately By all taxpayers over 10-30 years Makes funds available immediately; ties payment to benefits received; potentially lowers interest costs Increases taxes; competes with other local services for limited resources; separates payment from benefit Revenue Bonds (or "rate-supported" bonds) Immediately By rate payers over 10-30 years Makes funds available immediately; ties payment to benefits received Increases rates or fees; interest costs potentially higher than GO bonds Taxable Bonds Immediately By all taxpayers over 10-30 years Not subject to requirements of Tax Reform Act Highest interest rates of all bond types Tax Increment Financing Bonds Immediately By all taxpayers within subarea of county Ties payment to benefit received within subarea Revenues dependent upon growth in assessed value within subarea Lease Purchase and Certificates Immediate use of equipment or facility while being puchased By all taxpayers over 5-10 years Provides a means of buying on credit without issuing debt High interest rates; may not relate payment to benefits received Revolving Loans Immediately By rate payers over 10-20 years Makes funds available immediately; ties payment to benefits received; potentially lower interest costs Increase rates; reporting and administration may be burdensome; may not be in accordance with county priorities Bond Banks Varies By taxpayers or rate payers pver 10-30 years Particularly helpful for small communities; lowers cost of issuance Issuance of bonds may be delayed while sufficient number of communities apply
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