Offering Document
The document prepared by, or for, the Issuer and distributed to investors to provide disclosure with respect to one or more issues of bonds.
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Agreed-Upon Procedures Letter
A letter from an independent certified public accountant stating that they have (i) performed certain agreed-upon procedures as described in their letter, (ii) reviewed the preliminary Offering Document and agreed certain amounts contained therein to the Issuer’s or Conduit Borrower’s accounting records, and (iii) made certain inquiries of the Issuer or Conduit Borrower as to changes in its financial condition. The letter is usually delivered on the date the Bonds are sold and the procedures are usually performed through a date which is five days prior to the date of the letter. On the date of the Closing, the Agreed-Upon Procedures Letter is updated to include the information contained in the final Offering Document. Note that, under applicable accounting principles, an Agreed-Upon Procedures Letter does not require the Underwriter to confirm to the accountants that it has undertaken the same Diligence that would be required for an offering registered under the 1933 Act, nor does it require any user of the letter to confirm to the accountants that the letter is sufficient for its purposes.
See Also
Start with the Bond Basics
Hundreds of Terms and Concepts
Debt Limit
Statutory limit on the amount of debt an issuer can incur or have outstanding at any one time.