Conduit Bonds

Bonds issued by an Issuer in a Conduit Financing.

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Evidence of the borrowing by an issuer and a debt instrument for tax purposes.

Conduit Financing

Financing in which the Issuer issues the bonds to finance a project to be used primarily by a third party.

Conduit Borrower

The private business that either receives the proceeds of the tax-exempt bonds through a loan by the issuer to fund all or a portion of a capital project or leases the facility financed with the proceeds of the tax-exempt bonds.

Hudson Yards Rail Yards

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Temporary Period

The period of time (often set forth in the tax certificate), during which a particular category of proceeds may be invested in higher yielding investments without the issue being treated as arbitrage bonds under Section 148 of the Code.