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.

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The repayment of bonds prior to their maturity date.