Gross Proceeds

Includes sale proceeds, investment proceeds, transferred proceeds (which, together with sale and investment proceeds equal the “proceeds” of the Bonds) and replacement proceeds, all of which are defined in the Code.

See Also

Code (Internal Revenue)

The Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the bonds.

Hudson Yards Rail Yards

Start with the Bond Basics

Hundreds of Terms and Concepts

Interest Rate Swap

A type of derivative, in which the interest rate on the bonds is swapped, or exchanged, by the issuer for an agreed-upon fixed rate or variable rate based upon an index, calculated on a notional principal amount.