bond-basics

Guaranteed Investment Contract (GIC)

An investment agreement offered by financial institutions (e.g., banks or insurance companies) which pays a stated rate of return on invested Bond proceeds for a stated term. In order to establish the fair market value of a Guaranteed Investment Contract for purposes of meeting the requirements under the Code and Treasury Regulations for Tax-Exempt Bonds, bids must be sought for Guaranteed Investment Contracts.

Hudson Yards Rail Yards

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Form 8038 (IRS)

Form required to establish and maintain the federal income tax-exempt status of the interest on tax-exempt bonds. Known as Form 8038-G for governmental bonds.