Bond Purchase Agreement (“BPA”)
Contract in which the Issuer and/or borrower agrees to sell bonds to the underwriter.
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Standby Bond Purchase Agreement
An agreement, usually between an Issuer (or in the case of a Conduit Financing, a Conduit Issuer and a Conduit Borrower), a Trustee (as tender agent) and a commercial bank, used to guarantee repurchase of Bonds that are subject to short Call Provisions (e.g., daily, weekly or monthly) if such Bonds are tendered for purchase by the bondholders and not simultaneously remarketed to and purchased by new bondholders.
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Hundreds of Terms and Concepts
Tax Cuts and Jobs Act (TCJA) of 2017
Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017. The large tax bill passed under reconciliation rules made major changes to the Internal Revenue Code (IRC), including the elimination of tax-exempt advance refunding bonds.