Verification Report

A document provided by the Verification Agent, which verifies the mathematical accuracy of the Cash Flows for repayment of the Refunded Bonds, the Yields on the Refunding Bonds, the Refunded Bonds and the investments in the Escrow Fund and other information needed to support Bond Counsel’s conclusions that an Advance Refunding Bond Issue is a Tax-Exempt Bond issue and/or that the Refunded Bonds are Defeased.

See Also

Verification Agent

A certified public accountant or a firm of certified public accounts engaged for preparing the verification report.


A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.

Escrow Fund

Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.

Hudson Yards Rail Yards

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Political Subdivision

A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.