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The meaning of a "Participation Certificate" in Switzerland is different from the similar term used in English. In English, a Certificate of Participation is a financial instrument , a form of financing , used by municipal or government entities which allows an individual to buy a share of the lease revenue of an agreement made by these entities.
At the same time, debt payments, retiree healthcare and pension payments, and most significantly, financial expenses, increased between 2008 and 2013. [20] Financial expenses included certificates of participation to finance $1.6 billion in debt, which required termination payments as a result of the city’s low credit rating. [20]
Government debt (6 C, 25 P) F. Fiscal policy (5 C, 90 P) L. Local government finance (2 C, 19 P) P. ... Participation certificate; Power of the purse; Primary deficit;
A separate contract called a loan participation agreement is structured and agreed among the FI's. Loan participations can either be made on a pari passu basis with equal risk sharing for all loan participants, or on a senior/subordinated basis, where the senior lender is paid first and the subordinate loan participation paid only if there are ...
A collateralized debt obligation (CDO) is a type of structured asset-backed security ... In 1971, Freddie Mac issued its first Mortgage Participation Certificate.
The city borrowed $33.7 million for the center's construction through certificates of participation ("COPs"), instruments commonly used to finance municipal facilities. Debt service payments on COPs are subject to annual appropriation by the city, and as such are considered an annual operating expense rather than a long-term capital obligation.
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates. CDs require a minimum deposit and may offer higher ...
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.