Direct Payment BABs definition

Direct Payment BABs means Current Interest Bonds that are “Build America Bonds” within the meaning of Section 54AA(d) of the Code and that are qualified bonds within the meaning of Section 54AA(g) of the Code, the interest on which is includible in gross income for federal income tax purposes and with respect to which the School District shall have made an irrevocable election to receive one or more Direct Payments.
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Examples of Direct Payment BABs in a sentence

  • Direct Payment BABs provide a direct federal subsidy paid by the US Treasury to the government issuer in an amount equal to 35% of the interest.

  • Direct Payment BABs are also subject to the arbitrage restrictions of Section 148 in order to be “qualified bonds” under Section 54AA.

  • In the case of Direct Payment BABs, the government issuer receiving the subsidy is the primary taxpayer.

  • IRS Notice 2009-26 provides guidance on Direct Payment BABs and the payment of the federal subsidy procedures.

  • The Debt Management Compliance Coordinator for each entity receiving proceeds from the issuance of tax-exempt bonds/notes or Direct Payment BABs shall meet with the Debt Compliance Officer (via telephone conference call or in person) to ensure that all requirements are clearly understood.

  • Direct Payment BABs – Direct payment BABs shall also comply with Section 54AA of the Code which requires that 100% of the available project proceeds be used for capital expenditures after allowing for a reasonably required reserve fund and for costs of issuance not exceeding 2 percent.

  • Recovery Zone Economic Development bonds (like the Direct Payment BABs) provide a direct federal subsidy to the government issuer in an amount equal to 45% of the interest.

  • Each state agency or other entity receiving bond proceeds through the issuance of tax- exempt bonds/notes or Direct Payment BABs shall designate a person to serve as the Debt Management Compliance Coordinator.

  • Records Establishing the Use of Property – The Bond Compliance Officer shall retain documents regarding the use of property financed with tax- exempt bonds/notes or Direct Payment BABs. This includes leases and service contracts.

  • Records of the Federal Subsidy Payments for Direct Payment BABs – The Bond Compliance Officer shall obtain a copy of the filed IRS Form 8038- CP and store in the CEDMR.

Related to Direct Payment BABs

  • Direct Payment means a payment granted directly to farmers under a support scheme listed in Annex I;

  • Payment Amount as defined in Section 3.5.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Direct Patient Care means the provision of health care services provided directly to individuals being treated for or suspected of having physical or mental illnesses. Direct patient care includes both, face-to-face and telehealth-based preventative care and first-line supervision.

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.

  • Reasonable payment means, with respect to professional and other technical services, a payment in an amount that is consistent with the amount normally paid for such services in the private sector.

  • Interest Payment Amount With respect to each outstanding Class of Notes and any Payment Date, the Interest Accrual Amount for such Class of Notes, less any Modification Loss Amount for such Payment Date allocated to reduce the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(f) hereof, or plus any Modification Gain Amount for such Payment Date allocated to increase the Interest Payment Amount owed for such Class of Notes pursuant to Section 3.03(g) hereof.

  • Reimbursement Amount As defined in Section 2.04.

  • relevant payment means either a student loan or an amount intended for the maintenance of dependants referred to in paragraph 76(7) or both.

  • Reimbursement Amounts As defined in Section 3.22.

  • Settlement Amount means, with respect to a party and any Early Termination Date, the sum of: --

  • Co-payment means a relatively small amount of money paid by the insured person towards the cost of each day in a private hospital per episode of care, with Latrobe paying the rest of the cost.