Guam § 148 - of the Internal Revenue Code of 1986, as amended.

§ 148. of the Internal Revenue Code of 1986, as amended.

That is, >yield= means the annual discount rate which, when

used to discount all payments of debt service on an issue of

bonds to the date of issuance of the bonds, using a semiannual

compounding interval, results in the aggregate present value

of such payments being equal to an amount equal to the re-

offering price to the public of such bonds less fees to be paid

for credit enhancement of such bonds from proceeds thereof.

(d) ‘Debt service’ means the scheduled principal of and

interest on bonds plus fees to be paid (other than from bond

proceeds) for credit enhancement of such bonds and the net

amounts to be paid or received under any financial contract

entered into under § 51105 of this Chapter. For purposes of

this definition, any prior bonds bearing interest at a variable

rate shall be assumed to bear interest at the then-current

interest rate on such bonds.

(e) ‘Debt service savings’ means the percentage by

which the present value of debt service on the refunding

bonds is less than the present value of debt service on the

prior bonds, taking into account any moneys transferred from

the refunded bonds to the refunding bonds and taking into

account any moneys contributed to either or both bond issues.

Present value shall be calculated for this purpose using the

yield on the refunding bonds as the discount rate.

(f) ‘Bond’ means any bond, note or other evidence of

indebtedness.

(g) ‘GEDA’ means the Guam Economic Development

Authority.

NOTE: Subsection (a)(4) added by P.L. 26-124:3.

COL1/11/2022