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The Past, Present, and Future of Income Bonds

Description: Why has the once fallen star of income bonds started to rise after spending over seventy years below the financial horizon? Is it because income bonds provide many of the advantages of debt financing with the non-fixed payments feature of equity financing? Could it be caused by the high yields they carry considering the risk involved? Is it the result of the large tax savings created in many cases? All of these questions are important. Eighteen years ago income bonds were one of the least respected and most disliked types of securities that a company could issue. Today they have a limited but growing use and an ever increasing acceptance. This study is an attempt to determine and give reasons for the development and use of income bonds in the past, present, and future. It traces the development of income bonds, explains the advantages and disadvantages associated with them, and prognosticates about their future.
Date: June 1966
Creator: Vesecky, Stephen Fenwick
Partner: UNT Libraries

PACE and the Federal Housing Finance Agency (FHFA)

Description: The FHFA regulates Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks (the government-sponsored enterprises - GSEs). On June 18, 2009, James B. Lockhart III, then Director of FHFA, released a letter expressing concern about the negative impact of energy loan tax assessment programs (ELTAPs) - also known as Property Assessed Clean Energy (PACE) programs - on both the housing finance system and homeowner program participants. Subsequently, a number of PACE proponents responded to the concerns laid out in the FHFA letter. In early Fall 2009, word circulated that FHFA was planning to follow its June letter with guidance to other agencies, possibly including Fannie Mae and Freddie Mac, discouraging them from buying loans on properties subject to PACE-type assessment liens. This triggered a second round of stakeholder letters, several of which were addressed to President Obama. On October 18, 2009, the White House, in what some believe was an attempt to obviate the need for FHFA guidance, released a Policy Framework for PACE Financing Programs that outlined best practices guidance for homeowner and lender protection. As of February 2010, FHFA and the GSEs have agreed to monitor PACE programs and work with stakeholders and the Administration to consider additional guidance beyond the Policy Framework and to collect more information on PACE program efficacy and risks. A summary of the communications timeline and highlights of the communications are provided.
Date: March 17, 2010
Creator: Zimring, Mark & Fuller, Merrian
Partner: UNT Libraries Government Documents Department

The Federal Government Debt: Its Size and Economic Significance

Description: This report explains the different measures of the U.S. government debt, discusses the historical growth in the debt, identifies the current owners of the debt, presents comparisons with government debt in other countries, and examines the potential economic risks associated with a growing federal debt.
Date: January 27, 2006
Creator: Cashell, Brian W.
Partner: UNT Libraries Government Documents Department

Assessing Local Governments’ Debt Financing Strategies

Description: This dissertation assesses the importance of a specific debt instrument, the Certifi- cate of Obligation in the state of Texas. It conceptualizes the Certificate of Obligation as a type of contractual debt that enables local governments to finance their capital projects. This dissertation is guided by three research questions: (1) What are the various types of debt instruments employed by local governments and what are their relative advantages? (2) How prevalent is the use of a specific debt instrument such as Certificates of Obligation? And why would some local governments prefer to issue them while others do not? (3) To what extent does the local institutional environment, e.g., the executive authority of city managers in the council-manager form of government, affect debt financing behaviors of local governments? To examine the first research question, we created a typology to represent four ideal types of borrowing methods: (1) Contractual Debt, (2) Voter Approval/Special Tax Debt, (3) Guaranteed, and (4) Non-Guaranteed Debts. The typology examines whether or not the state mandates the referendum requirement for the use of each of these debt instruments, and at the same time determines whether each debt instrument is secured by multiple or single revenue sources. Using data we collected among municipal governments in Texas, we conducted two empirical analyses. The first analysis tests the hypothesis that Certificates of Obligation have higher borrowing costs compared to GO bonds, since a GO bond is often issued under the pledge of the bond issuers’ full-faith credit and taxing authority. We employed a two-stage least square analysis to test the general proposition in the state of Texas. Based on 741 Certificates of Obligation and GO bonds issued between 2008 and 2011, our analyses show that Certificates of Obligation are likely to incur True Interest Costs (TIC) similar to those of GO ...
Date: December 2013
Creator: Lung, Wei-Liang
Partner: UNT Libraries

Role of Appraisals in Energy Efficiency Financing

Description: This research identifies barriers and challenges and current industry status including several key appraisal industry developments for identifying and valuing energy efficiency, critical obstacles to documenting and assessing the potential added value from energy efficiency improvements, current opportunities to support and standardize reporting on energy efficiency and to ensure proper valuation, and next steps towards enabling energy efficiency financing market transformation.
Date: May 1, 2012
Creator: Doyle, V. & Bhargava, A.
Partner: UNT Libraries Government Documents Department

Austin's Home Performance with Energy Star Program: Making a Compelling Offer to a Financial Institution Partner

Description: Launched in 2006, over 8,700 residential energy upgrades have been completed through Austin Energy's Home Performance with Energy Star (HPwES) program. The program's lending partner, Velocity Credit Union (VCU) has originated almost 1,800 loans, totaling approximately $12.5 million. Residential energy efficiency loans are typically small, and expensive to originate and service relative to larger financing products. National lenders have been hesitant to deliver attractive loan products to this small, but growing, residential market. In response, energy efficiency programs have found ways to partner with local and regional banks, credit unions, community development finance institutions (CDFIs) and co-ops to deliver energy efficiency financing to homeowners. VCU's experience with the Austin Energy HPwES program highlights the potential benefits of energy efficiency programs to a lending partner.
Date: March 18, 2011
Creator: Zimring, Mark
Partner: UNT Libraries Government Documents Department

The Federal Budget Deficit and the Business Cycle

Description: This report discusses the annual federal budget deficit, which has fallen significantly over the course of the current economic expansion, from a high of 9.8% of gross domestic product (GDP) in FY2009 to 3.2% of GDP in FY2016
Date: December 9, 2016
Creator: Driessen, Grant A. & Labonte, Marc
Partner: UNT Libraries Government Documents Department

Third-Party Finance for Commercial Photovoltaic Systems: The Rise of the PPA

Description: Installations of grid-connected photovoltaic (PV) systems in the United States have increased dramatically in recent years, growing from less than 20 MW in 2000 to nearly 500 MW at the end of 2007, a compound average annual growth rate of 59%. Of particular note is the increasing contribution of 'non-residential' grid-connected PV systems--defined here as those systems installed on the customer (rather than utility) side of the meter at commercial, institutional, non-profit, or governmental properties--to the overall growth trend. Although there is some uncertainty in the numbers, non-residential PV capacity grew from less than half of aggregate annual capacity installations in 2000-2002 to nearly two-thirds in 2007. This relative growth trend is expected to have continued through 2008. This article, which is excerpted from a longer report, focuses specifically on just one subset of the non-residential PV market: systems hosted (and perhaps owned) by commercial, tax-paying entities. Tax-exempt entities (e.g., non-profits or municipalities) face unique issues and have different financing options at their disposal; readers interested in PV financing options for tax-exempt entities can find more information in the Bolinger report.
Date: February 15, 2009
Creator: Bolinger, Mark A
Partner: UNT Libraries Government Documents Department

Clean Energy Financing Programs; a Decision Guide for States and Communities

Description: A guide that describes financing program options, key components of financing support in commercial and residential sectors for clean energy programs, and considers factors for states and communities to consider as they make decisions, get started or update financing programs for clean energy.
Date: July 26, 2001
Creator: McGuckin, Pat; Quebe, Philip; Tenney, Matt & Dietsch, Niko
Partner: UNT Libraries Government Documents Department

Measures of Local Fiscal Ability to Supoort Public Schools

Description: The primary purposes of this study are fourfold, namely: (1) to summarize the writings of specialists in school finance and public finance which are judged to have significance concerning the nature, source, control, and measurement of local fiscal ability; (2) to develop an analytical evaluation of the "bases" of the proposed measures; (3) to develop a criterion of the relative taxpaying ability of Arkansas counties in terms of the actual valuation of real property; and (4) to determine the significance of the association among the three measures and the relative significance of the degree of relationship of each measure to the criterion.
Date: January 1959
Creator: Wetherington, Allen Burton
Partner: UNT Libraries

The Validity of the Texas Economic Index

Description: Since the economic index is one of the two instruments which are so important to the financing of every school district of the state, and since the index is a hypothetical measure, it should be studied at regular intervals. Therefore, the purpose of this study is to re-examine the economic index used in Texas school finance for the purpose of determining its validity.
Date: January 1956
Creator: Simpson, Edgar Randell
Partner: UNT Libraries

Is the U.S. Current Account Deficit Sustainable?

Description: This report reviews studies on the America's current account (CA) deficit's sustainability. Some of the studies suggest that a large dollar depreciation could eventually be required to restore sustainability. But the inflation-adjusted 25% depreciation of the dollar from 2002-2008 had little effect on the CA deficit, which kept growing until 2007.
Date: April 2, 2010
Creator: Labonte, Marc
Partner: UNT Libraries Government Documents Department

Procurement Guide: CHP Financing

Description: A report about various financing methods for Combined Heat and Power Partnership and identifies advantages and disadvantages of each.
Date: unknown
Creator: United States. Environmental Protection Agency.
Partner: UNT Libraries Government Documents Department

Geothermal Money Book [Geothermal Outreach and Project Financing]

Description: Small business lending is big business and growing. Loans under $1 million totaled $460 billion in June 2001, up $23 billion from 2000. The number of loans under $100,000 continued to grow at a rapid rate, growing by 10.1%. The dollar value of loans under $100,000 increased 4.4%; those of $100,000-$250,000 by 4.1%; and those between $250,000 and $1 million by 6.4%. But getting a loan can be difficult if a business owner does not know how to find small business-friendly lenders, how to best approach them, and the specific criteria they use to evaluate a loan application. This is where the Geothermal Money Book comes in. Once a business and financing plan and financial proposal are written, the Geothermal Money Book takes the next step, helping small geothermal businesses locate and obtain financing. The Geothermal Money Book will: Explain the specific criteria potential financing sources use to evaluate a proposal for debt financing; Describe the Small Business Administration's (SBA) programs to promote lending to small businesses; List specific small-business friendly lenders for small geothermal businesses, including those which participate in SBA programs; Identify federal and state incentives which are relevant to direct use and small-scale (< 1 megawatt) power generation geothermal projects; and Provide an extensive state directory of financing sources and state financial incentives for the 19 states involved in the GeoPowering the West (GPW). GPW is a U.S. Department of Energy-sponsored activity to dramatically increase the use of geothermal energy in the western United States by promoting environmentally compatible heat and power, along with industrial growth and economic development. The Geothermal Money Book will not: Substitute for financial advice; Overcome the high exploration, development, and financing costs associated with smaller geothermal projects; Remedy the lack of financing for the exploration stage of a geothermal project; or Solve ...
Date: February 1, 2004
Creator: Battocletti, Elizabeth
Partner: UNT Libraries Government Documents Department

NYSERDA's Green Jobs-Green New York Program: Extending Energy Efficiency Financing To Underserved Households

Description: The New York legislature passed the Green Jobs-Green New York (GJGNY) Act in 2009. Administered by the New York State Energy Research and Development Authority (NYSERDA), GJGNY programs provide New Yorkers with access to free or low-cost energy assessments,1 energy upgrade services,2 low-cost financing, and training for various 'green-collar' careers. Launched in November 2010, GJGNY's residential initiative is notable for its use of novel underwriting criteria to expand access to energy efficiency financing for households seeking to participate in New York's Home Performance with Energy Star (HPwES) program.3 The GJGNY financing program is a valuable test of whether alternatives to credit scores can be used to responsibly expand credit opportunities for households that do not qualify for traditional lending products and, in doing so, enable more households to make energy efficiency upgrades.
Date: January 24, 2011
Creator: Zimring, Mark & Fuller, Merrian
Partner: UNT Libraries Government Documents Department

PACE Status Update

Description: The Federal Housing Finance Agency (FHFA) regulates Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks (the government-sponsored enterprises - GSEs). On July 6, 2010, FHFA and the Office of the Comptroller of the Currency (OCC) concluded that Property Assessed Clean Energy (PACE) programs 'present significant safety and soundness concerns' to the housing finance industry. This statement came after a year of discussions with state and federal agencies in which PACE, a novel mechanism for financing energy efficiency and renewable energy improvements, has gone from receiving support from the White House, canonization as one of Scientific American's 'World Changing Ideas' and legislative adoption in 24 states to questionable relevance, at least in the residential sector. Whether PACE resumes its expansion as an innovative tool for financing energy efficiency and clean generation depends on outcomes in each of the three branches of government - discussions on a PACE pilot phase among federal agencies, litigation in federal court, and legislation in Congress - all highly uncertain. This policy brief addresses the practical impacts of these possible outcomes on existing and emerging PACE programs across the United States and potential paths forward.
Date: August 11, 2010
Creator: M., Zimring,; Hoffman, I. & Fuller, M.
Partner: UNT Libraries Government Documents Department