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arbitrage rebate

required repayment to the federal government arising from the arbitrage rules that prohibit the government from investing bond proceeds at interest rates higher than that applicable to the entity's tax-exempt debt

asset impairment

a significant, unexpected decline in the service utility of a capital asset (q.v.)

bond anticipation notes (BANs)

short-term interest bearing notes issued by a government in anticipation of bonds to be issued at a later date. the notes are retired from proceeds of the bond issue to which they are related

capital improvements fund

a fund to accumulate revenues from current taxes levied for major repairs and maintenance to capital assets of a nature not specified at the time the revenues are levied. appropriations of this fund are made in accord with state law at the time specific projects become necessary

capital leases

a lease that substantively transfers the benefits and risks of ownership of property to the lessee. any lease that meets certain criteria specified in applicable accounting and reporting standards in a capital lease

capital projects fund (CPF)

a fund created to account for al resources to be used for the construction or acquisition of designated capital assets by a government except those financed by proprietary or fiduciary funds

force account construction

the determination of the cost of construction of buildings and improvements by some agency of the government

general capital assets (GCA)

those capital assets of a government that are not recognized by a proprietary or fiduciary fund

historical cost

the amount paid or liability incurred by an accounting entity to acquire an asset and make it ready to render the services for which it was acquired

infrastructure assets

roads, bridges, curbs and gutters, streets, sidewalks, drainage systems, and lighting systems installed for the common good.

intangible assets

capital assets that lack physical substance, have a useful life of more than one reporting period, and are non-financial in nature

interfund transfers

amounts transferred from one fund to another

modified approach

an approach that allows the government to elect not to depreciate certain eligible infrastructure assets provided certain requirements are met

operating leases

a rental-type lease in which the risks and benefits of ownership are substantively retained by the lessor, and thus do not meet the criteria defined in applicable accounting and reporting standards for a capital lease (q.v.)

special assessment

a compulsory levy made against certain properties to defray part or all of the cost of a specific improvement or service that is presumed to be a general benefit to the public and of special benefit to such properties

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