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Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo
Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo
Theses and Dissertations--Public Policy and Administration
As an alternative way to issue bonds, conduit financing has been widely used by local governments and nonprofit organizations. Conduit financing allows one entity to issue debt on behalf of single or multiple borrowers. In the state of California in the U.S., a local agency is allowed to issue municipal bonds in compliance with law, but can also borrow through a joint powers agency (JPA). In this case, the JPA serves as a conduit. Conduit financing is preferred by local agencies in certain circumstances because it is more convenient or fixed issuance costs can be split between several conduit borrowers …