defeasance

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Related to Advance refunding: Pre-Refunding

de·fea·sance

 (dĭ-fē′zəns)
n.
1. A rendering void; an annulment.
2.
a. The voiding of a contract or deed.
b. A clause within a contract or deed providing for annulment.

[Middle English defesaunce, from Anglo-Norman, from Old French defesance, from defesant, present participle of desfaire, to destroy; see defeat.]

defeasance

(dɪˈfiːzəns)
n
1. (Law) the act or process of rendering null and void; annulment
2. (Law)
a. a condition, the fulfilment of which renders a deed void
b. the document containing such a condition
[C14: from Old French, from desfaire to defeat]

de•fea•sance

(dɪˈfi zəns)

n.
1. a condition rendering a deed or other instrument void.
2. a document stipulating such a condition.
[1400–50; Old French defesance <desfes- (past participle s. of desfaire to undo; see defeat)]
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Translations
défaisance
References in periodicals archive ?
The objective of this Request for Proposal (the RFP ) is to select the firm(s) to serve Lee County, Florida (the County ) in the role of Senior and Co-Underwriters for the County s proposed fixed rate, tax-exempt financings for advance refunding the County s Capital Revenue Bonds, Series 2006 ( Series 2006 Bonds ).
Advance refunding occurs when issuers refinance outstanding bonds before the original bonds mature or are callable to achieve interest rate savings and to extinguish old debt.
Troubled by reports that issuers are earning excessive arbitrage by not converting advance refunding escrows into zero-interest securities, the Internal Revenue Service is preparing to launch a random examination to determine the extent of the problem.
Perrysburg Exempted Village School District (OH), $9,450,000 general obligation advance refunding bonds, series 2006 (insured: FSA)
The objective of this Request for Proposal ( RFP ) is to select the firm(s) to serve the City of Ocala, Florida (the City ) in the role of (A) providing forward bank loan financing for the City s proposed current refunding of the Series 2005A Bonds, and (B) Senior Manager or Co-Managing Underwriter for the City s proposed advance refunding for the Series 2005B Bonds, or (C) to provide bank loan financing for the City s proposed advance refunding for the Series 2005B Bonds.
Since the summer of 1996, state and local government issuers have faced the prospect of being compelled to enter into closing agreements with the Internal Revenue Service (IRS) to protect the tax-exempt status of advance refundings because of possible overpricing by bond underwriters - yield burning - in connection with the investment of the advance refunding bond escrows.
Both series of bonds are an advance refunding targeted to achieve net present value savings.
Based on expert studies showing investment providers' systematic overpricing of advance refunding investments, the Los Angeles County Metropolitan Transportation Authority's legal action against its former financial advisor alleges that one of its escrow purchases was overpriced by approximately $3.
With interest rates at comparatively low levels, the TBTA has sought opportunities to realize savings by advance refunding outstanding debt issued in high interest rate environments.
The proceeds of the bonds will be used to finance the construction, equipping and renovating of health care facilities and to provide for the advance refunding of prior bonds.
An advance refunding occurs when all or some of the bonds to be refunded are called more than 90 days from the date of issuance of the refunding bonds, and the refunded bonds are legally defeased through an escrow account.
Additionally, the county is advance refunding certain outstanding maturities of its series 1998 and series 1999 GO bonds for economic savings.