At that time, the pledged revenues pay debt service on the refunding securities. Discount Bond A bond that is valued at less than its face amount. Double Barrelled Bonds secured by the pledge of two or more sources of repayment. The stated principal amount of a bond. General Obligations Voter approved bonds that are backed by the full faith, credit and unlimited taxing power of the issuer.
Tax assessment is included on the county tax bill.
Premium Bond A bond that is valued at more than its face amount. Bonds secured by all of the property taxes on the increase in assessed valuation above the base, on properties in the project. Revenue Bonds Bonds secured by the revenues derived from a particular service provided by the issuer. Fund A bond with special funds set aside to retire the term bonds of a revenue issue each year according to a set schedule. Usually takes effect 15 years from date of issuance.