In the year that a governmental entity enters into an advance refunding to legally defease outstanding debt, which of the following note disclosures would not be required?

Question

Quizplus · Accepted Answer

Since the debt has been legally defeased and is no longer outstanding, there would be no need to disclose the amount of defeased debt that is still outstanding. However, disclosures related to the present value of net debt service savings or cost of advance refunding transaction, difference between total remaining debt service requirements of old defeased issue and total debt service requirements of new issue, and general description of the transaction would still be required.

In the Year That a Governmental Entity Enters into an Advance