| Salary
Offset:
Process of collecting
a debt by deducting
part or all of the
debt from an employee's
current pay at one
or more officially
established pay intervals
without his or her
consent. |
| |
| Secured Debt:
Debt for which collateral has been pledged. |
| |
| Senior
Debt: Debt obligations
having a priority claim on the source of payment for debt
service. |
| |
| Servicer:
Entity under contract to a lender or agency to perform
account servicing functions. |
| |
| Settle:
Resolving a debt or claim. |
| |
| Soft
Loan:
Loan provided to a
project sponsor with
flexible repayment
terms. Soft loans
are generally subordinate
to other debt, can
have variable repayment
schedules and extended
terms, and subsidized
interest rates. |
| |
| Start-Up
Project:
A separate, free-standing
and new facility dependent
on its own revenue
stream to generate
earnings to cover
operating and capital
costs. |
| |
| State Infrastructure Bank:
A state or multi-state revolving fund that provides loans,
credit enhancement, and other forms of financial assistance
to surface transportation projects. |
| |
| State Transportation Improvement
Program: A short-term transportation planning document
covering at least a three-year period and updated at least
every two years. The STIP includes a priority list of
projects to be carried out in each of the three years.
Projects included in the STIP must be consistent with
the long-term transportation plan, must conform to regional
air quality implementation plans, and must be financially
constrained (achievable within existing or reasonably
anticipated funding sources). |
| |
| State Transportation Plan:
The transportation plan covers a 20-year period and includes
both short- and long-term actions that develop and maintain
an integrated, intermodal transportation system. The plan
must conform to regional air quality implementation plans
and be financially constrained. |
| |
| Stress Test: A financial
test applied by rating agencies to assess the claims-paying
ability of municipal bond insurers. The stress test subjects
a bond insurer's portfolio to a severe and prolonged economic
downturn that produces an extraordinary level of bond
defaults. In order to receive a AAA rating on its claims-paying
ability, a bond insurer must be able to pay all projected
claims through the peak years of the stress period and
be left with sufficient resources to write new business
when more stable economic conditions resume. |
| |
| Subordinate Claim: A
claim on an underlying source of payment for debt service
which is junior or secondary to that securing another
debt obligation. (See Junior Debt.) |
| |
| Subsidy Cost: The estimated
long-term cost to the federal government of providing
credit assistance (e.g., direct loans or loan guarantees),
calculated on a net present value basis at the time of
disbursement and excluding administrative costs. |
| |
| Suspend Collection Action:
Placing collection action temporarily in abeyance due
to the existence of a particular set of circumstances.
|
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