Revenue bond rate covenants require the user fees to be high enough to cover all of the following obligations of the issuing authority EXCEPT:

Revenue bond rate covenants require the user fees to be high enough to cover all of the following obligations of the issuing authority EXCEPT:




A) the debt service reserve fund.

B) the optional call provisions.

C) the debt service.

D) the operations and maintenance.



Answer: B) the optional call provisions.


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