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Simple English definitions for legal terms
transcript of proceedings
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A quick definition of transcript of proceedings:
A transcript of proceedings is a collection of all the important documents related to a bond issue. This includes notices, affidavits of notices, a bond resolution or bond ordinance, official statement, trust indenture and loan agreements, and minutes of meetings of all authorizing bodies. It's like a big folder that has everything you need to know about the bond issue.
A more thorough explanation:
A transcript of proceedings is a collection of all the documents related to a bond issue. This includes:
- Notices
- Affidavits of notices
- Bond resolution or bond ordinance
- Official statement
- Trust indenture and loan agreements
- Minutes of meetings of all authorizing bodies
For example, if a city wants to issue bonds to fund a new project, they will need to create a transcript of proceedings. This will include all the necessary documents to show that the bond issue was authorized and conducted properly.
The transcript of proceedings is important because it provides a complete record of the bond issue. This can be useful for investors, auditors, and other interested parties who want to understand the details of the bond issue.