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Question: Traverse County needs a new county government building that would cost $10 million. The politicians feel that voters will not approve a municipal bond issue to fund the building since it would increase taxes. They opt to have a state bank issue $10 million of tax-exempt securities to pay for the building construction. The county then will make yearly lease payments (of principal and interest) to repay the obligation. Unlike conventional municipal bonds, the lease payments are not binding obligations on the county and, therefore, require no voter approval.
1. Do you think the actions of the politicians and the bankers in this situation are ethical?
2. How do the tax-exempt securities used to pay for the building compare in risk to a conventional municipal bond issued by Traverse County?
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The company's common stock is selling for $18.25 per share. The bond is selling for $970. 1. What is the conversion value? 2. What is the conversion premium?
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Sand Key Development Company has a capital structure consisting of $20 million of 10% debt and $30 million of common equity. The firm has 500,000 shares.
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