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FINRA Series 7

Category - Series 7

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Which of the following receives the highest priority of a municipal bond trustee when applying income and revenue derived from a financed toll facility?

renewal and replacement fund
operation and maintenance fund
bond service account fund
reserve maintenance fund

Explanation

Answer: B - operation and maintenance fund. This receives the top priority followed by debt service, maintenance reserves, and lastly renewal and replacement.

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FINRA Series 7

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FINRA Series 7

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