State courts that have held that financing leases do not qualify as long-term debt subject to debt

Question:

State courts that have held that financing leases do not qualify as long-term debt subject to debt limitations commonly base their decision on the inclusion in the lease agreement of a
a. Nonsubstitution clause.
b. Nonappropriation clause.
c. Nonparticipation clause.
d. Forward funding clause.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Government And Not For Profit Accounting Concepts And Practices

ISBN: 9781119803898

9th Edition

Authors: Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese

Question Posted: