Glossary of Municipal Securities Terms

AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 (ARRA)

A federal law that, among other things, authorized the issuance of Build America Bonds and certain other municipal securities, through December 31, 2010, as taxable tax-credit bonds or direct pay subsidy bonds. The Act also and temporarily expanded the scope of bonds that could be issued as bank qualified bonds. See: BUILD AMERICA BONDS; CREBs; DIRECT PAY SUBSIDY BONDS; TAX CREDIT BONDS.

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