Glossary of Municipal Securities Terms

ARBITRAGE CERTIFICATE

A document executed by the issuer of tax-exempt or other federally tax-advantaged bonds at the time of initial issuance certifying as to various matters relating to compliance with federal income tax laws and regulations, including arbitrage rules. Conduit borrowers may also execute an arbitrage certificate. This term is often used interchangeably with “tax certificate.” See: ARBITRAGE.

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