Glossary of Municipal Securities Terms

BOND FISCAL YEAR

The 12-month accounting period, established under some bond contracts, used in connection with an issue of bonds. Principal and interest payments are scheduled in accordance with the bond fiscal year. The bond fiscal year may not necessarily coincide with the issuer’s own fiscal year and may be established in order to take full advantage of the scheduled cash flow of projected pledged revenues. Compare: FISCAL YEAR.

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