Glossary of Municipal Securities Terms


The document or documents in which the issuer authorizes the issuance and sale of municipal securities. Issuance of the securities is usually approved in the authorizing resolution, and sale is usually authorized in a separate document known as the “sale” or “award” resolution. All such resolutions, read together, constitute the bond resolution, which describes the nature of the obligation, the issuer’s duties to the bondholders and the issuer’s rights with respect to the obligations and the security for the obligations. In certain jurisdictions, the governing body will act by means of an ordinance (“bond ordinance”) rather than by resolution. See: AUTHORIZING RESOLUTION; AWARD RESOLUTION; BOND CONTRACT; MASTER RESOLUTION; ORDINANCE; RESOLUTION. Compare: INDENUTRE.

Search the Glossary


Browse Terms by Letter