Glossary of Municipal Securities Terms

DEBENTURE

Refers generally to a debt instrument issued under an indenture or bond contract backed solely by the general credit of the issuer. Debentures are not secured by a pledge against any specific revenues, property or other asset of the issuer. The term “debenture” may also refer to the bond contract that governs the issuance of the instrument and the covenants relating thereto.

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