Glossary of Municipal Securities Terms


An agreement that typically provides for the deposit of funds or securities in an escrow account to refund an outstanding issue of municipal securities. The agreement sets forth the manner in which funds are to be invested (generally in eligible securities) pending their expenditure and the schedule on which on-going debt service payments are to be made and early redemptions, if any, of securities are to occur. See: ADVANCE REFUNDING; ADVANCE REFUNDING DOCUMENT; ELIGIBLE SECURITIES; ESCROW ACCOUNT; ESCROWED SECURITIES.

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