Glossary of Municipal Securities Terms

NON- OR NO LITIGATION CERTIFICATE

A document executed prior to delivery of a new issue by an issuer or obligor with respect to municipal bonds. Customarily it certifies that there is no litigation pending, threatened, or contemplated that would materially affect the validity or security of the bonds; the issuance, execution or delivery of the bonds; the existence of the issuing entity or obligor; or the validity or legality of provisions authorizing the payment of principal of and interest on the bonds.

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