Glossary of Municipal Securities Terms

ORDINANCE

An official action of the governing body of an issuer, typically enacted by a vote of the members of the governing body at a public meeting. The procedures for enacting an ordinance are often more formal than those for adopting a resolution. For example, in many jurisdictions, an ordinance cannot be finally enacted at the same meeting at which it is introduced, whereas a resolution may often be adopted at the same meeting. Some jurisdictions permit the incurrence of debt through adoption of a resolution while others require enactment of an ordinance. Compare: RESOLUTION.

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