Glossary of Municipal Securities Terms

PLEDGED REVENUES

The funds obligated for the payment of debt service and the making of other deposits required by the bond contract.

Gross Pledge or Gross Revenue Pledge A pledge that all revenues received will be used for debt service prior to deductions for any costs or expenses.

Net Pledge or Net Revenue Pledge A pledge that net revenues will be used for payment of debt service. See: NET REVENUES.

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