Glossary of Municipal Securities Terms


A version of the official statement prepared by or for an issuer of municipal securities for potential customers prior to the availability of the final official statement. Under the securities laws, offers for the sale of or acceptance of securities are not made on the basis of the preliminary official statement and a statement to that effect appears on the face of the document generally in red print, which gives the document its nickname, “red herring.” Compare: OFFICIAL STATEMENT; RULE 15c2-12

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