Glossary of Municipal Securities Terms

QUALIFIED SCHOOL CONSTRUCTION BOND (QSCBS)

Bond issuance authorized under American Recovery and Reinvestment Act of 2009 for capital improvements and/or the acquisition of land at K-12 schools. At the election of the issuer, the issuer is entitled to receive a direct pay subsidy or the bondholders are entitled to receive a federal tax credit in lieu of interest. See: DIRECT PAY SUBSIDY BOND; TAX CREDIT BOND.

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