Glossary of Municipal Securities Terms

QUALIFIED ZONE ACADEMY BONDS (QZAB)

Municipal securities  issued to finance projects for certain eligible public schools in conjunction with private business contributions. 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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