Glossary of Municipal Securities Terms


Properties located within a specified area (e.g., local improvement district) that receive a direct benefit from the construction of local improvements such as water lines, sewer pipes, street improvements or sidewalks. Owners of benefited properties are typically assessed a share of the cost of the improvements based on a formula that measures the relative benefit to each benefited property. Such assessments are typically repaid over time and may secure the repayment of special assessment bonds issued by local governments to fund the cost of the improvements. See: SPECIAL ASSESSMENT; SPECIAL ASSESSMENT BOND.

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