Glossary of Municipal Securities Terms


An agreement outlining the obligations of theĀ issuer with respect to theĀ issuance and repayment of bonds. The terms of the agreement may be determined by reference to specified documents associated with the bond issue. Typically, the bond resolution and/or trust indenture, together with any other security agreements, constitute parts of the contract, as do those laws in force at the time of issuance. The documents that form the bond contract vary according to the terms of each issue. See: BOND RESOLUTION; INDENTURE.

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