BOND – A security evidencing the issuer’s obligation to repay a specified principal amount on a date certain (maturity date), together with interest either at a stated rate or according to a formula for determining that rate.  Bonds are distinguishable from notes, which usually mature in a much shorter period of time.  Bonds may be classified according to, among other characteristics, maturity structure (serial vs. term), source of payment (general obligation vs. revenue), issuer (state vs. municipality vs. special district), price (discount vs. premium), rating (rated vs. unrated, or among different categories of ratings) or purpose of financing (transportation vs. health care).  Compare:  MUNICIPAL FUND SECURITY; NOTE; VARIABLE RATE DEMAND OBLIGATION.