An anticipation note is a debt instrument issued by a municipality in anticipation of the receipt of future revenue, such as taxes or federal grants. The municipality uses the funds from the sale of the notes to finance short-term projects or operating expenses. Anticipation notes are also known as tax and revenue anticipation notes (TRANs). … Read more
Municipal bonds, also called munis, are debt securities issued by states, cities, counties and other government entities to finance public projects such as roads, schools, and bridges. Housing bonds are a type of municipal bond that is used to finance the construction or rehabilitation of housing units for low- and moderate-income families. Housing bonds are … Read more
A bond attorney is an attorney who specializes in the area of law known as “municipal bonds.” Municipal bonds are a type of investment security that is issued by local governments and other public entities in order to finance various public projects. Bond attorneys are responsible for ensuring that the issuance of these bonds complies … Read more
A private activity bond (PAB) is a type of municipal bond whose proceeds are used to finance projects that are not owned or operated by a government entity. Typically, PABs are issued by state and local governments to finance projects that are privately owned, such as airports, housing developments, and infrastructure projects. The interest on … Read more
A utility revenue bond is a type of municipal bond that is issued by a public utility in order to finance its operations. The bonds are typically issued by the utility’s parent company, and the proceeds from the sale of the bonds are used to finance the utility’s capital expenditures. The bonds are typically secured … Read more
A certificate of participation (COP) is a type of debt instrument used by state and local governments in the United States to finance public capital projects. COPs are similar to bonds, but differ in that bonds are issued by governments and COPs are issued by special purpose entities created by governments to finance specific projects. … Read more
An arbitrage bond is a type of municipal bond that is issued in order to take advantage of differences in interest rates. The proceeds from the sale of the bond are invested in a portfolio of other bonds and securities that are expected to generate a higher return than the interest rate on the arbitrage … Read more
A double-barreled bond is a municipal bond that features two repayment streams. The first stream is typically backed by the full faith and credit of the issuing municipality, while the second stream is typically backed by specific revenue sources. Double-barreled bonds are often used to finance projects that generate revenue, such as parking garages or … Read more
A Revenue Anticipation Note (RAN) is a type of municipal bond that is issued by a state or local government in order to raise funds for current expenses. RANs are typically issued in the spring in anticipation of future revenue streams, such as property taxes or state aid payments, that will be received in the … Read more
A moral obligation bond is a type of municipal bond that is backed by the moral obligation of a state or local government, rather than by a specific revenue stream. In most cases, moral obligation bonds are used to finance capital projects, such as roads, bridges, and schools. While moral obligation bonds are not backed … Read more
