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
A Tax Anticipation Note (TAN) is a short-term debt instrument issued by a municipality to finance current operating expenses in anticipation of future tax revenue. TANs are typically issued in the months leading up to the municipality’s fiscal year, and are repaid from tax revenue received during that fiscal year. TANs are similar to Tax … Read more
The Electronic Municipal Market Access (EMMA) system is a website that provides information on municipal securities, including bond prices, yield data, and other information on individual bonds. EMMA is operated by the Municipal Securities Rulemaking Board (MSRB), a self-regulatory organization for the municipal securities market. What is MSRB Rule g10? MSRB Rule g10 is a … Read more
A special assessment bond is a type of municipal bond that is used to finance improvements to property that will directly benefit the property owners. The bonds are repaid through a special assessment on the affected properties. This type of financing is typically used for street, sewer, or water system improvements. How does a municipal … 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
