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There are several methods of advance refunding or achieving the same practical effect as an advance refunding:
Compare: CURRENT REFUNDING. See: ARBITRAGE; DEFEASANCE; ESCROW DEPOSIT AGREEMENT; MARKET PRICE RULE; REFUNDING; SLGS; TRANSFERRED PROCEEDS.
(2) For a variable rate demand obligation issue, the measure of costs expressed as a percentage that includes the cost of the liquidity facility, remarketing fees, interest payments and administrative fees.
(2) In the secondary market, an all or none buy or sell order signifies that an execution must include all of the securities.
(2) Where an advisor or other professional is purchasing securities for more than one of its customers, the amount of the securities deposited to or otherwise held for the account of each such customer.
(2) A fee charged by some issuers of municipal fund securities. Annual fees may be paid from portfolio assets or may be charged directly to investors, based on the investment portfolio’s asset value or according to a fee schedule. Compare: MANAGEMENT FEE. See: MUNICIPAL FUND SECURITY.
(2) Generally, transactions by which securities are bought and sold in different markets at the same time for the sake of the profit arising from a difference in prices in the two markets.
(2) An account used by an investor in order to engage in market transactions intended to earn arbitrage profits.
(2) In the case of a dealer bank, any person directly engaged in the management, direction, supervision or performance of any of the dealer bank’s activities with respect to municipal securities; or any person directly or indirectly controlling such activities or controlled by the dealer bank in connection with such activities.
Associated persons who undertake municipal securities activities generally must be qualified to perform such activities under MSRB Rule G-3. See: FINANCIAL AND OPERATIONS PRINCIPAL; MUNICIPAL FUND SECURITIES LIMITED PRINCIPAL; MUNICIPAL SECURITIES PRINCIPAL; MUNICIPAL SECURITIES REPRESENTATIVE; MUNICIPAL SECURITIES SALES PRINCIPAL.
See: BOND YEAR; EXPECTED AVERAGE LIFE; SINKER.
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Municipal Securities Rulemaking Board (MSRB)
EMMA is a service of the Municipal Securities Rulemaking Board,
which protects investors, state and local governments, and the public interest.
Portions of EMMA data provided by
Standard & Poor’s Securities
CUSIP Service Bureau
& American Bankers
Copyright © 2013,
Standard and Poor’s Financial Services LLC. All rights reserved.
Fitch, Inc. Reprinted with permission.