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Feature - (or Called) The issuer's right to
redeem outstanding bonds before their scheduled maturity. The
dates when an issuer may call bonds are specified in the
official statement of every issue that has a call provision in
Callable Bond - A
bond which may be redeemed by the issuer on specified dates
prior to maturity.
Participation - (COP) An ownership interest
in a municipal lease obligation and its attendant tax-exempt
interest and principal payments.
Coupon - A bond
's semiannual interest payment; the detachable part of a bearer
bond that identifies amount and payment date of each interest
Coupon Rate - The
annual rate of interest payable on a coupon security expressed
as a percentage of the principal amount.
Coverage - A term
usually connected with revenue bonds; the margin of safety for
payment of debt service, reflecting the number of times (e.g.,
2 to 1) by which annual revenues, either on a gross or net
basis, exceed annual debt service.
Credit - A loan
Crossover - (or
Crossover Refunding) In a crossover refunding, the revenue
stream originally pledged to secure the bonds being refunded
continues to be used to pay debt service on the refunded bonds
until they mature or are called. At that time the pledged
revenues "cross over" the pay debt service on the refunding
Yield - An annual interest payment divided
by the market price of a bond, expressed as a percentage. Also
know as "stock yield."
CUSIP Number -
(Committee on Uniform Securities Identification Procedures) A
nine-digit identification number assigned to each maturity of
an issue. The CUSIP numbers are intended to help facilitate the
identification and clearance of municipal