Glossary of Municipal Securities Terms


The par value at which a municipal security can be purchased as authorized by the bond contract. The bond contract typically provides that all purchases must be made in authorized denominations equal to the minimum denomination or in multiples of $5,000 above such minimum denomination. However, in some cases where bonds have large minimum denominations, authorized denominations may be based on larger multiples, such as multiples of $100,000. See: MINIMUM DENOMINATION.

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