Glossary of Municipal Securities Terms


With respect to an issue of municipal securities, the document adopted by the issuer that implements its power to issue the securities. The legal grant of such authority may be found in the enabling provisions of the constitution, statutes, charters and ordinances applicable to the issuer. Adoption of an authorizing resolution by the issuer’s governing body is a condition precedent to the issuance of the proposed securities. Typically, an issuer will be required to adopt a final “award” or “sale” resolution setting forth the specific terms of the offering. In certain jurisdictions, the governing body will act by means of an ordinance (“authorizing ordinance”) rather than by resolution. See: BOND CONTRACT; BOND RESOLUTION; ORDINANCE; RESOLUTION. Compare: AWARD RESOLUTION; INDUCEMENT RESOLUTION; MASTER RESOLUTION; REIMBURSEMENT RESOLUTION.

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