DENOMINATION – The par value in which an issue of securities can be purchased as authorized by the bond contract.  The lowest par value of an issue that can be purchased or traded under the bond contract (with certain exceptions under the bond contract or MSRB rules) is referred to as the “minimum denomination.”  Typically, municipal bonds may be purchased in a minimum denomination of $5,000 for most issues, but some issuers may impose a higher minimum denomination, most commonly in the amount of $100,000.  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.