Registered Bond
A bond whose owner is designated on records maintained for this purpose by a registrar, often the paying agent or trustee.
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Book-Entry Only
Term used to describe a Bond which cannot be purchased in physical or certificated form. In other words, there are no printed bond certificates delivered to the actual bondholders. A single bond or a bond for each Maturity of the Bonds is delivered to a central securities depository, typically The Depository Trust Company (DTC), but sometimes to the Trustee under the FAST Program. Bonds held in Book-Entry Only form are Registered Bonds. Ownership by a bondholder of a Book-Entry Only Bond is generally determined by an entry on the records of the Registrar or the records of DTC and its participants.
See Also
The Depository Trust Company (“DTC”)
A central securities certificate depository through which Securities are held in book-entry only form.
Fast Automated Securities Transfer (FAST)
Program of Depository Trust Company (DTC) with a goal of reducing certificate movement by having bond certificates held by FAST transfer agents rather than by DTC.
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Bond Counsel Opinion
A written opinion of nationally recognized bond counsel, delivered to the issuer at the closing, addressing the validity of the bonds and whether and to what extent interest on the bonds is exempt from federal income taxes and from income or other taxes, if any, imposed by the state.