Tax-Advantaged Bonds
Includes tax-exempt bonds, tax credit bonds and direct pay bonds.
bond-basics
Direct Pay Bond
A Taxable Bond that offers a federal Interest subsidy to the Issuer in lieu of the Interest being excludable from federal income tax.
Dive Deeper on Tax Issues
Learn more about how various aspects of tax law intersect with municipal securities.
See Also
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Start with the Bond Basics
Hundreds of Terms and Concepts
Escrow Fund
Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.