Interest Rate
The rate expressed as a percentage of the principal amount of a bond used to determine the amount of interest to be paid by the issuer or the borrower.
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Fixed Interest Rate
An Interest Rate which is set at the time a Bond is issued and which does not vary during the term of the Bond.
See Also
In Contrast With
Variable Interest Rate
The interest rate on a bond which varies according to a formula set forth in the bond or the indenture or bond resolution/ordinance or based on the interest rate required by a remarketing agent to remarket the bonds at par.
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Issuer’s Counsel
An attorney or firm of attorneys engaged to represent the Issuer to ensure proceedings have been conducted legally and that the issuer has the authority to execute the documents to which it is a party.