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.
bond-basics
Millage or Mill
Millage is the percentage of value of property that is used in calculating Taxes. A mill is defined as 1/10 of 1 percent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes.
Dive Deeper on Tax Issues
Learn more about how various aspects of tax law intersect with municipal securities.
