bond-basics

Shamberg Powers

The powers identified in Commissioner v. Shamberg’s Estate, 144 F.2d 998 (2d Cir. 1944) as the powers used to identify what is a Political Subdivision of a state or local governmental entity in the United States, specifically, the power of eminent domain, the power to tax, and the police power.


See Also

Issuer

A state, political subdivision, agency or authority that borrows money through the sale of bonds or other securities. 

Political Subdivision

A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.

Hudson Yards Rail Yards

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Escrow Trustee (Agent)

The custodian of funds held in the escrow fund and responsible for holding and managing the escrow fund, including any investments in the escrow fund, up to and including the date when the refunded bonds mature or redeemed, whichever is earlier.