Underwriter
A securities broker or dealer that purchases bonds from an issuer and resells them to investors.
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Syndicate or Underwriting Syndicate
A group of Underwriters formed to buy a Bond Issue from the Issuer and then offer the Bonds for resale to the public. A Syndicate is organized for the purposes of sharing the risks of underwriting the Bond Issue, obtaining sufficient funds to purchase the Bonds from the Issuer and to get broader distribution to potential investors. One of the Underwriters acts as the Syndicate Manager or lead “manager,” to administer the Syndicate.
See Also
Manager or Co-Manager
One or more members of a bond underwriting syndicate that has primary responsibility for managing the syndicate.
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Special Assessment
A charge imposed against properties in a designated district in respect of special benefits received by those properties from the construction of nearby or adjacent public improvements, separate and apart from the general benefit accruing to the public at large.