Business and Personal Finance Dictionary

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• MUNICIPAL NOTES
  
  Municipal Notes are short term debt instruments issued by state and local authorities. Their maturities run from about 60 days to one year. They are usually available in denominations of about $25,000. A municipality uses this type of financing as an interim step in anticipation of future revenue. There are several types of municipal notes: (1) bond anticipation notes (BANs), (2) revenue anticipation notes (RANs), (3) tax anticipation notes (TANs), (4) grant anticipation notes, (5) project notes, and (6) construction loan notes. Also see TRANs.
  
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