Business, Legal & Accounting Glossary
An early redemption of a municipal revenue bond due to the destruction of the funded project by a catastrophe, such as a flood. The bond is redeemed early because the revenue source for the bond no longer exists. For example, if a municipal revenue bond was issued to fund a toll road, and that road was destroyed by an earthquake, the bond would be called and investors would only receive principal.
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This glossary post was last updated: 20th November, 2021 | 0 Views.