Municipal Securities. The types of municipal securities in which the Fund may invest are described in the Prospectus under "About the Fund's Investments." Municipal securities are generally classified as general obligation bonds, revenue bonds and notes. A discussion of the general characteristics of these principal types of municipal securities follows below.
Municipal Securities. Publicly traded debt securities issued by any state or municipality located in the United States.
Municipal Securities. 6. All disbursements from the Escrow Account, except for disbursements under the provisions of paragraph 3 hereof, shall be made by you only pursuant to the provisions of this paragraph 6. Except for disbursements authorized upon court order, you shall hold all funds in the Escrow Account until (i) the date checks for Required Capital have cleared normal banking channels after receipt by you of the Required Capital, and (ii) receipt of letter instructions from the Company directing disbursements of such funds to the Company. Notwithstanding the foregoing, all subscriptions received from New York, New Mexico and Pennsylvania residents must be retained by you until the earlier of (i) 120 days after the commencement of this offering or (ii) such time as a total of $2,500,000, $12,500,000 and $12,500,000, respectively, has been deposited into the Escrow Account by subscribers residing in all states. If at the end of such 120 day period the minimum respective escrow amounts set forth above for New York and Pennsylvania have not been satisfied, then within 15 calendar days the funds deposited by New York and/or Pennsylvania investors, as the case may be, shall be returned to them. In disbursing such funds, you are authorized to rely solely upon such letter instructions which you receive from the Company; provided that, if in your opinion such letter instructions from the Company are unclear, you are authorized to rely upon the written advice of legal counsel to the Company in distributing such funds. However, you shall not be required to disburse any funds attributable to instruments of payment which have not been collected by you.
Municipal Securities. Bonds, debentures, notes, or other evidence of indebtedness, any of which are issued by states, counties, cities and political subdivisions, and are rated investment grade as reflected by a rating by Xxxxx’x, Inc., Fitch or Standard & Poor’s Corporation of A or better.
Municipal Securities. Fixed rate debt issued by public entities primarily to finance capital projects. Debt is issued as either a general obligation or revenue bond. General obligation bonds are backed by the taxing and further borrowing power of the municipality. Revenue bonds are supported directly by the revenue of the municipal project.
Municipal Securities. The Fund buys municipal bonds and notes, certificates of participation in municipal leases and other debt obligations. The Fund mainly invests in California municipal securities, which are municipal securities that are not subject (in the opinion of bond counsel to the issuer at the time they are issued) to California individual income tax. These debt obligations are issued by the state of California and its political subdivisions (such as cities, towns, counties, agencies and authorities). The term "California municipal securities" may also include debt securities of the governments of certain possessions, territories and commonwealths of the United States if the interest is not subject to California individual income tax. The Fund can also buy other municipal securities, issued by the governments of the District of Columbia and of other states as well as their political subdivisions, authorities and agencies, and securities issued by any commonwealths, territories or possessions of the United States, or their respective agencies, instrumentalities or authorities, if the interest paid on the security is not subject to federal individual income tax (in the opinion of bond counsel to the issuer at the time the security is issued). Municipal securities are issued to raise money for a variety of public or private purposes, including financing state or local governments, financing specific projects or financing public facilities. The Fund can buy both long-term and short-term municipal securities. Long-term securities have a maturity of more than one year. The Fund generally focuses on longer-term securities, to seek higher income. The Fund can buy municipal securities that are "general obligations," secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. The Fund can also buy "revenue obligations," payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other revenue source. Some revenue obligations are private activity bonds that pay interest that may be a tax preference item for investors subject to alternative minimum tax. Municipal Lease Obligations. Municipal leases are used by state and local governments to obtain funds to acquire land, equipment or facilities. The Fund can invest in certificates of participation that represent a proportionate interest in payments made under municipal lease obligations. Most municipal leases, while ...
Municipal Securities. Publicly traded debt securities issued by any state or municipality located in the United States. NAIC Approved Bank. Any bank listed on the most current list of banks approved by the Securities Valuation Office of the National Association of Insurance Commissioners and acting through the branch so listed. Net Worth. With respect to any Person, the consolidated net worth of such Person calculated in accordance with GAAP.
Municipal Securities. Obligations of the State of California, any of the other 49 states, or any local agency within the state of California, may be purchased by the City provided that long-term obligations are rated "A" or higher, or the equivalent, by at least one NRSRO. There are no limits on the dollar amount or percentage that the city may invest in municipal securities; however, investments in these securities are limited to a maximum of 5 percent with any single issuer. The maximum maturity of these securities is five years.
Municipal Securities. Any issue that includes direct or indirect obligations of any state, county, city or other qualifying entity. A short-term issue may be rated no lower than MIG 1 or SP-1; a long-term issue may be rated no lower than A by S&P or Xxxxx’x. Issues must have a maturity or redemption option of not more than 2 years from the date of purchase.
Municipal Securities. Exhibit B --------- [Daiwa Letterhead] ___________, 19____ [Customer Name and Address] Re [Name of Introducing Firm]: Allocation of Brokerage Account Responsibilities ------------------------------------------------ Ladies and Gentlemen: As you know, your account has been introduced to Daiwa Securities America Inc. ("Daiwa") by your brokerage firm _______ ("XXX"), for the purpose of Daiwa clearing trades, as fully-disclosed principal, in certain specified securities pursuant to the clearing service agreement between XXX and Daiwa. Once Daiwa enters a trade on its books, you will be considered a customer of Daiwa for purposes of the Securities and Exchange Commission's financial responsibility rules and the Securities Investor Protection Act. Nothing herein shall cause customers of XXX to be construed as customers of Daiwa for any other purpose. In establishing this relationship, XXX is acting solely on your behalf and not on behalf of or as the agent of Daiwa. XXX shall remain responsible for the ongoing relationship with you, and for the following: - Learning your investment objectives and opening, approving and monitoring your account, and in all respects complying with Rule 405 of the New York Stock Exchange. - Reviewing your account and all orders in it and supervising all investment advice. - Accepting or rejecting your orders and correcting errors in trade details in order to transmit only matching transactions to Daiwa. - Ensuring that all the transactions conducted in your account are in compliance with all applicable law and rules. - Responding to any inquiries or complaints you may make concerning your account. - Supervising all functions performed by XXX's employees, including, investment advisory, sales, trading and account opening and approving activities. Additionally, XXX is responsible to Daiwa for supplying all documentation required by Daiwa, notwithstanding the fact that Daiwa has at all times the right to contact you directly regarding its information requirements. Daiwa has at all times the right, exercisable in its sole discretion, to refuse to accept orders for your account. Daiwa will be responsible for the following: Clearing, as principal, transactions in your account pursuant to XXX's instruction. - Maintaining books and records and filing regulatory reports. - Delivering from and receiving funds and securities for your account, receiving and holding dividends or interest and handling exchange or tender offers, rights, warrants a...
