SLGS
Pronounced “slugs,” an acronym for “State and Local Government Series,” which are special United States Treasury securities sold to issuers and conduit borrowers directly by subscription from the Department of the Treasury.
bond-basics
Extraordinary Measures
Changes to the operations and accounting of funds under the supervision of the U.S. Department of Treasury that allow the federal government to continue paying bills and most operations after the U.S. has reached or neared its debt limit. Congress defines both the federal debt limit at a given time and the extent of extraordinary measures made available to the Treasury Secretary.
Extraordinary measures frequently, but not always, include the suspension of new sales on State and Local Government Series (SLGS) securities.
See Also
Dive Deeper
Understanding the Debt Ceiling
What are the debt ceiling and federal downgrades, and what do they mean for municipal bonds.
Start with the Bond Basics
Hundreds of Terms and Concepts
SEC Rule 15c2-12
Rule promulgated under the 1934 Exchange Act and adopted by the SEC in 1989 to establish standards for the procurement and dissemination of disclosure documents by underwriters as a means of enhancing the accuracy and timeliness of disclosure to municipal securities investors.