Arbitrage Certificate
Certificate of a responsible officer of the Issuer and/or Borrower certifying compliance with the limitations on Arbitrage imposed on the Tax-Exempt Bonds by the Internal Revenue Code.
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Millage or Mill
Millage is the percentage of value of property that is used in calculating Taxes. A mill is defined as 1/10 of 1 percent and is multiplied by the assessed value after any exemptions have been subtracted to calculate the taxes.
Dive Deeper on Tax Issues
Learn more about how various aspects of tax law intersect with municipal securities.
