Issuer
A state, political subdivision, agency or authority that borrows money through the sale of bonds or other securities.
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Shamberg Powers
The powers identified in Commissioner v. Shamberg’s Estate, 144 F.2d 998 (2d Cir. 1944) as the powers used to identify what is a Political Subdivision of a state or local governmental entity in the United States, specifically, the power of eminent domain, the power to tax, and the police power.
See Also
Political Subdivision
A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.
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Qualified Small Issue Bond
A type of private activity bond (PAB) permitted under Section 144(a) of the Code of under $1,000,000 in face value to finance certain projects relating to manufacturing facilities.