CHIPS Definition

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CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.

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REVENUE BONDS are a type of municipal bond where principal and interest are secured by revenues such as charges or rents paid by users of the facility built with the proceeds of the bond issue. Projects financed by revenue bonds include highways, airports, and not-for-profit health care and other facilities.

FLOATING-RATE NOTE is an instrument with a fluctuating interest rate as prescribed at the time of issue.

 

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