REVENUE ANTICIPATION NOTE Definition

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REVENUE ANTICIPATION NOTE (RAN) is a note sold by mu­nicipalities as a temporary financing pending the arrival of certain revenues, which are then used to payoff the note. Usually the income on these notes is exempt from federal income taxes.

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CURRENCY TRANSLATION see FOREIGN CURRENCY TRANSLATION.

INTEREST ONLY (IO),in securities, is the interest only portion of a stripped mortgage-backed security. For IO securities, all of the interest distribution is due to the registered holder based on the current face value of the underlying mort­gage-backed security.

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