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N

Non-Callable Bond - A bond that cannot be called for redemption at the option of the issuer before its specified maturity date.

O

Optional Redemption - The ability of an issuer to redeem bonds at a price above par (in most cases) in 5 or 10 years from the original issue date. In such a case, serial bonds, which at the time of issue were due in less than 5 or 10 years, are not subject to the option call feature.

P

Par - The amount equal to the nominal or face value of a bond.

Partial Call - Occurs when the issuer redeems only a portion of the outstanding bonds in a specific maturity.

Pre-Refunded Bond - Municipal securities which have been refinanced by the proceeds of a new municipal issue. Bonds are then secured by the principal and earnings of an escrowed portfolio of U.S. Government securities to and including either an irrevocable call date or the bond 's maturity date (see Escrowed-to-Maturity bonds).

Private Activity Bond - A bond originally delivered by its issuer on or after August 8, 1986, with more than 10% of proceeds subject to private use or benefit. Private activity bond income is taxable, unless bonds are issued for a qualified purpose (see Qualified Private Activity).

Put Bond - A bond providing the holder with an option to tender to bond to the issuer for redemption at par on a specific future date or dates prior to stated maturity.