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Municipal Notes – What They Are and How They Work

Author: David Waring

Last Updated: February 11, 2020

Municipal notes are short term debt issued by municipalities, normally to cover spending until money is received from a specified source.

There are 3 primary types of municipal notes:

  1. Tax anticipation notes (TAN) – Short term debt issued to cover spending until tax revenue comes in.
  2. Revenue anticipation notes (RAN) – Short term debt issued to cover spending until revenue comes in from one of the municipalities projects such as a sewage or electric plant.
  3. Bond anticipation notes (BAN) – Short term debt issued to cover spending until a bond issue is completed.

For the definition and explanation of more bond related words visit the Learn Bonds glossary where we give the meaning of many additional terms.

Learn More

Municipal Bond Defaults, Safety, and Credit Ratings
Municipal Bond Yields
How to choose a municipal bond fund
How to buy municipal bonds

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Article Info

Author: David Waring

Last Updated: 11 February 2020

David Waring was the founder of LearnBonds.com and has been a major contributor to the extensive library of investing news and information available on the site. Until the launch of Learnbonds.com in late 2011 there was no single site on the internet catering exclusively to the individual bond investor. This was true even though more individuals own stocks than bonds. Learn Bonds was launched to fill that gap.