LeoGlossary: Non-Conforming Obligation (Bonds)

in LeoFinance2 months ago

How to get a Hive Account

When a local government issues notes such as capital outlay notes or tax and revenue anticipation notes, it must comply with various provisions in state law. Any notes that did not comply with such requirements are considered non-conforming obligations.

Upon identifying a non-conforming obligation, the Comptroller’s Office sends notice to the local government, and the local government must establish a plan to bring the note into compliance.


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