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English definition of “revenue anticipation note”

revenue anticipation note

noun [C]     ( abbreviation RAN, also tax anticipation note)
FINANCE, TAX in the US, a type of bond used to get money for a public project, such as building a road or school. The bond is paid back with money received from users of the road, etc. when it is finished: Last week California sold $8 million in revenue anticipation notes.
(Definition of revenue anticipation note noun from the Cambridge Business English Dictionary © Cambridge University Press)
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