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Residual Interest Bonds (RIBs)
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Municipal reverse floaters which are paired with Select Auction Variable Rate Securities (SAVRs), a direct auction reset floating rate municipal. The issuer pays a fixed rate on the combined issue and the fixed rate is divided to pay the floating rate on the SAVRs and the residual on the RIBs. See also Fixed Interest Rate Substitute Transaction (FIRST), Tax Exempt Enhanced Municipal Security (TEEMS). See Bull and Bear Notes, Residual Income Tax Exempt Security (RITES), Select Auction Variable Rate Securities (SAVRs).
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