a bond on which the debt service is payable solely from the collection of installments (principal and interest) due on assessments levied on properties to pay for the construction of a project.
An obligation payable from revenues of a special assessment. Compare: GENERAL OBLIGATION BOND. See: SPECIAL ASSESSMENT.
A bond secured by a compulsory levy on the benefited property.
A bond secured by a levy of special assessments, as opposed to property taxes, made by a local unit of government on certain properties to defray the cost of local improvements and/or services that represents the specific benefit to the property owner derived from the improvement. In California these are usually 1915 Act or 1911 Act Bonds.