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by a particular issuer, a complex security structure, such as a variable rate transaction, an unusually large issue, or in a highly volatile or congested market. Net Revenue: Gross revenues less operating and maintenance expenses. Official Statement: A comprehensive statement issued by the governmental entity prior to the sale of bonds, notes, or other financing vehicles that contains all the salient facts concerning the issuer,the issuer's financial condition,the security pledged for the securities being offered,the projected use of the proceeds of the sale, and other facts deemed necessary to enable the investor to judge the quality of the securities being offered. This is also known the Disclosure Statement. Private Placement: A private placement is a variation of a negotiated sale in which an issuer,usually with the help of a financial advisor or placement agent,will attempt to place the entire issue directly with an investor. The investor will negotiate the specific terms and conditions of the financing before agreeing to the purchase of the issue. Redemption: Depending on an issue's call provisions, an issuer may on certain dates and at certain premiums,redeem or call specific outstanding maturities. When a bond or certificate is redeemed,the issuer is required to pay the maturities' par amount,the accrued interest to the call date,plus any premium required by the issue's call provisions. Senior Lien Debt: Debt whose terms require it to be repaid with apriority claim on pledged revenues. Subordinate Lien Debt: Debt whose terms require it to be repaid with pledged revenues net of the amount necessary to make debt service payments on senior lien debt. Surety Bond: An alternative to a fully funded debt service reserve fund. A surety bond can be purchased from a bond insurance provider to fulfill the role of debt service reserve fund and can be drawn upon in the event an issuer cannot make a regularly scheduled debt service payment. A surety bond must be purchased and is subject to credit approval by a bond insurance provider. The provider charges an upfront fee for the surety bond. Weighted Average Maturity: With respect to an issue of bonds,the weighted period of time required to repay half of the issue through scheduled principal payments. The weighted average maturity is also referred to asthe "weighted average life" or"average life"reflects how rapidly the principal ofan issue is expected to be paid. Under one commonly used calculation method, average life is equal to the total bond years divided by the total number of bonds. Yield: The net rate of return, as a percentage, received by an investor on an investment. Yield calculations on a fixed income investment, such as a bond issue,take purchase price and coupon into account when calculating yield to maturity.