the municipal secretary desktop reference manual - Southwestern ...

credit ratings-Concerned with the credit quality of a municipal security. Three national
agencies (Fitch Investors Services, Moody’s Investor Service, and Standard & Poor’s) assign
a rating based upon an analysis of a variety of factors.
cul-de-sac-A street with a single common ingress and egress and with a turnaround at the
end; not a through street.
culvert-A ditch or conduit not incorporated in a closed system that carries drainage water
under a driveway, roadway, railroad or pedestrian walk.
curative amendment-An amendment proposed by a private citizen or developer which
corrects an inadequacy in the municipality’s ordinance.
custodian of records-Any authorized person having personal custody, maintenance and
control of public records.
debt service-Payments to creditors, primarily the holders of municipal bonds. Debt service
includes principal, interest, and minor incidentals such as paying agents’ fees.
dedication-Appropriation of land by the owner for the use of the public and accepted for
such use by or on behalf of the public.
defease-To terminate, as a debt issue, before its scheduled maturity.
deferred compensation plan-A retirement plan, created under Section 457 of the Internal
Revenue Code, whose members’ contributions are exempt from current federal taxation, but
subject to current Pa. state income tax and local earned income tax.
deficit-The excess of expenditures over revenues for a fiscal period.
defined benefit plan-A retirement plan which guarantees each qualifying employee a
particular benefit when the employee retires and is able to begin receiving benefits.
defined contribution plan: A retirement plan which establishes individual accounts for each
participating employee. The employee may or may not be required to contribute a percentage
of gross wages; the employer establishes a percentage of gross wages to be deposited in the
employee’s account by the employer. Upon retirement, the amount of benefits to be received
is equal to the balance in the employee’s plan account.
developer-Legal beneficial persons having enforceable proprietary interest in a designated
piece of property.
development-A physical change, exclusive of new construction and substantial
improvement, to improved or unimproved real estate, including, but not limited to mining,
dredging, filling, grading, paving, excavating or drilling operations.
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