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 Bond (finance) - Wikipedia, the free encyclopedia
In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon).
Bonds and stocks are both securities, but the difference is that stock holders own a part of the issuing company (have an equity stake), whereas bond holders are in essence lenders to the issuer.
The market price of a bond is the present value of all future interest and principal payments of the bond discounted at the bond's yield, or rate of return.
http://en.wikipedia.org/wiki/Bond_(finance)   (2875 words)

  
 Finance Encyclopedia Article @ NaturalResearch.org (Natural Research)
In the case of a company, managerial finance or corporate finance is the task of providing the funds for the corporations' activities.
Bonds allow lenders to recoup the value of their loan by simply selling the bond.
Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure.
http://www.naturalresearch.org/encyclopedia/Finance   (897 words)

  
 Personal Finance: Money 101: Glossary
The discrepancy between high-rated top-grade bonds and low-rated bond yields establishes a measure that is indicative of investor confidence.
Bonds are debt and are issued for a period of more than one year.
Money brorowed by brokers from banks for uses such as financing specialists's inventories of stock, financing the underwriting of new issues of corporate and municipal securities, and financing customer margin accounts.
http://money.cnn.com/services/glossary/b.html   (8962 words)

  
 Session 2: Bond (Debt) Finance
Debt finance is more attractive than equity finance, not only because the costs of raising the funds (for example arrangement fees with a bank or issue costs of a bond) are lower, but because the annual return required to attract investors is less than for equity.
Junk bonds reflect the return/risk tradeoff in that a higher return is required by the investor to compensate for increased default risk.
The interest is tax deductible — because convertible bonds are a form of debt the coupon payment can be regarded as a cost of the business and can therefore be used to reduce taxable profit.
http://cbdd.wsu.edu/kewlcontent/cdoutput/TR505r/page31.htm   (2311 words)

  
 Innovative Finance - GARVEE Bond Guidance
The capitalization from bond proceeds of a debt service reserve account or contingency fund required by (incidental to) the debt issuance is considered an eligible Federal-aid expense.
To the extent that an issuer is required to repay the debt service payment to the surety, reimbursement with Federal-aid is a cost incurred relating to a principal and interest payment.
The financing agreement (bond resolution or trust indenture) may direct that these excess funds be applied to the next debt service payment on the bonds following completion of construction, if the proceeds are not reallocated to another project.
http://www.fhwa.dot.gov/innovativefinance/garguid1.htm   (2198 words)

  
 public-finance.com - the municipal leasing and bond financing experts
public-finance.com - the municipal leasing and bond financing experts
http://www.public-finance.com   (9 words)

  
 WEDFA: Programs: Tax Exempt Industrial
Washington Economic Development Finance Authority (WEDFA), a public corporation of the state authorized by the legislature to issue nonrecourse tax- exempt/taxable economic development revenue bonds.
Bond interest is exempt from federal income tax (subject to AMT).
Publicly sold bonds must be credit enhanced by a letter of credit from an investment grade-rated bank.
http://www.wedfa.wa.gov/industrial.htm   (222 words)

  
 Florida Monitor: Bond Finance
The mission of the Bond Finance Program (Division of Bond Finance) is to provide capital financing on behalf of state agencies and at the option of certain local agencies, typically by issuing tax-exempt bonds.
The Division of Bond Finance produces a number of publications relating to bond financing issues, including an annual debt affordability report by December 15 of each year.
The SBA charged the Bond Finance program a fee of $115,000 for administrative services for Fiscal Year 2004-05.
http://www.oppaga.state.fl.us/profiles/4041/print.asp   (1666 words)

  
 Bond Finance
The Financial Administration Division and the Bond Finance Division, particularly the Bond Compliance and Disclosure Manager, monitor the financial status of the bonds and performs all responsibilities of the Department in accordance with the bond covenants as stated in the bonds' legal documents created as part of the issuance process.
Housing Finance is responsible for administering and monitoring the Department's Multifamily Mortgage Revenue Bond issues.
The Bond Compliance and Disclosure Manager is also responsible for complying with the Securities and Exchange Commission rules relating to the disclosure of information with the issuance and ongoing reporting of activities of the bonds.
http://www.tdhca.state.tx.us/hf_bond_finance.htm   (1029 words)

  
 bond
bond, in finance, usually a formal certificate of indebtedness issued in writing by governments or business corporations in return for loans.
Government bonds are backed by the full faith and credit of the government issuing them, including its taxing power, and sometimes also by specifically designated security.
Bonds were sold by the U.S. government to finance both World Wars and are still an important money-raising device.
http://www.factmonster.com/ce6/bus/A0808227.html   (328 words)

  
 LaSalle Bank: Institutional: Industrial/Project Revenue Bond Finance
The bonds are issued by a municipality or public agency to finance qualified expenses.
Fixed rate bonds are typically secured by bond insurance or based upon the borrower’s credit rating.
Project revenue bonds may be structured as either a fixed or variable rate bond.
http://www.lasallebank.com/institutional/mun_ind.html   (366 words)

  
 Michigan State Hospital Finance Authority
Bond Program for hospitals, nursing homes, homes for the aged, hospices and certain retirement housing providers to finance and refinance the acquisition, construction, improvement or alteration of hospital facilities and the payment of project costs.
HELP involves a group of borrowers participating in a single bond issue and sharing the costs of issuance and administrative fees associated with the bond issue.
, to issue bonds and make loans to hospitals, nursing homes, homes for the aged, hospices and certain retirement housing providers to finance and refinance the acquisition, construction, improvement or alteration of hospital facilities and the payment of project costs.
http://www.michigan.gov/mshfa   (249 words)

  
 ACI Finance - American Community Infrastructure - Grants - Municipal bond market
The Bond Authority will calculate the limit of the amount of bonds that may be sold based on the level of revenue sharing dollars received annually.
The bond issue is limited in duration to the anticipated life of the asset being acquired and also may be limited for marketability purposes.
A competitive sale is a process by which you would authorize the issuance of bonds, produce an "Official Statement" describing the issue and obtain a rating (required if over $1,000,000), possibly obtain a rating and then sell the bonds by competitive bid on a particular day and time.
http://www.acifinance.com/Grants.htm   (628 words)

  
 Broward County - Office of Housing Finance
If bonds are sold or placed for the project, the developer is responsible for the payment of all costs of issuance, including but not limited to payment of the underwriting or placement fee to the investment banker(s) in the amount agreed to between the investment banker(s) and the HFA.
Upon closing of the bonds, the proceeds will be deposited with the bond trustee to be disbursed for the payment of the outstanding bond issuance expenses, for the acquisition, construction and/or rehabilitation of the project and other costs as provided in the bond documents.
The HFA will not be liable for payment of any fees for bond issue audits.
http://www.broward.org/housing/hfi00400.htm   (6209 words)

  
 Bond (finance) legal definition of Bond (finance). Bond (finance) synonyms by the Free Online Law Dictionary.
A bond differs from corporate shares of stock since bond payments are pre-determined and provide a final pay-off date, while stock dividends vary depending on profitability and corporate decisions to distribute.
There are two types of such bonds: "registered" in which the name of the owner is recorded by the company and "bearer" in which interest payments are made to whomever is holding the bond.
If there is a failure then the bonding company will make good up to the amount of the bond.
http://legal-dictionary.thefreedictionary.com/Bond+(finance)   (161 words)

  
 Public Finance
Merchant Capital is active in public finance throughout the Southeast.  We are knowledgeable of the retail and institutional municipal bond markets and have served as senior manager or co-manager on public financings totaling billions of dollars.
Merchant Capital has acted as senior bookrunning manager on relatively small financings as well as bond issues in excess of $250,000,000 and is prepared to take lead responsibility for structuring the financing, overseeing the necessary  documentation, communicating with the rating services and syndicate members, and providing leadership in the pricing and selling of bonds.
http://www.merchantcapital.com/default.aspx?id=12   (90 words)

  
 Michigan Municipal Bond Authority
The Michigan Municipal Bond Authority was established by the Shared Credit Rating Act, Public Act 227 of 1985, to provide Michigan local units of government and schools an alternative source of financing for infrastructure projects and cash flow needs through low cost access to the public finance market
The Michigan Municipal Bond Authority will provide an alternative source of financing for infrastructure projects and low cost access to the public finance market for Michigan local units of government.
The Authority sells a similar amount of debt in the regional and national public finance market and lends the monies received from the sale to the participating municipal borrowers.
http://www.michigan.gov/mmba   (336 words)

  
 Bond
The main types of bonds are the corporate bond, the municipal bond, the treasury bond, the, treasury note, treasury bill, and the zero-coupon bonds.
The indebted entity issues investors a certificate, or bond, that states the interest rate (coupon rate) that will be paid and when the loaned funds are to be returned (maturity date).
The bond rating will help in deciphering the default risk.
http://www.investopedia.com/terms/b/bond.asp   (344 words)

  
 24 Nov 03_City of Johannesburg Appoints a Municipal Bond Advisor
Ngobeni explains that municipal bonds are debt obligations issued by local government entities to members of the public, and will generate the required funding to meet the City’s capital expenditure.
This will be the first bond issue of its kind under the new Municipal Finance Management Act and the first municipal bond since the ANC came to power in 1993.
The issuer of a bond guarantees to pay interest (coupons) annually and to repay the principal debt on a specified date.
http://www.ey.com/GLOBAL/content.nsf/South_Africa/24_Nov_03_City_of_Johannesburg_Appoints_a_Municipal_Bond_Advisor   (687 words)

  
 Corporate Class Bond Funds - Sympatico / MSN Finance
Bond funds that exist in so-called “corporate class” mutual fund structures offer the potential benefits of holding a diversified portfolio, and the funds are structured to avoid paying tax on income.
If a bond fund costs too much or is managed poorly, it loses the conceptual advantages of being able to add value through bond selection and reinvestment of interest.
The coupon payment from the bond is often too small to be immediately reinvested, and the money may sit in an investment account earning little interest (particularly at today’s low rates).
http://finance.sympatico.msn.ca/content/savingsdebt/savingsdebthome/P34085.asp   (815 words)

  
 W&D Practices Finance
Wiggin and Dana’s Finance Group has broad experience in the areas of secured and unsecured lending, venture capital, debt and equity securities issuance, bond finance, asset based and securitized finance and real estate finance.
Representing a Connecticut hospital in a $60 million bond issue financing the construction and renovation of clinical facilities and the refinancing of prior financing.
Wiggin and Dana is actively involved in all aspects of bond and public finance practice.
http://www.wiggin.com/practices/group.asp?groupid=39   (1220 words)

  
 Results in
Total US bond issuance is expected to fall 15% this year, with the sharpest decline in the mortgage securities market, the association forecasts, based on a survey of member firms that was conducted in December.
Nonetheless, certain highyield segments of the corporate bond market may continue to experience higher issuance this year, as lower-rated companies continue to benefit from relatively low funding costs in a period of tight credit spreads, it adds.
But as rates rise and corporate balance sheets improve, companies are expected to explore alternative sources of funding, such as issuing equity, the association says.
http://www.findarticles.com/p/articles/mi_qa3715/is_200502/ai_n13246585   (454 words)

  
 Local Finance Law Referanda on bond resolutions
In a city school district a bond resolution adopted by the finance board thereof shall not become effective unless a proposition approving such resolution shall have been adopted at a special or annual school district meeting held in accordance with article forty-one and fifty-three of the education law.
The foregoing provisions of this paragraph shall not apply to a bond resolution authorizing the issuance of bonds:
Where a tax to be collected in installments has been voted in the manner provided in the education law, prior to July first, nineteen hundred fifty-one, for the object or purpose for which such resolution authorizes the issuance of bonds; or
http://www.nysl.nysed.gov/libdev/publaw/part1/localfin_37.htm   (182 words)

  
 Bond Report
The appropriated debt service for the bonds made possible by this bill in FY 1996-97 is $3.1 million.
Section 215.607, F.S., is created to authorize the issuance of revenue bonds beginning July 1, 1996, to finance fixed capital outlay projects for prison and juvenile facilities subject to the approval of the Legislature.
Facilities financed by such revenue bonds must first be approved by the Legislature.
http://www.fcc.state.fl.us/fcc/reports/bonding/appendix.html   (3518 words)

  
 Government Finance Officers Association - GFOA.ORG
The Bond Buyer is a subscriber-based daily newspaper committed to serving the municipal bond industry.
The Bond Market Association represents securities firms and banks that underwrite, trade and sell debt securities, both domestically and internationally.
NFMA is a not-for-profit association with the goals of promoting professionalism in municipal credit analysis and providing an informed perspective in the formulation of legal matters relating to the municipal finance industry.
http://www.gfoa.org/services/dfl/debt/index.shtml   (612 words)

  
 I Bonds
Interest is added to the bond monthly and is paid when you cash the bond.
I Bonds are sold at face value; i.e., you pay $50 for a $50 bond.
Are there tax benefits to using I Bonds to finance education?
http://www.savingsbonds.gov/indiv/products/ibonds_glance.htm   (462 words)

  
 ACI Finance - American Community Infrastructure - News - Municipal
The Preliminary Official Statement for ACI Finance, Inc. issues is available at i-dealprospectus.com.
Follow the prompts to the municipal bond section and input "Michigan" and the sale date in the FROM field and click on search; select ACI Finance, Inc. at the Manager/FA prompt.
The Revised Municipal Finance Act, Public Act No. 34 of 2001, became effective on March 1, 2002.
http://www.acifinance.com/News.htm   (302 words)

  
 Private Activity Bond Tests. Banking, Finance and Accounting Industries
Other issues discussed include when bond proceeds are deemed used to make a loan and whether an improper use of bond proceeds, or of a bond-financed facility, can be rectified.
Private Activity Bond Tests, by Sharon Stanton White (Thompson/ West, 2004), is a reference binder/ looseleaf that provides answers on private activity limits on the use of tax-exempt bond finance facilities.
Banking, Finance and Accounting Industries » The National Public Accountant
http://www.allbusiness.com/periodicals/article/279353-1.html   (366 words)

  
 CHURCH LOANS & CHURCH BOND FINANCE ONLINE®
Bond Fee and Other Closing Costs: About 10% which is financed for the term of the loan.
The fee and closing costs (except for appraisal & underwriting deposit) are financed and amortized over the term of the loan (20 years), that's the equivalent of only about half a point (.50%) or an APR of 7.45%.
Let's say the total cost including a Church Bond Fee and other closing costs on a 20-year 6.95% fixed rate loan is 10%.
http://www.webspawner.com/users/kellyray   (1003 words)

  
 Tennessee Comptroller of the Treasury - Division of Bond Finance
Tennessee Comptroller of the Treasury - Division of Bond Finance
The Authority is delegated the responsibility for issuing bonds and notes to provide funds (1) to make loans to state institutions of higher learning to construct income-producing facilities and (2) to make funds available to the Tennessee Student Assistance Corporation for student loans under the Guaranteed Student Loan Program.
As of June 30, 2004, the Authority's outstanding debt for Higher Education Facilities program was $504,147,023.61 in bonds and $32,156,000 in commercial paper.
http://www.comptroller.state.tn.us/bf/bftssba.htm   (178 words)

  
 CDFA - History
The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests.
The Council was formed in 1982 with the mission to strengthen the efforts of state and local development finance agencies fostering job creation and economic growth through the use of tax-exempt and other public-private partnership finance programs and vehicles.
CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community representing over 165 public, private and non-profit development entities.
http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/history.html   (158 words)

  
 Escambia County Housing Finance Authority - Director & Staff
Norton is a member of the Florida Association of Local Housing Finance Authorities, the National Association of Local Housing Finance Agencies and the Florida Government Finance Officers Association.
Pipkins is a member of the Florida Association of Local Housing Finance Authorities and the National Association of Local Housing Finance Agencies.
Jernigan serves as the Secretary/Treasurer of the Florida Association of Local Housing Finance Authorities, is a member of the National Association of Local Housing Finance Agencies, the Escambia / Pensacola SHIP Committee and is also a member of the Pensacola North Rotary Club.
http://www.escambiahfa.com/html/director.html   (465 words)

  
 Modrall Sperling :: Public Finance and Bond Law
The financings we have worked on range from fixed term-fixed rate to interest rate swaps, variable-rate and variable-term multi-mode, demand financings, equipment pooled and pooled mortgage financings and cross over refundings.
Modrall Sperling’s bond practice has been built on our attention to detail in all aspects of public finance, coupled with a sincere appreciation of each issuer’s concerns and priorities.
The firm is proud of its service as a New Mexico firm to New Mexico issuers of bonds and works diligently to help public issuers achieve their financial goals through sound advice and client service.
http://www.modrall.com/areas/area_24.html   (219 words)

  
 CDFA - Advanced Bond Course Home
describes the process whereby an issuer refinances an outstanding bond issue by issuing new bonds to reduce interest costs or remove restrictive bond covenants.
provides in-depth information about municipal finance issues, techniques, and tools of interest to practitioners with an understanding of tax-exempt financing.
focuses on financial derivatives such as swaps, caps, floors, collars, and forward rate locks and their use in hedging municipal bonds and the potential risks and benefits.
http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/abchome.html   (318 words)

  
 SBA: Division of Bond Finance
The Division of Bond Finance has not participated in the preparation, compilation or selection of information on any other web site, and assumes no responsibility or liability for the contents thereof.
Division of Bond Finance + 1801 Hermitage Blvd. + Tallahassee, Florida 32308
The Division of Bond Finance undertakes no obligation to update any information included in this site.
http://www.sbafla.com/bond   (369 words)

  
 Bond University - Faculty of Business - Delivering Practical Excellence
The dynamic, educational experience provided to Bond Business School students is unparalleled in its innovativeness and hands on orientation.
Prospective students should be aware that a range of scholarships are available through application.
The Faculty of Business, Technology and Sustainable Development provides a number of undergraduate and postgraduate programs in Accounting, Business Economics, Finance, Management, Marketing, International Business, Entrepeneurship, Real Estate and Property Development.
http://www.bond.edu.au/bus   (264 words)

  
 Industrial Revenue Bond Finance
The principals of Merchant Capital have a long and distinguished history in tax-exempt bond financing for industrial projects.  Industrial revenue, solid waste recovery, and exempt facility bond financings are specialty areas in which Merchant Capital has a broad depth of experience.
Having closed hundreds of issues in over thirty-eight states, we have structured, managed and sold a wide variety of project finance bonds.  Merchant Capital's industrial bond transactions range from AAA rated issues to non-rated bonds, from 30-year fixed rates to one-day variable rates, and include both public sales and private placements.
As an outgrowth of our experience with tax-exempt variable rate debt, Merchant Capital has developed a taxable variable rate bond program.  The restrictions associated with tax-exempt development bonds are essentially eliminated. 
http://www.merchantcapital.com/default.aspx?id=14   (147 words)

  
 Results in
They are much better values than taxable bonds for investors in the 28% tax bracket or higher.
A more conservative choice is Fremont Bond (800-548-4539).
Its manager, Bill Gross, thinks the yield on 30-year Treasury bonds will drop from 5.2% to 5%, and, he says, it's too soon to buy many corporate bonds, much less junk.
http://www.findarticles.com/p/articles/mi_m1318/is_n11_v52/ai_21225093   (401 words)

  
 Bondsonline: Income Securities Advisor
You wish to purchase bonds on the secondary market, but you do not know what to make of the different prices that you see.
In this tutorial, we will help you understand what bond premiums and discounts are, why they exist, how to take advantage of them, and how to determine whether they meet your objectives.
Bonds May Sell for More or Less Than Their Face Values
http://www.precision-info.com/bondsonline/tut461876625-1.html   (123 words)

  
 Other State Agricultural Finance Programs
Also administers the Farm and Ranch Finance Program for lower equity borrowers seeking to purchase farm or ranch land; a Loan Guarantee Program for Agricultural Businesses engaged in innovative, value-added businesses; and a Linked Deposit Program which assists agricultural lenders in providing improved financing for farmers and ranchers.
Colorado – in addition to a beginning farmer bond program, Colorado also offers a Quality Agricultural Loan Program that provides a secondary market for USDA Farm Service Agency loan guarantees, and the Colorado Capital Reserve - Ag program, which is a loan participation program that provides funds to banks to participate in ag loans.
Oklahoma &; in addition to operating a state beginning farmer Aggie bond loan program, Oklahoma also operates an Agriculture Linked Deposit Program, whereby state funds are invested in participating banks that do agricultural lending, and in return the banks provide lower cost loans to agricultural borrowers.
http://www.selfemployedcountry.org/beginfarm/three.html   (870 words)

  
 Bonds Bonds Center - Learn basics bond investing, get ...
The main types of bonds are the corporate bond
Companies called Bonds: Bonds (company) an Australian clothing company a department store in Norwich, England, formerly called Zions Direct offers bonds at low institutional prices previously available only to brokerage firms.
Bonds Center - Learn the basics of bond investing, get current quotes, news, commentary and more.
http://bonds.annuitiesinsurance.info   (658 words)

  
 THE BOND MAN - Property Finance Consultants
Whether you’re purchasing a property and require a bond, or wish to refinance your existing bond for whatever reason, I’d welcome the chance to assist you.
It is always advisable to sort out your bond requirements before you set out to buy a property.
There is no cost to you, the client, for the service I provide.
http://www.bondman.co.za   (428 words)

  
 The Bond Buyer: The Daily Newspaper of Public Finance
DALLAS — The Texas House yesterday approved a cigarette tax hike but rejected a proposal to issue bonds backed by that revenue following complaints that debt issuance was not germane to the bill’s original intent.
Use, duplication, or sale of this service, or data contained herein, except as described in the subscription agreement, is strictly prohibited.
The Bond Buyer: The Daily Newspaper of Public Finance
http://www.bondbuyer.com   (256 words)

  
 Tim Fischer Centre for Global Trade & Finance
The Tim Fischer Centre for Global Trade and Finance was founded in 2000 to serve as an interdisciplinary research centre and think tank on global trade and finance issues.
contribute to government policy formation in the fields of globalisation, trade and finance;
Tim Fischer Centre for Global Trade and Finance
http://www.bond.edu.au/law/centres/fischer   (416 words)

  
 Multifamily Bond Program
TDHCA is currently accepting applications from non-profit organizations seeking to finance the construction, acquisition, or rehabilitation of multifamily rental projects.
Request for Qualifications for Underwriters - open cycle (PDF)
2005 TDHCA Bond Status Report as of 2/15/06 (PDF)
http://www.tdhca.state.tx.us/multifamily/bond/index.htm   (114 words)

  
 Premium Bond - Finance Guide UK
bad credit re-mortgage scotland help with debt problems, charge debt off settlement, premium bond national savings, best interest rate for saving, find me a cheap loan uk debt management company credit repair forum national savings uk national saving bonds debt free help only uk debt management...
Finance UK Yahoo Finance UK, Open Directory Personal Finance UK, Natwest Internet Banking Home Insurence
Welcome to 24 Finance everything about Premium bonds in uk!
http://uk-finance.venister.org/savings/premium-bond/Premium-Bond.html   (770 words)

  
 SRG FINANCE - Personal Loans, Bond Advances and Business Loans in Australia
SRG Finance is a registered credit provider in the state of Victoria with a specific focus on providing short term loans to both individuals and business.
SRG FINANCE - Personal Loans, Bond Advances and Business Loans in Australia
SRG Finance offers a number of different core services to it's clients.
http://www.srgfinance.com.au   (97 words)

  
 FSBA - Division of Bond Finance financial info
It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to any of the State's bond programs within the meaning of applicable securities laws.
Division of Bond Finance + 1801 Hermitage Blvd. + Tallahassee, Florida 32308
FSBA - Division of Bond Finance financial info
http://www.sbafla.com/bond/financialinfo.asp?FormMode=Call&LinkType=Section&Section=4   (561 words)

  
 Savings Bond Tracker - Business & Finance
Any questions, complaints or claims regarding the applications must be directed to the appropriate software vendor.
Home > Mac OS X Downloads > Business and Finance > Savings Bond Tracker
- Enhanced portfolio view highlights bonds with unrecognized purchase dates or which are still in the mandatory holding period.
http://www.apple.com/downloads/macosx/business_finance/savingsbondtracker.html   (154 words)

  
 Housing Finance
Revenue Bond Enterprise Fund (Audited) - FY'03 now available online.
Manager, Loan Closing and Bond Administration: Sue Cavazos
Director of Single Family Finance Production: Eric Pike
http://www.tdhca.state.tx.us/hf.htm   (26 words)

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