To fund projects, local governments used this specific type of certificate . The loans issued with this certificate are interest and tax free. This helps minimize the cost to the local governments using them. The amount that the government has to pay for certain publicly sanctioned properties is lower because these certificates are funded by special assessment taxes.

More On This Topic

Link to This Definition
Did you find this definition of MUNICIPAL IMPROVEMENT CERTIFICATE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary