short-term debt instrument issued by a municipality in order to raise funds to cover shortages prior to tax receipts. TAN debt is retired once individual and corporate tax revenues are received.

short-term obligation of a state or municipal government to finance current expenditures pending receipt of expected tax payments. TAN debt evens out the cash flow and is retired once corporate and individual tax revenues are received.

short-term note issued by states and municipalities to finance current operations, with repayment from anticipated tax receipts. Also called a tax anticipation warrant. These notes are issued at a discount, have maturities of a year or less, and mature either at a specific future date or when property and other taxes are collected. Tax anticipation notes hold first claim on tax receipts when collected.

short-term obligation of a state or municipal government to finance current expenditures pending receipt of expected tax payments. TAN debt evens out the cash flow and is retired once corporate and individual tax revenues are received.