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A security sold at a deep discount from its face value and redeemed at its full face value at maturity. These bonds pay no interest. Instead, the investor's return is the difference between the purchase price of the bond and its face value when redeemed. Since these bonds do not pay interest, there are no interest coupons attached to the bond document, hence the name "zero-coupon bond." Even though the yield is not paid until maturity, the return accrues and is taxable on a prorated basis each year of the bond's life.
A legislative process that divides a community into areas (zones) of specified land use and that regulates the location, height, density, type and overall size of buildings within each zone. The zones are designated according to broad categories of land use, such as residential, commercial or industrial, and more specifically as to building type or density of land use, such as single family or multifamily residential.
zoning code, law or ordinance
A local law prescribing how and for what purpose each parcel of land in a community may be used.