> ## Documentation Index
> Fetch the complete documentation index at: https://docs.terrapinfinance.com/llms.txt
> Use this file to discover all available pages before exploring further.

# US municipal bonds

> Field reference for the US municipal bond Reference Data response

This is the complete field dictionary for the data returned by the [US municipal bond Reference Data](/api-endpoints/us-municipal-bond-reference) endpoint.

Each call returns an object of the shape `{ "data": [ ... ], "total": <integer> }`, where every entry in `data` describes a single bond using the fields below.

<ResponseField name="isin" type="string">
  International Securities Identification Number (ISIN), unique 12-character code for the security.
</ResponseField>

<ResponseField name="advisors" type="array of string">
  Financial advisors who provide advice on bond issuance and investment.
</ResponseField>

<ResponseField name="award_date" type="date">
  Date the bond was awarded to the underwriter in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="award_time" type="string">
  Time the bond was awarded to the underwriter, in US Eastern Time, in ISO-8601 format (HH:MM:SS).
</ResponseField>

<ResponseField name="bond_counsel" type="array of string">
  Legal representatives retained by the issuer that provide tax opinions, ensure compliance with federal tax law, and verify the legal validity of the bond issuance.
</ResponseField>

<ResponseField name="capital_purpose" type="string">
  Indicates the capital purpose depending on whether the bond proceeds are used for new projects, to pay off prior bonds, or both.

  **Allowed values:** `mixed`, `new money`, `refunding`
</ResponseField>

<ResponseField name="closing_date" type="date">
  Date the bond transaction closed in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="composite_rating" type="string">
  Composite rating of the bond.
</ResponseField>

<ResponseField name="counties" type="array of string">
  Counties of issuing entity, if applicable.
</ResponseField>

<ResponseField name="country" type="string">
  Country of issuing entity:

  * `United States of America`: Country of issue is United States of America.
</ResponseField>

<ResponseField name="country_code" type="string">
  ISO 3166-1 alpha-2 country code (2-letter code) of the country of issue.
</ResponseField>

<ResponseField name="coupon_frequency" type="integer">
  Number of coupon payments per year.
</ResponseField>

<ResponseField name="coupon_payment_day" type="integer">
  Day of the month when coupon payments are made.
</ResponseField>

<ResponseField name="coupon_payment_months" type="array of integer">
  Months when coupon payments are made (1-12).

  **Examples:**

  * `[2, 8]`: Coupon payments are made on February and August.
</ResponseField>

<ResponseField name="credit_enhancement_type" type="array of string">
  Types of credit enhancement that provide additional security for the bond.

  **Allowed values:** `appropriations_program`, `bond_insurance`, `capital_reserve_fund`, `debt_service_reserve_fund`, `federal_agency_guarantee`, `federal_guarantee`, `federal_mortgage_insurance`, `letter_of_credit`, `liquidity_facility`, `moral_obligation`, `pledged_assets`, `pledged_revenues`, `private_mortgage_insurance`, `state_aid_intercept_program`, `state_guarantee_program`, `state_mortgage_insurance`, `state_permanent_fund_program`, `surety_bond`, `third_party_guarantee`
</ResponseField>

<ResponseField name="currency" type="string">
  Currency in which the bond is denominated (3-letter ISO 4217 code).
</ResponseField>

<ResponseField name="dated_date" type="date">
  Date from which interest starts accruing in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="disclosure_counsel" type="array of string">
  Legal representatives retained by the issuer to provide advice on issuer disclosure obligations.
</ResponseField>

<ResponseField name="extraordinary_optional_redemption" type="object">
  Extraordinary optional redemption terms and conditions.

  <Expandable title="properties">
    <ResponseField name="circumstances_for_extraordinary_redemption" type="string" />

    <ResponseField name="is_subject_to_extraordinary_redemption" type="boolean" />
  </Expandable>
</ResponseField>

<ResponseField name="figi" type="string">
  Financial Instrument Global Identifier (FIGI), a unique 12-character alphanumeric code for financial instruments.
</ResponseField>

<ResponseField name="figi_name" type="string">
  Name associated with the FIGI (Financial Instrument Global Identifier).
</ResponseField>

<ResponseField name="first_call_date" type="date">
  Date of the first call option in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="first_execution_date" type="date">
  Date of the first execution/trade for the bond in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="first_execution_time" type="string">
  Time of the first execution/trade for the bond, in US Eastern Time, in ISO-8601 format (HH:MM:SS).
</ResponseField>

<ResponseField name="first_interest_payment_date" type="date">
  Date of the first interest payment in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="first_trade_date" type="date">
  Date of the first trade in the secondary market in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="gas_prepay_guarantor" type="string">
  Entity whose credit backstops return of prepayment proceeds on a prepaid gas or electricity municipal bond — the party obligated to return proceeds via scheduled payments or on early termination. `null` if not a prepaid energy structure.
</ResponseField>

<ResponseField name="guarantee" type="string">
  Indicates the security classification of the bond. Secured bonds are backed by specific collateral (pledged assets, revenues, or reserve funds), while unsecured bonds lack such backing.

  **Allowed values:** `secured`, `unsecured`
</ResponseField>

<ResponseField name="has_mandatory_redemption" type="boolean">
  Whether the bond has mandatory redemption features.
</ResponseField>

<ResponseField name="has_official_statement" type="boolean">
  Whether the bond has an official statement published. Pre official statement bonds only have a limited set of fields available that are provided on a best-effort basis.
</ResponseField>

<ResponseField name="insurers" type="array of string">
  Financial institutions that issue an insurance policy for bonds, guaranteeing timely payment of principal and interest.
</ResponseField>

<ResponseField name="integral_multiple" type="number">
  Integral multiple for bond denominations.
</ResponseField>

<ResponseField name="interest_accrual_convention" type="string">
  Day count convention for interest accrual:

  * `30/360`: 30 days per month, 360 days per year.
  * `ACTUAL/ACTUAL`: Uses actual number of days in period and year.
  * `ACTUAL/360`: Uses actual days in period, 360 days per year.
  * `ACTUAL/365`: Uses actual days in period, 365 days per year.
  * `30/365`: 30 days per month, 365 days per year.
</ResponseField>

<ResponseField name="interest_accrual_date" type="date">
  Date in ISO-8601 format (YYYY-MM-DD) from which interest accrues.
</ResponseField>

<ResponseField name="interest_maximum_rate" type="number">
  Maximum interest rate for variable rate bonds; the highest rate the bond's coupon can reach during its life, often set as a cap relative to the reference rate it is adjusted for.
</ResponseField>

<ResponseField name="interest_minimum_rate" type="number">
  Minimum interest rate for variable rate bonds; the lowest rate the bond's coupon can fall to during its life, often set as a floor relative to the reference rate it is adjusted for.
</ResponseField>

<ResponseField name="interest_payment_schedule" type="array of object">
  The interest payment schedule specifies the schedule of interest payments, which may be periodic or deferred until maturity (for CABs, notes or deferred interest bonds). It is represented as an array of objects with the following schema:

  <Expandable title="properties">
    <ResponseField name="interest_type" type="string">
      **Allowed values:** `accreting`, `regular`
    </ResponseField>

    <ResponseField name="payment_date" type="object">
      <Expandable title="properties">
        <ResponseField name="day" type="integer" />

        <ResponseField name="month" type="integer" />

        <ResponseField name="year" type="integer" />
      </Expandable>
    </ResponseField>

    <ResponseField name="periodic_schedule" type="object">
      <Expandable title="properties">
        <ResponseField name="period_amount" type="integer" />

        <ResponseField name="period_type" type="string">
          **Allowed values:** `month`, `week`
        </ResponseField>

        <ResponseField name="until" type="date" />
      </Expandable>
    </ResponseField>
  </Expandable>
</ResponseField>

<ResponseField name="interest_rate" type="number or object">
  Interest rate or coupon of the bond, expressed as a percentage of the bond's face value.

  <Expandable title="properties">
    <ResponseField name="benchmark" type="string" />

    <ResponseField name="pct_of_benchmark" type="number" />

    <ResponseField name="spread_in_bps" type="number" />
  </Expandable>
</ResponseField>

<ResponseField name="interest_rate_schedule" type="array of object">
  The interest rate structure specifies the applicable interest rate for a given period and defines how it is set and adjusted over the bond’s term, including periodic adjustments for variable rate bonds. It is represented as an array of objects with the following schema:

  <Expandable title="properties">
    <ResponseField name="determination_period" type="object">
      <Expandable title="properties">
        <ResponseField name="period_length" type="integer" />

        <ResponseField name="period_type" type="string">
          **Allowed values:** `day`, `month`, `week`
        </ResponseField>
      </Expandable>
    </ResponseField>

    <ResponseField name="from_date" type="date">
      Can be null if it applies from issue
    </ResponseField>

    <ResponseField name="interest_rate" type="number or object">
      <Expandable title="properties">
        <ResponseField name="benchmark" type="string">
          **Allowed values:** `auction`, `cpi`, `federal-funds-rate`, `libor`, `mmd`, `remarketing-agent`, `sifma`, `sofr`, `treasury`
        </ResponseField>

        <ResponseField name="pct_of_benchmark" type="number" />

        <ResponseField name="spread_in_bps" type="number" />
      </Expandable>
    </ResponseField>

    <ResponseField name="interest_type" type="string">
      **Allowed values:** `compounding`, `fixed`, `variable`, `zero`
    </ResponseField>

    <ResponseField name="rate_mode_name" type="string">
      The name of the rate mode.

      **Allowed values:** `15-day`, `adjustable`, `auction`, `bank-purchase`, `bi-weekly`, `cpi`, `daily`, `fixed`, `flexible`, `floating`, `frn`, `index`, `libor`, `long-term`, `medium-term`, `monthly`, `multiannual`, `pass-through`, `permanent`, `quarterly`, `r-floats`, `remarketing-agent`, `reset`, `short-term`, `sifma`, `sofr`, `term`, `term-floater`, `two-day`, `unit_price`, `weekly`, `window`
    </ResponseField>

    <ResponseField name="until_date" type="date">
      Can be null if it applies until maturity. Range is exclusive, i.e. means until but not including.
    </ResponseField>
  </Expandable>
</ResponseField>

<ResponseField name="interest_type" type="string">
  The Type of interest:

  * `fixed rate`: The bond pays a fixed interest rate throughout its life.
  * `cab`: Capital Appreciation Bond (CAB), interest accrues and is paid at maturity rather than periodically.
  * `variable rate`: The bond's interest rate can change over time, typically based on a reference rate or formula (e.g., SOFR, CPI).
  * `term rate`: The bond pays interest at a rate set for a specific term or period.
  * `cab-to-fixed`: The bond starts as a capital appreciation bond and converts to a fixed rate bond.
  * `step rate`: The bond's interest rate increases ("steps up") at predetermined intervals.
  * `zero rate / discount rate`: A bond that does not pay or accrue interest.
</ResponseField>

<ResponseField name="is_144a" type="boolean">
  Whether the bond is Rule 144A compliant.
</ResponseField>

<ResponseField name="is_amt" type="boolean">
  Whether the bond is an Alternative Minimum Tax (AMT) bond.
</ResponseField>

<ResponseField name="is_bab" type="boolean">
  Whether the bond is a Build America Bond.
</ResponseField>

<ResponseField name="is_bank_qualified" type="boolean">
  Whether the bond is bank qualified.
</ResponseField>

<ResponseField name="is_callable" type="boolean">
  Whether the bond is callable before maturity.
</ResponseField>

<ResponseField name="is_credit_enhanced" type="boolean">
  Indicates whether the bond is backed by any form of credit enhancement.
</ResponseField>

<ResponseField name="is_defeased" type="boolean">
  Whether the bond is defeased.

  A defeased bond has funds set aside in an escrow account to pay off the remaining principal and interest, effectively removing the debt obligation from the issuer's balance sheet.
</ResponseField>

<ResponseField name="is_federally_taxable" type="boolean">
  Whether the bond is federally taxable.
</ResponseField>

<ResponseField name="is_green" type="boolean">
  Whether the bond is a green bond.
</ResponseField>

<ResponseField name="is_insured" type="boolean">
  Whether the bond is insured by a bond insurance company.
</ResponseField>

<ResponseField name="is_outstanding" type="boolean">
  Whether the bond is currently outstanding.
</ResponseField>

<ResponseField name="is_pac" type="boolean">
  Whether the bond is a Planned Amortization Class (PAC) bond.
</ResponseField>

<ResponseField name="is_regs" type="boolean">
  Whether the bond is Regulation S (RegS) compliant.
</ResponseField>

<ResponseField name="is_social" type="boolean">
  Whether the bond is a social bond.
</ResponseField>

<ResponseField name="is_state_enhanced" type="boolean">
  Indicates whether the bond is backed by any form of state credit enhancement (state guarantee program, state aid intercept program, appropriations program or state permanent fund program).
</ResponseField>

<ResponseField name="is_state_taxable" type="boolean">
  Whether the bond is state taxable.
</ResponseField>

<ResponseField name="is_sustainable" type="boolean">
  Whether the bond is a sustainable bond.
</ResponseField>

<ResponseField name="issue_date" type="date">
  Date the bond was issued in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="issue_price" type="number">
  Price at which the bond was issued (percentage of par), the price is expressed as a percentage of the bond's face value.
</ResponseField>

<ResponseField name="issue_yield" type="number">
  Yield at issuance, the yield is expressed as a percentage of the bond's face value.
</ResponseField>

<ResponseField name="issued_amount" type="number">
  Total amount issued (face value) in the bond's currency.
</ResponseField>

<ResponseField name="issuer_canonical_id" type="integer">
  The internal unique identifier of the issuer.
</ResponseField>

<ResponseField name="issuer_name" type="string">
  Name of the issuing entity (municipality, district, etc.).
</ResponseField>

<ResponseField name="liquidity_facility" type="string">
  Liquidity facility provider for the bond:

  * `LOC`: Letter of Credit
  * `SBPA`: Standby Bond Purchase Agreement
  * `Self`: Self-liquidity
</ResponseField>

<ResponseField name="mandatory_redemption_schedule" type="array of object">
  The mandatory redemption schedule specifies the sinking fund redemptions, including the dates, amounts, and redemption prices based on principal or accreted value (for CABs).

  ```json theme={"theme":{"light":"catppuccin-latte","dark":"github-dark-high-contrast"}}
  [
    {
      "date": "<Date>",
      "price": {
        "type": "principal | accreted-value",
        "spread_in_bps": "<Number>"
      },
      "amount": "<Number>"
    },
    ...
  ]
  ```
</ResponseField>

<ResponseField name="maturity_amount" type="number">
  Amount due at maturity:

  The principal amount that will be repaid when the bond matures.
</ResponseField>

<ResponseField name="maturity_date" type="date">
  Date when the bond principal is due to be repaid in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="minimum_denomination" type="number">
  Minimum denomination in which the bond can be purchased.
</ResponseField>

<ResponseField name="next_call_date" type="date">
  Date of the next call option in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="next_call_price" type="number">
  Price at the nearest call date from today, if exists.
</ResponseField>

<ResponseField name="next_coupon_date" type="date">
  Date of the next coupon payment in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="next_sink_amount" type="number">
  Indicates the nearest sinking fund amount, if exists.
</ResponseField>

<ResponseField name="next_sink_date" type="date">
  Date of the next sinking fund payment in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="next_sink_price" type="number">
  Indicates the nearest sinking fund price, if exists.
</ResponseField>

<ResponseField name="obligor" type="string">
  The obligated entity, when it is not the same as the issuer
</ResponseField>

<ResponseField name="obligor_canonical_id" type="integer">
  The internal unique identifier of the obligor.
</ResponseField>

<ResponseField name="odd_first_coupon" type="string">
  Indicates whether the first coupon payment is odd:

  * `regular`: First coupon payment follows the standard interval.
  * `short`: First coupon period is shorter than the typical payment interval.
  * `long`: First coupon period is longer than the typical payment interval.
</ResponseField>

<ResponseField name="odd_last_coupon" type="string">
  Indicates whether the last coupon payment is odd:

  * `regular`: Last coupon payment follows the standard interval.
  * `short`: Last coupon period is shorter than the typical payment interval.
  * `long`: Last coupon period is longer than the typical payment interval.
</ResponseField>

<ResponseField name="optional_redemption_max_notice" type="integer">
  Maximum notice period for optional redemptions (in days).
</ResponseField>

<ResponseField name="optional_redemption_min_notice" type="integer">
  Minimum notice period for optional redemptions (in days).
</ResponseField>

<ResponseField name="optional_redemption_schedule" type="array of object">
  The optional redemption schedule defines the periods for which a bond is callable with a fixed, accreted value (for CABs) and make-whole price. It is represented as an array of objects with the following schema:

  ```json theme={"theme":{"light":"catppuccin-latte","dark":"github-dark-high-contrast"}}
  [
    {
      "until": "<Date>",
      "call_date": "<Date>",
      "call_price": {
        "type": "principal | accreted-value | make-whole",
        "spread_in_bps": "<Number>", // spread above par for principal or accreted-value; spread above benchmark for make-whole
        "benchmark": "mmd | treasury" // benchmark only applies when it's make-whole
      },
      "is_periodic": "true | false",
      "period_type": "day | month",
      "period_amount": "<number>",  // period_amount=1 and period_type="day" means continuously callable
      "includes_accrued_interest": "true | false"
    },
    ...
  ]
  ```
</ResponseField>

<ResponseField name="outstanding_amount" type="number">
  Current outstanding amount of the bond.
</ResponseField>

<ResponseField name="parent_isin" type="string">
  ISIN of the parent bond, if this bond was created from a split or refunding.

  When bonds are split into multiple series or tranches, the parent\_isin identifies the original bond from which this bond was derived.
</ResponseField>

<ResponseField name="previous_coupon_date" type="date">
  Date of the previous coupon payment in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="provider_expiration_date" type="date">
  Date when the provider's commitment expires in ISO-8601 format (YYYY-MM-DD).
</ResponseField>

<ResponseField name="provider_identity" type="string">
  Name of the provider, typically for liquidity facilities or credit enhancements.
</ResponseField>

<ResponseField name="rating_group" type="string">
  Credit rating group:

  * `investment_grade`: Bonds with high credit quality, typically considered safe and low risk.
  * `high_yield`: Bonds with lower credit quality, typically considered riskier and higher yield.
</ResponseField>

<ResponseField name="remarketing_agents" type="array of string">
  A municipal securities dealer responsible for reselling to investors
  securities (such as variable rate demand obligations and other tender
  option bonds) that have been tendered for purchase by their owner.
</ResponseField>

<ResponseField name="reserve_fund" type="boolean">
  Indicates whether the bond is backed by a reserve fund (debt service reserve fund or capital reserve fund).
</ResponseField>

<ResponseField name="sale_type" type="string">
  Indicates the method used by the issuer to sell the municipal bond to investors.

  **Allowed values:** `competitive_sale`, `negotiated_sale`, `private_placement`
</ResponseField>

<ResponseField name="sector" type="string">
  Sector of the municipal bond:

  * `education`: Educational institutions (schools, universities, colleges).
  * `local`: Local government entities (cities, counties, towns).
  * `utilities`: Utility companies and infrastructure.
  * `transportation`: Transportation and transit systems.
  * `state`: State government entities.
  * `healthcare`: Healthcare facilities and medical institutions.
  * `housing`: Housing and residential development.
  * `industrial`: Industrial and economic development.
  * `tobacco`: Tobacco settlement bonds.
</ResponseField>

<ResponseField name="seniority" type="string">
  Seniority of the bond derived from the series name, ordered from most senior to most junior.

  It's worth noting that senior is considered on par with first line, and subordinate is considered on par with junior.

  **Allowed values:** `first_lien`, `junior`, `second_lien`, `senior`, `subordinate`
</ResponseField>

<ResponseField name="series" type="string">
  Bond series name or description.
</ResponseField>

<ResponseField name="series_issued_amount" type="number">
  Amount issued in this specific series.
</ResponseField>

<ResponseField name="source_of_repayment" type="string">
  Source of repayment:

  * `General Obligation`: The bond is backed by the full faith and credit of the issuer.
  * `Revenue`: The bond is backed by the revenue generated from the project or service it funds.
  * `Double Barrel`: A combination of General Obligation and Revenue sources.
</ResponseField>

<ResponseField name="state" type="string">
  US state or territory where the bond is issued (ANSI 2-letter code).
</ResponseField>

<ResponseField name="tender_agents" type="array of string">
  Financial institutions that facilitate the tender of bonds to the issuer, typically in variable rate demand obligations or other bonds with put features.
</ResponseField>

<ResponseField name="tender_schedule" type="array of object">
  The schedule of tender for a bond, including the tender date, tender type, tender period, tender price, and circumstance for tender

  <Expandable title="properties">
    <ResponseField name="circumstance_for_tender" type="string">
      **Allowed values:** `credit or liquidity facility default`, `credit or liquidity facility expiration or substitution`, `extraordinary event`, `failed remarketing`, `in lieu of redemption`, `issuer or provider directed`, `optional tender`, `rate mode conversion`, `scheduled mandatory tender`, `unscheduled mandatory tender`
    </ResponseField>

    <ResponseField name="periodic_schedule" type="object">
      <Expandable title="properties">
        <ResponseField name="period_amount" type="integer" />

        <ResponseField name="period_type" type="string">
          **Allowed values:** `day`, `month`, `week`, `year`
        </ResponseField>

        <ResponseField name="until" type="date" />
      </Expandable>
    </ResponseField>

    <ResponseField name="tender_date" type="date" />

    <ResponseField name="tender_price" type="object">
      <Expandable title="properties">
        <ResponseField name="spread_in_bps" type="number" />

        <ResponseField name="type" type="string">
          **Allowed values:** `accreted-value`, `principal`
        </ResponseField>
      </Expandable>
    </ResponseField>

    <ResponseField name="tender_type" type="string">
      **Allowed values:** `mandatory`, `optional`
    </ResponseField>
  </Expandable>
</ResponseField>

<ResponseField name="ticker" type="string">
  Bond ticker symbol.
</ResponseField>

<ResponseField name="trustees" type="array of string">
  Financial institutions acting as intermediaries between bond issuers and bondholders, appointed by the issuer to represent bondholders' interests and enforce the terms of the bond's governing contract.
</ResponseField>

<ResponseField name="underwriters" type="array of string">
  Financial institutions that facilitate the issuance and sale of bonds by purchasing them from the issuer and reselling them to investors.
</ResponseField>

<ResponseField name="upcoming_corporate_action" type="object">
  The next anticipated corporate action event for the bond.

  <Expandable title="properties">
    <ResponseField name="date" type="date" />

    <ResponseField name="type" type="string">
      **Allowed values:** `bond_call`, `defeasance`, `redemption`, `refunding`
    </ResponseField>
  </Expandable>
</ResponseField>

<ResponseField name="use_categories" type="array of string">
  Broad functional categories for bond proceeds (middle level).

  This is the middle level in the use of funds hierarchy:
  **Use Sector > Use Category > Uses of Proceeds**

  Categories group related uses of proceeds together. There are 31 categories across 10 sectors.

  For the complete taxonomy, see the [Use of Funds Taxonomy](https://docs.terrapinfinance.com/use_of_funds_taxonomy) reference page.

  **Allowed values:** `airport`, `bridges`, `communication`, `culture`, `economic development`, `electrical`, `essential services`, `gas`, `gas prepay`, `general purpose`, `health system`, `higher education`, `hospitals`, `industrial development`, `military housing`, `miscellaneous`, `multi-family housing`, `parking`, `port`, `power`, `pre-school`, `primary and secondary education`, `public housing`, `public transit`, `recreational`, `roads`, `senior living`, `single family housing`, `student loan`, `waste removal`, `water and sewer`
</ResponseField>

<ResponseField name="use_sectors" type="array of string">
  High-level sectors for bond proceeds (top level).

  This is the top level in the use of funds hierarchy:
  **Use Sector > Use Category > Uses of Proceeds**

  Sectors are the broadest classification, grouping multiple categories. There are 10 sectors in total.

  For the complete taxonomy, see the [Use of Funds Taxonomy](https://docs.terrapinfinance.com/use_of_funds_taxonomy) reference page.

  **Allowed values:** `development`, `education`, `government`, `healthcare`, `housing`, `miscellaneous`, `recreation`, `securitized`, `transportation`, `utility`
</ResponseField>

<ResponseField name="uses_of_proceeds" type="array of string">
  Specific intended purposes for bond proceeds (most granular level).

  This is the most detailed level in the use of funds hierarchy:
  **Use Sector > Use Category > Uses of Proceeds**

  For the complete taxonomy with all 90 uses of proceeds, see the [Use of Funds Taxonomy](https://docs.terrapinfinance.com/use_of_funds_taxonomy) reference page.

  **Allowed values:** `airport`, `alternative source power`, `assisted living`, `broadband`, `buses`, `charter school`, `coal power`, `combined port authority`, `community centre`, `community college`, `continuing care retirement community`, `correctional facilities`, `courts`, `critical access hospital`, `development district`, `electrical infrastructure`, `ferries`, `fire`, `flood control`, `gas infrastructure`, `gas power`, `gas prepay`, `health system`, `hospitality`, `independent living`, `industrial development`, `irrigation`, `library`, `local hfa multi-family housing`, `local hfa single family housing`, `local standalone multi-family housing`, `local standalone single family housing`, `military housing`, `miscellaneous`, `museum`, `non-toll bridges`, `non-toll roads`, `nuclear power`, `nursing home`, `office buildings`, `parking facilities`, `parks`, `police`, `pollution control`, `pre-school and daycare`, `private college`, `public buildings`, `public college`, `public housing`, `public school district`, `regional toll bridges`, `regional toll roads`, `sewer`, `shopping centres`, `solar power`, `specialty hospital`, `stadium`, `standalone hospital`, `standalone port`, `standalone public school`, `state hfa multi-family housing`, `state hfa single family housing`, `state toll bridges`, `state toll roads`, `storm water`, `student housing`, `student loan`, `telephone`, `trains`, `tribal`, `waste removal`, `water`, `wind power`
</ResponseField>

<ResponseField name="validation_errors" type="array of object">
  A list of known data issues for the bond where validation rules have failed.

  ```json theme={"theme":{"light":"catppuccin-latte","dark":"github-dark-high-contrast"}}
  [
    {
      "details": "null_coupon_frequency",
      "field_names": ["coupon_frequency"]
    },
    ...
  ]
  ```

  <Expandable title="properties">
    <ResponseField name="details" type="string" />

    <ResponseField name="field_names" type="array of string" />
  </Expandable>
</ResponseField>

<ResponseField name="variable_rate_adjustment_schedule" type="object">
  Schedule for when variable interest rates are adjusted.

  Specifies the frequency at which the bond's variable interest rate is reset or recalculated based on a reference rate or index.

  <Expandable title="properties">
    <ResponseField name="period_length" type="integer" />

    <ResponseField name="period_type" type="string">
      **Allowed values:** `day`, `month`, `week`
    </ResponseField>
  </Expandable>
</ResponseField>

<ResponseField name="variable_rate_mode" type="string">
  Variable rate mode for the bond, if applicable.

  **Allowed values:** `15-day`, `adjustable`, `auction`, `bank-purchase`, `bi-weekly`, `cpi`, `daily`, `fixed`, `flexible`, `floating`, `frn`, `index`, `libor`, `long-term`, `medium-term`, `monthly`, `multiannual`, `pass-through`, `permanent`, `quarterly`, `r-floats`, `remarketing-agent`, `reset`, `short-term`, `sifma`, `sofr`, `term`, `term-floater`, `two-day`, `unit_price`, `weekly`, `window`
</ResponseField>