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A combination of events and situations, including Los Angeles' smog problem, led to Congress passing the _ in 1963. This legislation and its major amendments in 1970 and 1990 fund
Research into pollution control, set standards for air quality, and encourage emissions standards for automobiles and point sources such as industrial plants. They also impose limits on emissions from new sources, fund a national air quality monitoring system, and enable citizens to sue parties violating the standards.
Bond Premium
The excess of a bond's market price over its nominal value.
Market Rate
The prevailing interest rate available in the marketplace for loans or investments of similar risk and maturity.
Contractual Rate
The interest rate stated in a contract, such as in a loan agreement or bond indenture, determining the amount of interest payments.
Premium on Bonds Payable
The amount by which the sale price of a bond exceeds its face value, reflecting higher-than-market interest rates or increased demand for the bond.
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