In municipal finance, a trustee is a financial institution (typically a trust company or bank) that holds funds, manages bond payments, and protects investor interests for municipal debt issues. The trustee ensures bondholders receive scheduled interest and principal payments, holds securities and funds in trust, and acts on bondholders' behalf if the municipality defaults. Trustees also ensure compliance with bond terms and covenants. Trustee arrangements provide investor confidence through independent oversight. In other contexts, 'trustee' refers to school board trustees (elected education governors) or trustees managing assets for others' benefit. The specific meaning depends on context—finance discussions typically mean bond trustees while education discussions mean school trustees.