serial bond -- a bond issue in which a portion of the bonds are scheduled to be retired at regular intervals over a period of years. Serial bonds are issued when the underlying security for the bonds depreciates through use or obsolescence. The maturities of the bonds are scheduled so that at any time, the bonds still outstanding will not exceed the declining value of the security.
historic definition...
Serial bonds -- An issue of bonds different parts or amounts of which are redeemable at specified intervals. For instance, an issue of $10,000,000 may be redeemable $1,000,000 each year until at the end of ten years all have been redeemed.
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