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Coterminous debt is a municipal debt that was incurred in connection with some asset that benefits more than one municipality's citizens. In a coterminous debt, the obligation for the debt belongs to more than one municipality.
A public park has a border between two cities and is used by citizens of both cities. If the cities issued debt to pay for upkeep in the park, the debt would be coterminous because it would be owed by the citizens of both cities.