 A few points about lexical ambiguity should be kept in mind, so I’ll repeat them. First, a bookkeeping issue: should we relegate lexical ambiguity to the lexicon (two non-identical entries for ambiguous terms) or to semantic interpretation (one lexical entry, two or more meanings)? We’ll go with the first option (so the two meanings of ‘bank’ correspond to two separate lexical items) but nothing I know of forces this choice. Second, the word/lexical item distinction may cause us some trouble. While ‘holey’ and ‘holy’ are homophonous, they are not co-spelled. Thus an utterance of ‘the temple is holey’ is ambiguous between two sentences, while an inscription in English is not. Sometimes co-spelled words are distinct sounding, such as ‘refuse’ which is distinct sounding (in my dialect at least) between ‘ree-fuze’ and ‘reh-fuse’. Fortunately, we have the relevant categories to describe these differences and we can talk about ambiguity in sound or in notation (or in sign).