Kenneth G. Wilson (1923). The Columbia Guide to Standard American English. 1993.
biannual, biennial, semiannual
The bi- prefix on biannual divides into two, so that biannual usually means twice a year. Biennial comes from a Latin word whose prefix bi- meant two, so biennial means every two years, as in a biennium, a two-year period. Semiannual also means every half year, or twice a year. Biannual is almost a hopeless case, conveying only the idea of two, but not specifying when; semiannual is a little more helpful, suggesting as it does half-yearly. Make certain that context makes your meaning clear, no matter which word you use; in fact, given the potential for confusion, half-yearly and two-yearly may be better than any of these. See also BI-.