Municipal bond issue

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A municipal bond issue is a form of bond issue in which a local unit of government - such as a city, county, or school district - places a question before the voters as a ballot measure, asking them to approve or deny additional proposed spending. Like a school bond issue, the question placed before voters generally restricts the source and destination of funds, and often gives an expiration date to tax increases.

Purposes

Bond issues are frequently used in the following applications:

  • Capital improvements: Replacing aging equipment (such as fire engines), building new facilities (such as a libraries or city hall)
  • Public space funding: Park development and improvement, conservation, greenspace preservation
  • Infrastructure projects: Sanitation improvements, road construction and improvement
  • Economic development: Convention center construction and maintenance

Sources

Bond issues typically draw their revenue from the following sources:

Municipal bonds in finance

As distinguished from a municipal bond issue, a municipal bond (or muni) is a finance bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds include cities, counties, redevelopment agencies, school districts, publicly owned airports and seaports, and any other governmental entity (or group of governments) below the state level. Municipal bonds may be general obligations of the issuer or secured by specified revenues. Interest income received by holders of municipal bonds is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal bonds issued for certain purposes may not be tax exempt.

See also

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