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municipal bond

Municipal bonds are issued by cities, counties and states in order to pay for municipal or public projects. These bonds are exempt from federal, state and local taxes. The level of return on these bonds can be high.

See municipal bond in Webster's New World College Dictionary

a bond issued by a state or local government or by a nonfederal government agency, usually to provide funding for a specified purpose

See municipal bond in American Heritage Dictionary 4

noun

An often tax-exempt bond issued by a city, county, state, or other government for the financing of public projects.

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