Municipal bond: A debt instrument issued by a United States state or local government to fund projects such as building roads, bridges and schools, and to fund operating budgets. Muni bonds, as they are also called, are exempt from federal tax and are also exempt from state and local taxes for the investors who reside in the state where the bond is issued. A Muni bond usually carries a fixed rate of interest, which is paid semi-annually. Municipal Bonds may be general, secured or insured.


Municipal bond in our glossary: terms and definitions

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