A security issued by or on behalf of a local authority.
- To obtain a fair price on U.S. Treasuries and municipal bonds, buy new issues as well.
- He suggests municipal bonds, issued by state and local governments, as the next safest purchase.
- That investor, however, can avoid state and federal income taxes by investing in a fund that only owns municipal bonds issued in Ohio.
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Syllabification: mu·nic·i·pal bond
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