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Bloomberg Visual Guide to Municipal Bonds by Robert Doty

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General Obligation Securities

General obligation securities are payable from dedicated real property (and sometimes, in addition, other) taxes. The securities are extremely strong. The payment of these securities is not subject to stresses affecting municipal general funds or budgets. Commonly, municipal issuers are required under state law to levy and collect the taxes without regard to rate or amount in order to pay the securities. At times, there are tax-rate limits that you should understand, but most of those securities incorporate excess tax capacity for protection.

Not all municipal securities are created equal. Some have proved to be ...

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