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Bloomberg Visual Guide to Municipal Bonds by Robert Doty

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General Fund and Other Municipal Securities

Unlike general obligation securities, municipal general fund securities are payable from municipal general funds. Often, general fund securities take the form of lease obligations and certificates of participation (COPs) in the leases. Variations on these municipal securities may be called lease revenue bonds. These securities involve more risk than do general obligation securities, although again the historical record is strong. A key element to consider is the essential role of leased property, which in the municipal market is called essentiality. In addition, you should understand other forms of ...

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