Series 50: Small Issuer Exception

Small Issuer Exception

The small issuer exception is for municipalities that issue $5 million or less of governmental bonds or $15 million for public school construction in a year.

This exception only holds for:

• • Governmental bonds that are not private activity bonds
• • Issuers that have general taxing authority (e.g., state or municipality)
• • Issuers that spend 95% of the proceeds on loca