Series 51: Small Issuer Exception

Taken from our Series 51 Online Guide

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)

Issue

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