Series 53: 1.1.2.1. Municipal Securities Definition

Taken from our Series 53 Online Guide

1.1.2.1. Municipal Securities Definition

A municipal security is a debt obligation of the state or any political subdivision of the state. The following facts are true of municipal securities:

The debt instrument may be a long-term bond or short-term note.

The security may be either a direct obligation issued by the state to pay principal and interest, or it may be issued by a private entity and guaranteed by the state as to principal or interest.

A political subdivision includes cities and counties.

An agency is an administrative entity that is owned and controlled by the government. Exam

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