1.2.2. Municipal Entities and Obligated Persons
According to the MSRB, a municipal entity is defined as:
• Any agency, authority, state, or local government
• Any plan, program, or pool of assets sponsored or established by the state, agency, authority, or local government
• Any other issuer of municipal securities
The definition includes, but is not limited to, public pension funds, LGIPs, and other state and local governmental entities or funds, as well as participant-directed investment programs or plans, such as 529, 403(b), and 457 plans.
The term obligated perso