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A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended by the Securities Acts Amendments of 1975, Pub. L. 94–29, and codified at 15 U.S.C. § 78o-4(b)) to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and banks in the municipal securities business.
That perception could thus potentially allow a local government to borrow at a lower interest rate, saving its taxpayers' money over the life of the bonds. Despite that advantage, many states, such as California under Proposition 13 , do not allow local governments to issue unlimited-tax general obligation debt without a public vote .
On January 30, 2009, the Municipal Securities Rulemaking Board began to provide free centralized access to up-to-date interest rates and auction results for municipal auction rate securities in connection with each periodic auction through its Electronic Municipal Market Access system (EMMA) at Municipal Securities Rulemaking Board::EMMA. [19]
Understanding Tax-Free Municipal Bonds Imagine loaning money to your local government to help them build schools or hospitals and update infrastructure while receiving regular interest payments ...
The iShares National Muni Bond exchange-traded fund (ETF) rose on Monday to its highest level since March 2020 as heavy demand for tax-free debt sold by U.S. states, cities, schools and other ...
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The origins of the CUSIP system go back to 1964, when the financial markets were dealing with what was known as the securities settlement paper crunch on Wall Street. [5] [6] [7] At that time, increased trading volumes of equity securities, which were settled by the exchange of paper stock certificates, caused a backlog in clearing and settlement activities.
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