Municipal Bond – a tax-exempt, negotiable bond which serves as an evidence of indebtedness issued as one of a series of instruments issued at the same time by a nonfederal government or governmental unit in order to finance state or local improvements

municipal bond:
(1858)

1. A bond issued by a nonfederal government or governmental unit, such as a state bond to finance local improvements.  *  The interest received from a municipal bond may be exempt from federal, state, and local taxes. — Often shortened (in plural) to municipals; munies. — aka municipal security.  Cf. ex legal municipal bond. [1]

1. A public security; a bond issued by a municipality.  An evidence of indebtedness issued as one of a series of instruments issued at the same time by a city, town, or other corporate public body, negotiable in form, payable at a designated future time, and intended for sale in the market with the object of raising money for a municipal improvement the expense of which is beyond the immediate recourses of reasonable taxation, and payment of which of necessity or reason should be distributed over a period of years.  43 Am J1st Pub Sec § 6. [2]

1. A bond issued by a  state or municipality to raise money for municipal expenses from a source other than taxation.
     See municipal securities.    Compare municipal warrant. [3]

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition
 by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine 
(James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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