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