Series 51: Municipal Securities Definition

Taken from our Series 51 Online Guide

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Municipal Securities Definition

A municipal security is a debt obligation of the state or any political subdivision of the state.

• 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 as to principal or interest by the state.
• A political subdivision includes cities and counties.
• An agency is an administrative entity that is owned and controlled by the government. Examples might be the local board

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