Municipal Bonds in the United States
Legal Materials
Municipal bonds are bonds issued by local governments. They generally pay less interest than comparably rated corporate bonds, but the interest on a municipal bond is not subject to Federal tax, and it’s generally not subject to state or local tax for in-state residents.
The Bond Buyer reports on municipal bond news and provides rankings of leading underwriters, law firms, trustees, financial advisors, etc. The Bond Buyer is available on Lexis and Westlaw. Rankings are also available in the US Municipals Review section of Thomson Reuters’ Deals Intelligence; access is available after free registration.
To get information on the “players” in the municipal bond market, search the Bond Buyer’s Municipal Marketplace (“The Redbook”) in print or online.
Municipality Filings: Any municipal government that issues bonds is required to file annual financial reports, material event notices and other “continuing disclosure” documents. These filing are available in EMMA, the Electronic Municipal Market Access system, as of July 1, 2009. You can learn more about these filings on the MSRB’s Understanding Continuing Disclosure page.
Before July 1, 2009 the go-to source for municipal bond filings were SEC-designated private companies known as “Nationally Recognized Municipal Securities Information Repositories” (NRMSIRs). I used to use a Repository called DPC Data, and you can still call them for older filings or use their MuniFILINGS database.
Official Statements: Municipal bond underwriters are required to file a prospectus called an “Official Statement” with the Municipal Securities Rulemaking Board (MSRB) for all new public bond issues. You can get copies of Official Statements for bonds issued since 1990 from EMMA, the Electronic Municipal Market Access system. Otherwise, you can request an Official Statement by sending a completed request form and check for a small fee to the MSRB. You can get the form by calling the MSRB’s office in Alexandria, Virginia (202-223-9503).
Note: Filing is not required for private placements. You can call the issuer or another involved party to try to get the private placement memorandum.
Prices & Interest Rates: EMMA website provides real-time prices and yields at which municipal bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. For more sources, see “Bond Prices.”
Interest rates for municipal securities, including auction rate securities and variable rate demand obligations, are available on the EMMA website.
Municipal Bonds and the State Laws
Select from the list of U.S. States below for state-specific information on Municipal Bonds:
- Municipal Bonds in the Subject Index of the Alabama Portal
- Municipal Bonds in the Subject Index of the Alaska Portal
- Municipal Bonds in the Subject Index of the Arizona Portal
- Municipal Bonds in the Subject Index of the Arkansas Portal
- Municipal Bonds in the Subject Index of the California Portal
- Municipal Bonds in the Subject Index of the Colorado Portal
- Municipal Bonds in the Subject Index of the Connecticut Portal
- Municipal Bonds in the Subject Index of the Delaware Portal
- Municipal Bonds in the Subject Index of the Florida Portal
- Municipal Bonds in the Subject Index of the Georgia Portal
- Municipal Bonds in the Subject Index of the Hawaii Portal
- Municipal Bonds in the Subject Index of the Idaho Portal
- Municipal Bonds in the Subject Index of the Illinois Portal
- Municipal Bonds in the Subject Index of the Indiana Portal
- Municipal Bonds in the Subject Index of the Iowa Portal
- Municipal Bonds in the Subject Index of the Kansas Portal
- Municipal Bonds in the Subject Index of the Kentucky Portal
- Municipal Bonds in the Subject Index of the Louisiana Portal
- Municipal Bonds in the Subject Index of the Maine Portal
- Municipal Bonds in the Subject Index of the Maryland Portal
- Municipal Bonds in the Subject Index of the Massachusetts Portal
- Municipal Bonds in the Subject Index of the Michigan Portal
- Municipal Bonds in the Subject Index of the Minnesota Portal
- Municipal Bonds in the Subject Index of the Mississippi Portal
- Municipal Bonds in the Subject Index of the Missouri Portal
- Municipal Bonds in the Subject Index of the Montana Portal
- Municipal Bonds in the Subject Index of the Nebraska Portal
- Municipal Bonds in the Subject Index of the Nevada Portal
- Municipal Bonds in the Subject Index of the New Hampshire Portal
- Municipal Bonds in the Subject Index of the New Jersey Portal
- Municipal Bonds in the Subject Index of the New Mexico Portal
- Municipal Bonds in the Subject Index of the New York Portal
- Municipal Bonds in the Subject Index of the North Carolina Portal
- Municipal Bonds in the Subject Index of the North Dakota Portal
- Municipal Bonds in the Subject Index of the Ohio Portal
- Municipal Bonds in the Subject Index of the Oklahoma Portal
- Municipal Bonds in the Subject Index of the Oregon Portal
- Municipal Bonds in the Subject Index of the Pennsylvania Portal
- Municipal Bonds in the Subject Index of the Rhode Island Portal
- Municipal Bonds in the Subject Index of the South Carolina Portal
- Municipal Bonds in the Subject Index of the South Dakota Portal
- Municipal Bonds in the Subject Index of the Tennessee Portal
- Municipal Bonds in the Subject Index of the Texas Portal
- Municipal Bonds in the Subject Index of the Utah Portal
- Municipal Bonds in the Subject Index of the Vermont Portal
- Municipal Bonds in the Subject Index of the Virginia Portal
- Municipal Bonds in the Subject Index of the Washington Portal
- Municipal Bonds in the Subject Index of the West Virginia Portal
- Municipal Bonds in the Subject Index of the Wisconsin Portal
- Municipal Bonds in the Subject Index of the Wyoming Portal
Resources
See Also
Bond Prices
Debt Ratings
Interest Rates
Municipal Securities Rulemaking Board
Mutual Funds
Further Reading
- Information about Municipal Bonds in the Gale Encyclopedia of American Law.
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