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municipal bond

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noun
  1. a bond issued by a state, county, city, or town, or by a state authority or agency to finance projects.
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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

municipal bonds in Culture

municipal bonds

Bonds issued by nonprofit bodies such as cities, public hospitals, and school boards. They bear relatively low interest rates, but accrued interest is exempt from federal income tax.

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The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.