Revenue & Municipal IssuersBond Instruments
Municipal bond issuers have less revenue privileges in comparison to sovereign issuers. Sovereigns can print their own currency to pay their bonds, and or pay with tax revenue. They cannot print their own money, so municipal issuers rely on one of two ways to repay their bonds.
Primarily, Municipal issuers tax residents within their jurisdiction to repay their bond issues. When bonds are funded by taxpayers, it is known as a General Obligation Bond. General bonds must be paid by taxes and will only fail if the issuer itself defaults. You will be repaid as long as the issuer stays financially solvent.
Municipals can also issue bonds assigned to specific projects, and repay the bonds with earnings from that specific project alone. If the bond pays bondholders with revenue earned from that specific project, it is known as a Revenue bond. These bonds will fail if the project fails. The issuer has no obligation to reimburse the losses of the bondholder.
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