In recent years, the securities and tax regulations governing municipal bonds have grown increasingly complex. More so than ever before, it is important for the issuer to understand what it is getting into and what its responsibilities are when it undertakes a bond issue.

The Participants

• The issuer. The most important participant in a bond issue is the municipal issuer of the bonds. The issuer is undertaking the financing for the purpose of financing capital projects or for the purpose of refunding existing debt. All of the other participants are there to assist the issuer in the process of raising the money.

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