Editing Municipal bond (section)

==Traditional issuance process==
Depending on the jurisdiction and the basis for issuing the bond, voter approval may be required, especially if a [[property tax]] levy is involved.  Some bonds, for minor projects or emergency situations, may be issued without voter pre-approval.  But in all cases, public input (whether a vote, or the opportunity to speak for or against issuance at a public hearing) is required.

Voter approval of the bond proposal does not automatically result in the bonds being issued.  Frequently, bonds under a proposal are issued in series over a period of time, in order to allow contractors a steady stream of work and the jurisdiction to not be overwhelmed in managing too many projects at once. 

Before a particular municipal bond is offered to the public, the issuer must publish an "official statement" disclosing material information about the offering.<ref>{{cite web |title=Investor Bulletin: Municipal Bonds – An Overview. February 1, 2018 |url=https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_munibondsoverview |publisher=U.S. Securities and Exchange Commission |access-date=4 July 2021}}</ref> Key players in the issuance process include:<ref name=":1">{{Cite web|url=http://msrb.org/msrb1/pdfs/Financing-Team.pdf|title=The Public Finance Deal Team {{!}} }}</ref> 
* Municipal advisor: serves as a fiduciary for the municipal issue, taking care of all of the assets and finances involved in the issuance process. The advisor is legally obligated to represent the interests of the issuer and serve as a source of financial advice. 
* Bond counsel: verifies the legal aspects of the issuance and opines as to whether an issuance is exempt from state or federal taxes.
* [[Underwriter|Securities underwriter]]: manages the distribution of the bonds to investors through brokers.

Tax regulations generally require all money raised by a municipal bond sale to be spent on capital projects within three to five years of issuance.<ref>{{cite web|url=http://www.fourmilab.ch/ustax/www/t26-A-1-B-III-103.html|title=Tax regulations|access-date=18 October 2014}}</ref>