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Investing in Muni bonds can include Revenue or G O (General Obligation) bonds. Revenue bond investments are backed by a municipality (Town, City, State etc.) using a revenue source (not taxes).
A debt security backed a by a bridge toll or other revenue source that is used to back the investment, which includes principle and interest to the bondholder. These would be considered revenue bond sources.
Types could include Transporation (tolls, airports, bridge), but there are also revenue investment types such as healthcare and utility municipal securities. Utilities would issue bonds backed by an increase in usage fees to back the investment and the bondholder.
Hospital issues would be revenue bonds backed by user and stay fees.
Revenue issues are rated based in part by the issuers ability to raise the needed money for the bond holders. A feasibility study is nomally done to show the muni issuer does have it's plan endorsed. This study is normally done by an outside consulting company that specializes in municipal bond investments and new issues.
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