municipal securities

(29)The term “municipal securities” means securities which are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in of title 26) the interest on which is excludable from gross income under of title 26 if, by reason of the application of paragraph (4) or (6) of of title 26 (determined as if paragraphs (4)(A), (5), and (7) were not included in such),paragraph (1) of such does not apply to such security.

Source

15 USC § 78c(a)(29)


Scoping language

When used in this chapter
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