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Municipal bond

A municipal bond known as a Muni Bond, is a bond issued by a local government or territory, or one of their agencies. It is used to finance public projects such as roads, schools and seaports, infrastructure-related repairs; the term municipal bond is used in the United States, which has the largest market of such trade-able securities in the world. As of 2011, the municipal bond market was valued at $3.7 trillion. Potential issuers of municipal bonds include states, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, other governmental entities at or below the state level having more than a de minimis amount of one of the three sovereign powers: the power of taxation, the power of eminent domain or the police power. Municipal bonds secured by specified revenues. In the United States, interest income received by holders of municipal bonds is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code, may be exempt from state income tax as well, depending on the applicable state income tax laws.

The state and local exemption was the subject of recent litigation in Department of Revenue of Kentucky v. Davis, 553 U. S. 328. Unlike new issue stocks that are brought to market with price restrictions until the deal is sold, most municipal bonds are free to trade at any time once they are purchased by the investor. Professional traders trade and re-trade the same bonds several times a week. A feature of this market is a larger proportion of smaller retail investors compared to other sectors of the U. S. securities markets. Some municipal bonds with higher risk credits, are issued subject to transfer restrictions. Outside the United States, many other countries in the world issue similar bonds, sometimes called local authority bonds or other names; the key defining feature of such bonds is that they are issued by a public-use entity at a lower level of government than the sovereign. Such bonds follow similar market patterns as U. S. bonds. That said, the U. S. municipal bond market is unique for its size, liquidity and tax structure and bankruptcy protection afforded by the U.

S. Constitution. Municipal debt predates corporate debt by several centuries—the early Renaissance Italian city-states borrowed money from major banking families. Borrowing by American cities dates to the nineteenth century, records of U. S. municipal bonds indicate use around the early 1800s. The first recorded municipal bond was a general obligation bond issued by the City of New York for a canal in 1812. During the 1840s, many U. S. cities were in debt, by 1843 cities had $25 million in outstanding debt. In the ensuing decades, rapid urban development demonstrated a correspondingly explosive growth in municipal debt; the debt was used to finance a growing system of free public education. Years after the Civil War, significant local debt was issued to build railroads. Railroads were private corporations and these bonds were similar to today's industrial revenue bonds. Construction costs in 1873 for one of the largest transcontinental railroads, the Northern Pacific, closed down access to new capital.

Around the same time, the largest bank of the country of the time, owned by the same investor as that of Northern Pacific, collapsed. Smaller firms followed suit as well as the stock market; the 1873 panic and years of depression that followed put an abrupt but temporary halt to the rapid growth of municipal debt. Responding to widespread defaults that jolted the municipal bond market of the day, new state statutes were passed that restricted the issuance of local debt. Several states wrote these restrictions into their constitutions. Railroad bonds and their legality were challenged, this gave rise to the market-wide demand that an opinion of qualified bond counsel accompany each new issue; when the U. S. economy began to move forward once again, municipal debt continued its momentum, maintained well into the early part of the twentieth century. The Great Depression of the 1930s halted growth, although defaults were not as severe as in the 1870s. Leading up to World War II, many American resources were devoted to the military, prewar municipal debt burst into a new period of rapid growth for an ever-increasing variety of uses.

Today, in addition to the 50 states and their local governments, the District of Columbia and U. S. territories and possessions do issue municipal bonds. Another important category of municipal bond issuers which includes authorities and special districts has grown in number and variety in recent years; the two most prominent early authorities were the Port of New York Authority, formed in 1921 and renamed Port Authority of New York and New Jersey in 1972, the Triborough Bridge Authority, formed in 1933. The debt issues of these two authorities are exempt from federal and local governments taxes. Municipal bonds provide tax exemption from federal taxes and many state and local taxes, depending on the laws of each state. Municipal securities consist of long-term issues. Short-term notes are used by an issuer to raise money for a variety of reasons: in anticipation of future revenues such as tax

Chiloglottis sphaerula

Chiloglottis sphaerula is a species of orchid endemic to a small part of New South Wales. It has two dark green leaves and a single green to reddish pink flower with a shiny black insect-like callus covering two-thirds of the base of the labellum but with the tip of the labellum free of callus. Chiloglottis sphaerula is a terrestrial, deciduous, herb with two egg-shaped leaves 45–55 mm long and 15–20 mm wide on a petiole 5–12 mm long. A single green to reddish pink flower 20–25 mm long is borne on a flowering stem 80–120 mm high; the dorsal sepal is spatula-shaped, to egg-shaped with the narrower end towards the base, 14–16 mm long and 3–6 mm wide. The lateral sepals are linear, 14–17 mm long, about 1.5 mm wide, erect near their bases but turn downwards and away from each other. There is a glandular tip about 2 mm long on the end of the dorsal sepal and 3–6 mm long on the lateral sepals; the petals are narrow egg-shaped with the narrower end towards the base, 12–15 mm long, about 4 mm wide and turn downwards near the ovary.

The labellum is wedge-shaped to trowel-shaped, 12 -- about 8 mm wide. There is a shiny black, insect-like callus about 2 mm long and 2.5 mm wide, occupying two-thirds of the labellum base. The large callus is surrounded by many dark reddish, club-shaped calli up to 2 mm long and by smaller calli near its base; the remaining one-third of the tip of the labellum is devoid of calli. The column is pale green with reddish flecks, 9.5–10.5 mm long and about 4 mm wide with narrow wings. Flowering occurs from December to February. Chiloglottis sphaerula was first formally described in 2006 by David Jones from a specimen collected in the Barrington Tops National Park and the description was published in Australian Orchid Research; the specific epithet is a Latin word meaning "ball" referring to the shape of the "head" of the insect-like callus. This species was known as Chiloglottis sp. aff. sphyrnoides. This orchid grows in tall, moist forest on the southern part of the Northern Tablelands and Barrington Tops National Park.

Data related to Chiloglottis sphaerula at Wikispecies

Enter k

Enter k is the eleventh studio album by Peter Hammill released on the Naive Records label in October 1982. The label was owned and operated by Gordian Troeller, the former manager of Hammill's band Van der Graaf Generator that had found success managing Orchestral Manoeuvres in the Dark. Hammill subsequently reissued the album on his own Fie! label. The album was Hammill's first studio album to be recorded with the K Group, a band that he had formed in 1981 to tour material from his earlier albums A Black Box and Sitting Targets; each member of the band adopted an alias: Hammill was K, John Ellis was Fury, Nic Potter was Mozart and Guy Evans was Brain. The K Group backed Hammill during his performance on a 1981 broadcast of Rockpalast, as well as Hammill's first live album, The Margin. Enter k reached #21 in the UK Indie Chart."Don't Tell Me" was re-worked for Hammill's 1984 album The Love Songs. All songs written by Peter Hammill. "Paradox Drive" "The Unconscious Life" "Accidents" "The Great Experiment" "Don't Tell Me" "She Wraps It Up" "Happy Hour"The Fie!

Reissue contained an extra track: "Seven Wonders" Peter Hammill – vocals, keyboards John Ellis - lead guitar Nic Potter - bass Guy Evans - drums David Jackson - saxophone on "The Unconscious Life" & "Don't Tell Me" Peter Hammill - recording engineer David Lord - recording engineer, mixing Steve Byrne, Valerie Hawthorn - artwork Jo Swan - photography Peter Hammill's notes on the album