The Securities and Exchange Commission notes that municipal bonds generally fall under two classifications:. These bonds depend on the "full faith and credit" of their providers without being protected by any possessions. Federal government providers, nevertheless, have full authority to tax their locals in order to pay their shareholders. These bonds do not depend on a government's authority to tax homeowners; rather, the bonds are paid from the profits that the bonded project generates.

These bonds need voting approval prior to issuance. Bond offerings requiring voter approval or not consist of funding for tasks such as improving a state's infrastructure, including highways and bridges; financing a company's operations; building healthcare facilities, schools and libraries; and fixing water/wastewater centers. Various kinds of bonds have different maturity dates, which are the dates on which the bond issuer repays its financiers their full principal

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