The Securities and Exchange Commission keeps in mind that local bonds usually fall under two classifications:. These bonds rely on the "complete faith and credit" of their companies without being secured by any assets. Government issuers, however, have full authority to tax their citizens in order to pay their bondholders. These bonds do not rely on a federal government's authority to tax citizens; instead, the bonds are paid from the income that the bonded project creates.

These bonds require voting approval before issuance. Bond offerings needing voter approval or not consist of funding for jobs such as improving a state's facilities, consisting of highways and bridges; financing a company's operations; structure health centers, schools and libraries; and repairing water/wastewater centers. Different kinds of bonds have various maturity dates, which are the dates on which the bond company repays its investors their complete principal amount.

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