1Quoted from Temel, J.W. Municipal bonds, or municipal securities, represent a promise by state or local governmental units (cal ed the issuers) or other qualified issuers to repay to lenders (investors) an amount of money borrowed, cal ed principal, along with interest according to a fixed schedule[Z].The Fundamentals of Municipal Bonds,John,Wiley & Sons,2001.
2World bank. China National Development and Sub-national Finance (Report No.22951-CHA)[OL].http://www1.worldbank.org/publicsector/LearningProgram/Decentralization/ChinaNatlDevSubNatFinance.pdf,2004.
