(3) Special (2) Industrial Development (2) Lease- Revenue 2. (7 points) Indicate the percentage of voter approval required to pass the following types of bonds Local revenue bonds need voter approval State general obligation bonds need voter approval School bonds for new construction need approval Local special tax bonds (specific use) need voter approval Local lease-revenue bonds need voter approval State revenue bonds need_voter approval vii. School bonds for renovation of unsafe structures need voler approval 3. (4 points) Which type of municipal bond is most likely to fund a toll road? a government office building? There may be several possibilities CIRCLE two possibilities (labeled a-e) under each use. Toll Road General Obligation Revenue Special Tax Industrial Development Lease-Revenue Government Office Building General Obligation Revenue Special Tax Industrial Development 1. Lease-Revenue 4.(4 points) a. (1) How much municipal bonded debe presently exists in the United States? b. (1) What group is the largest holder (owner) of municipal bond debt? c. (2) Other than California, name two states that are consistently among the largest municipal debt bomowers