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Below is the listing of a bond issued by Apple Valley, Minnesota.

Explain what it means to be a municipal bond.

This is a general obligation bond. Explain the difference between a general obligation bond and a revenue bond.

The Bond Rating for this bond is AAA. What does a bond rating of AAA by Fitch mean for the investor and for the City of Apple Valley?

This bond has a call feature Explain what it means to have a call feature.

Rating Issuer CUSIP St Coupon Maturity Callable

AAA Fitch APPLE VALLEY MINN MN 2.350% 12/15/31 Yes

GENEAL OBLIGATION

REF BONDS

Call Prices Price Yield to Maturity Current Yield First Coupon Date

105.00 90.52 3.069% 2.596% 12/15/2013

NOTES Non-Taxable Bond, Municipal