Below is the listing of a bond issued by Moorhead, 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 AA. What does a bond rating of AA by Fitch mean for the investor and for the City of Moorhead?

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

Rating Issuer CUSIP St Coupon Maturity Callable

AA Fitch MOORHEAD MINN MN 4.000% 02/01/34 Yes

GENEAL OBLIGATION

IMPT REF BONDS

Call Prices Price Yield to Maturity Current Yield First Coupon Date

105.00 107.36 3.470% 3.726% 02/01/2015

NOTES Non-Taxable Bond, Municipal