23 Miss. Code R. § 103-4.16

Current through June 25, 2024

Rule 23-103-4.16 - Municipal Bonds

A. General.

1. Municipal bonds are to city, county and state governments what corporate bonds are to corporations.

2. Most municipal bonds are of two types:

a) General Obligation Bonds are backed by the full faith and credit of the issuing municipality and supported by the taxing power; and

b) Revenue Bonds are backed by the project being financed and the revenue or user fees it generates.

c) Other types of municipals are limited-tax bonds, anticipation notes, industrial development bonds and life-care bonds.

B. Treatment.

1. Ownership is determined by the receipt of purchase.

2. The bond value is obtained from the issuer, i.e, broker, securities dealer, etc., and is a countable resource.

23 Miss. Code. R. § 103-4.16

Social Security Act §1902 (r) (2); 42 CFR §435.601(b) (Rev 1994).