Municipal securities
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
The evidences of indebtedness issued by cities, towns, counties, townships, school-districts, and other such territorial divisions of a state. They are of two general classes: (1) Municipal warrants, outers, or certificates; (2) municipal negotiable bonds.
15 Amer. & Eng. Enc. Law, 1206