This guide is a systematic reference on municipal bonds. Part 1 covers authorization and security structures. Part 2 covers the tax exemption and the private activity tests. Part 3 covers arbitrage, rebate, and remedial action. Part 4 covers the securities law framework — the registration exemption, the antifraud provisions, and the indirect disclosure mandate. Part 5 covers the official statement and continuing disclosure. Part 6 covers antifraud liability and its limits. Part 7 covers post-issuance compliance, and Part 8 the transaction participants and their roles.