Subject(s): Municipal bonds -- State bonds -- What makes the Muni market different : Tax exemption of municipal debt, states as fiscal sovereigns- implications for ability and willingness to pay in full and on time, federalist framework- fiscal sovereignty, federal regulation and disclosure -- Creating debt instruments for the municipal market : Subnational government debt financial management I - financing principles and policies, subnational government debt financial management II - brining an issue to market- networks and practices, serial debt issue structure, secondary market disclosure -- Financial structure and the risk/ reward trade off : Financial engineering, reducing debt services by refunding debt, lessons learned from the birth, growth and collapse of the municipal auction rate securities (MARS) market, enhancing municipal credit, non-traditional capital financing mechanisms