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[TITLE: How Municipal Bonds are Issued] amp;gt;amp;gt;Johnathan Ward: Issuing bonds for municipal governments can be a daunting process, but there are those who understand the path and can guide public officials in this journey. Today were going to talk about this process. My name is Johnathan Ward. This is Alan Westenskow. This video is a continuation of our series giving individuals who have some familiarity with fixed income securities a little more understanding with a behind-the-scenes look at issuing municipal bonds. Alan, lets talk about the process. Lets start at the beginning of the process and figure out how city officials are able to issue municipal bonds. amp;gt;amp;gt;Alan Westenskow: Well, the first thing a local government has to do is identify what kind of a capital project need they have and get to the point where they identify they really need to borrow money to get it. They just dont have enough cash on hand to get the project done. And so, once that process