That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
Congressman Devin Nunes of California has put forward a bill that will require states to move to more transparent accounting, on pain of being barred from issuing tax-exempt municipal bonds.
来自加州的众议员DEVIN . Nunes已经提出一个法案，要求各州转而采用更加透明的会计准则，违者将被禁止发行免税的地方债券。
Tax-exempt bonds; an untaxed expense account.
免税的债券；免税的报销单。
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