Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.

现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产

耶鲁公开课 - 金融市场课程节选

We refer to the bonds that they issue as municipal bonds.

地方政府发行的债券称为市政债券

耶鲁公开课 - 金融市场课程节选