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What is the purpose of a loc

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Reference no: EM132666914

Problem 1: Since 1979, municipalities, municipal authorities and other special purpose governments have issued bonds supported by "Letters of Credit" (LOC). In this response, include a) the purpose of a LOC, b) underlying strategies and expectations, c) a brief overview of how the amount of coverage is calculated, and d) the tender process.

Reference no: EM132666914

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