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Municipal bonds are debt securities issued by state and local governments to finance public projects such as schools, hospitals, highways, and other infrastructure developments. Investors who purchase municipal bonds are essentially lending money to the issuing government in exchange for regular interest payments and the return of the bond's face value upon maturity. One of the main attractions of municipal bonds is their tax-exempt status, as the interest earned on these bonds is often exempt from federal and, in some cases, state and local income taxes. This can make municipal bonds an attractive investment option for individuals seeking tax-advantaged income. Municipal bonds are generally considered to be relatively low-risk investments, as they are backed by the taxing power of the issuing government.