There are situations in which a governmental issuer will sell taxable municipal bonds because the federal government will not subsidize the financing of certain activities that do not provide a significant benefit to the general public. Investor-led housing, local sports facilities, refunding of a refunded issue and borrowing to replenish a municipality’s under-funded pension plan are just four examples of bond issues that are federally taxable. Taxable municipals offer yields that are more comparable to those of other taxable sectors, such as corporate bonds or bonds issued by U.S. governmental agencies, than to those of tax-exempt municipals. The growth of the taxable municipal market in recent years has been astounding. In the last five years alone, over $134 billion in taxable municipals have been issued.