3.7 Other Obligations

Municipal debt obligations do not always exhibit the typical features of debt, because their features result from factors such as the manner of the issuance of the debt, the kind of investor, or something else. Types of municipal debt not conforming to one of the other groupings include direct loans, direct leases, bond or grant anticipation notes, other tax and fee secured debt, asset securitizations, refunding bonds, and pool bonds, discussed in the sections below.