A municipal Lease is a contract entered into by a state or local government such as a county, city, town or municipal authority.
A conditional sales contract disguised in the form of a lease available only to municipalities, in which the interest earnings are tax-exempt to the lessor.
lease designed to meet the special needs of state and local governments. The lease contains a non- appropriation clause which states that the only condition under which the entity may be released from its payment obligation is when the legislature or funding authority fails to appropriate funds. Since the lessee is a municipality or an organization supporting the government, it is exempt from paying federal income taxes. For this reason, the IRS does not charge the lessor income taxes on leases to these customers.
A lease with a public entity. Usually, it can be terminated if funds for payments are not appropriated.
A Lease in which a state or local government is the Lessee and earnings are tax-exempt to a Lessor.
Same as a capital lease except that the lessee is a public entity. Although the product and features are identical, the legal documentation is different because of the unique status of public entities.