All of the following statements regarding industrial revenue bonds are true EXCEPT:
A) they can be issued by municipalities to provide local industries with funds for expansion.
B) they can be issued by municipalities to build facilities that will be owned by the municipality but leased to a local corporation.
C) interest is paid from rental payments received from corporations that have leased the property or equipment from the municipality.
D) the credit rating of the bonds is dependent on the credit rating of the municipality.
Answer: D