An investor has purchased a municipal certificate of participation (COP). COPs can be characterized by all of the following EXCEPT
A) they would require voter approval before a municipality could issue them
B) they are a form of municipal revenue bond
C) the holder of a COP could foreclose on the asset generating the revenue in the case of default
D) the holder of the COP participates in lease or loan payments from a specific piece of equipment or facility purchased or built by the municipality
Answer: A) they would require voter approval before a municipality could issue them