Final answer:
Revenue anticipation notes (RANs), tax anticipation notes (TANs), and small certificates of deposit (CDs) in the money market are municipal obligations with maturities of less than one year. Treasury bills are short-term federal government securities, not municipal obligations.
Step-by-step explanation:
The question pertains to identifying municipal obligations with maturities of less than one year. Among the options provided:
- Revenue anticipation notes (RANs) are short-term municipal debt securities issued based on anticipated revenues from the municipal project or other sources.
- Tax anticipation notes (TANs) are another form of short-term municipal debt that municipalities issue in anticipation of future tax receipts.
- Certificates of deposit (CDs), specifically small CDs in the money market, could have maturities of less than one year and be used by municipalities.
Treasury bills (T-bills), are short-term securities issued by the federal government with maturities of one year or less, but are not strictly 'municipal' obligations.