Final answer:
Debenture is not a municipal bond. Correct option is d.
Step-by-step explanation:
A municipal bond is a type of bond that is issued by cities, counties, or other local governments to raise money for public projects such as infrastructure development or public services.
Out of the given options, the Debenture is NOT a municipal bond. Debentures are unsecured bonds issued by corporations, meaning they are not backed by any specific asset or collateral.
They are typically issued by larger corporations with established track records and good credit ratings.Therefore, the correct answer is option d. Debenture.