Explanation: Municipal bonds are issued by state and local governments -- also called municipalities -- to raise money for public works projects like the construction and maintenance of bridges, hospitals, schools and water treatment facilities. A bond issuer (the municipality) sells the bond to the bond holder (the investor).
Stalin signed a nonaggression pact with Germany because he knew that Europe was on the brink of another major war, and he wanted time to be able to build up the Soviet military.