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of <h1>Municipal Debt Issuers Must Set Minimum Subscription at 75% of Issue Size; Refunds Due in 12 Days if Unmet.</h1> The issuer of municipal debt securities must set a minimum subscription amount, disclosed in the offer document, which cannot be less than 75% of the issue size. If this minimum subscription is not met, all application monies must be refunded to applicants within twelve days of the issue's closure. If there is a delay in refunding, the issuer must pay interest at a rate of 10% per annum for the delayed period.
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