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    <title>Put or call option</title>
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    <description>Issuance of municipal debt securities may include a put or call option permitting issuer recall prior to maturity (call) or investor-initiated redemption prior to maturity (put); exercise and implementation must follow the manner prescribed by the Board and detailed disclosure of such options must be made in the offer document or placement memorandum.</description>
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      <description>Issuance of municipal debt securities may include a put or call option permitting issuer recall prior to maturity (call) or investor-initiated redemption prior to maturity (put); exercise and implementation must follow the manner prescribed by the Board and detailed disclosure of such options must be made in the offer document or placement memorandum.</description>
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