EST. MMXIX · WASHINGTON D.C. SERIES 2025 · VOL. VII SEC REG. № 873–4421

Æra Civitas

Municipal Bonds for the Republic

A patient ledger of American infrastructure. Own a verifiable share in the bridges, libraries, treatment plants, and schoolhouses that hold a civilization together.

●CUYAHOGA WATER · 4.82% TEY ○AUSTIN LIBRARY · 4.21% TEY ●BRONX SCHOOLS · 5.04% TEY ○PORTLAND BRIDGE · 4.55% TEY ●DENVER TRANSIT · 4.91% TEY ○MIAMI SEAWALL · 5.18% TEY ●CUYAHOGA WATER · 4.82% TEY ○AUSTIN LIBRARY · 4.21% TEY ●BRONX SCHOOLS · 5.04% TEY ○PORTLAND BRIDGE · 4.55% TEY ●DENVER TRANSIT · 4.91% TEY ○MIAMI SEAWALL · 5.18% TEY
$2.4B Capital Placed
847 Civic Projects
4.62% Avg. Tax-Equiv. Yield
AA+ Weighted Credit

II · The Capital Cycle

The Path of Capital

STAGE · 01

Selecting

Curated offerings from general-obligation and revenue-backed issuers. Each project is researched, geo-located, and tied to a real American place.

STAGE · 02

Holding

Bonds rest in qualified custody, registered to your account at the Depository Trust Company. We hold nothing; the record is yours.

STAGE · 03

Collecting Income

Semi-annual coupon disbursements, federally tax-exempt — often state-exempt as well. Direct ACH to the account of your choosing.

STAGE · 04

Maturity

Principal returns to you in full on the stated date. The bridge stands; the schoolhouse opens; the obligation is honored.

I
Projects Reviewed
3,418
~12% admitted to ledger.
Avg. due diligence: 47 days.
II
Custodian
BNY Mellon · DTC
SIPC protected. Beneficial ownership held in your name through registered street-side custody.
III
Semi-Annual Coupon
$1,240.50
on $50,000 face · 4.96% TEY at 32% bracket
IV
Principal Returned
100.00¢ / $1
At maturity, par value remitted in full. Default rate on rated munis: 0.16% (Moody's, 1970–2023).
III · Featured Offerings

Current Offerings

A live ledger of municipal projects open for subscription. All figures verified against EMMA & MSRB filings.

UPDATED · 14 NOV 2025 · 09:31 ET
Water treatment facility — industrial infrastructure
OFFERING 1 / 4 · FEATURED · SERIES A

Cuyahoga County Water Treatment Facility

Northeast Ohio Regional Sewer District · Cleveland, OH. Modernization of Westerly plant serving 1.2M residents.

Yield (TEY · 32%) 4.82%
Maturity 2039
Min. Invest. $5,000
AA · STABLE
Austin Public Library grand interior
OFFERING 2 / 4 · LIBRARY · AUSTIN, TX

Austin Public Library Expansion

City of Austin, Texas · General Obligation. Central Library expansion adding 65,000 sq ft of civic learning space.

TEY · 32% 4.21%
Maturity 2034
AAA
Bronx school reconstruction, urban architecture
OFFERING 3 / 4 · SCHOOL DISTRICT · BRONX, NY

P.S. 214 Reconstruction Bond

New York City DOE · Series 2025. Full seismic and mechanical reconstruction of Public School 214, serving grades K–8.

TEY · 32% 5.04%
Maturity 2042
AA−
Willamette river bridge, Portland Oregon
OFFERING 4 / 4 · BRIDGE · PORTLAND, OR

Willamette Crossing Replacement

Toll-revenue bond financing seismic retrofit of the Burnside Bridge. Pledged toll authority of Multnomah County.

Coupon 4.10%
TEY · 32% 4.55%
Maturity 2047
Min. $10K
A+

The Open Ledger

Net-of-Tax Bracket ·
Issuer / Project State Coupon TEY · 32% Maturity Rating Min.
Denver Light Rail Extension RTD · Series 2025-B CO 4.25% 4.91% 2041 AA $5,000 View →
Miami-Dade Seawall Resilience Climate GO · Series 2025 FL 4.50% 5.18% 2045 A+ $10,000 View →
Boston Public Schools Modernization City of Boston · GO MA 3.85% 4.44% 2038 AAA $5,000 View →
Phoenix Wastewater Reclamation City of Phoenix · Revenue AZ 4.65% 5.32% 2049 AA− $5,000 View →
Charleston Historic Preservation SC Educational Facilities Auth. SC 3.95% 4.58% 2036 AA+ $5,000 View →
Minneapolis Park Renewal Closed · Subscription Filled MN 4.05% 4.69% 2040 AA — Closed

Securities offered through Æra Civitas Securities LLC, member FINRA / SIPC. Bond yields shown are tax-equivalent and reflect federal exemption only; state-tax treatment varies by residency. Past performance is not indicative of future results. Read the official offering statement on EMMA before subscribing. Ratings courtesy of S&P Global, Moody's, and Fitch — view methodology in our Library.

IV · Civic Learning

CHAPTER ONE · DE OBLIGATIONIBUS PUBLICIS

A Brief Architecture of the Municipal Bond

Long before the financial instruments of Wall Street, American towns borrowed against the future to build the present. The first recorded municipal bond — issued by New York City in 1812 to dig the Erie Canal — paid 6% to citizens who believed water might one day cross a continent. They were right. Today, more than $4 trillion in outstanding municipal debt funds the unglamorous miracle of civilization: the school bus, the fire hydrant, the courthouse step, the librarian's salary.

These bonds are, by tradition and by statute, exempt from federal income tax — a recognition that lending to one's own community is itself an act of civic participation.

— ÆRA CIVITAS PRESS FOLIO XIV PP. 22–47

A READER'S COMPANION

Understanding Yield Equivalency
BRACKET 24%
4.21%
on 3.20% muni coupon
BRACKET 32%
4.71%
on 3.20% muni coupon
BRACKET 37%
5.08%
on 3.20% muni coupon

A 3.20% tax-free yield exceeds the after-tax return of a 5% taxable corporate bond for high-bracket investors.

Decoding Credit Ratings

S&P, Moody's, and Fitch evaluate each issuer's capacity to repay. AAA denotes the strongest issuers; BBB- and above remain investment grade.

AAA · 0.00%
AA · 0.02%
A · 0.10%
BBB · 0.32%

10-yr cumulative default rate · Moody's 1970–2023.

General Obligation vs. Revenue

GO bonds are backed by the full faith, credit, and taxing power of the issuer. Revenue bonds are repaid from a specific income stream — toll receipts, water fees, university tuition.

STEP 01 / 03

Begin the Application

Sealed under SOC-2 audit.

By continuing you accept the Customer Agreement and acknowledge receipt of Form CRS.