A state, political subdivision, agency or authority that borrows money through the sale of bonds or other securities.
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A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.
The powers identified in Commissioner v. Shamberg’s Estate, 144 F.2d 998 (2d Cir. 1944) as the powers used to identify what is a political subdivision of a state or local governmental entity in the United States, specifically, the power of eminent domain, the power to tax, and the police power.