Which of the Following Statement(s) Is (Are) True Regarding Municipal

Which of the following statement(s) is (are) true regarding municipal bonds? I) A municipal bond is a debt obligation issued by state or local governments.
II) A municipal bond is a debt obligation issued by the federal government.
III) The interest income from a municipal bond is exempt from federal income taxation.
IV) The interest income from a municipal bond is exempt from state and local taxation in the issuing state.

A) I and II only
B) I and III only
C) I, II, and III only
D) I, III, and IV only