In Regards to the Primary Market for Municipal Obligations, Which

In regards to the primary market for municipal obligations, which of the below statements is TRUE?

A) A state or local government can market its new issue by offering bonds publicly to the investing community or by placing them privately with a small group of investors.
B) A small number of municipal obligations are brought to market each week.
C) When a private offering is selected, the issue usually is underwritten by investment bankers and/or municipal bond departments of commercial banks.
D) Public offerings may be marketed by either competitive bidding or direct negotiations with underwriters. In the direct negotiations process, the bidder submitting the lowest bid price for the security gets the right to market the debt to investors.