Which of the Following Statements About Municipal Swaps Is INCORRECT

Which of the following statements about municipal swaps is INCORRECT?

A) A municipal swap has a state,local,or municipal government as counterparty.
B) Municipal swaps are often sold through auctions.
C) Many government entities use swaps and other derivatives for managing their cash flows.
D) Due to privacy concerns,governments rely on regular employees for designing and executing swaps and rarely seek outside help.
E) Municipal swaps face counterparty risk,basis risk,termination risk,rollover risk,and amortization risk.