A local symphony orchestra, organized as a nonprofit, issues bonds to raise funds for a new concert hall. An agent offers these bonds to clients. What is the registration requirement under the USA?

1. ANo registration required because they are exempt securities✓ Correct answer
2. BRegistration is required unless sold only to institutional investors
3. CRegistration is required because this is a public offering
4. DRegistration is required unless the agent files a notice with the state

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