Expansion method · not a committee rollout

How the map grew.

Name the method so it is not flattened into “the whole world is a U.S. municipal-bond grid.” United States first, Canada second as sister not clone, globe last as format not clone. This was not a single committee rollout.

Step A — United States first

Paper is thickest here. The vote is closest to the seat. About 3,143 county-equivalents, CUSIPs, EMMA, official statements. Sister desk already exists. This world app does not clone that grid.

Open the U.S. sister desk

Step B — Canada second, sister not clone

Same Anglo filing culture, different conflict statute. Ontario Municipal Conflict of Interest Act s. 4(c) excepts owning a municipal debenture on common terms. Print the exception. Do not flatten Canada into a U.S. county ethics code.

Central-bank path, sourced to Bank of Canada, “Our history”: Macmillan Commission 1933 → Bank of Canada Act royal assent 3 July 1934 → opens 11 March 1935 as a privately held share company → nationalized 1938. First deputy governor was a Bank of England man.

Step C — Globe last, as format not clone

OECD: bank loans are about 55% of subnational borrowing; bonds about 15% in the OECD area. Globally bonds are about 12% of subnational debt (OECD / UCLG). A real recurring local-government bond market exists in roughly 20–35 countries. Two whales: United States and China. Most of the 135-country SNG-WOFI set is loans and pooled agencies. 135 is not 135 municipal-bond grids.

The mesh after issuance

Title sits in the book that holds the names: Cede & Co. at DTC in the United States; CDS in Canada; Euroclear / Clearstream corridors abroad. Beneficial owners may live anywhere. The desk refuses to mint a world owner list from that fact. Do not paste Cede & Co. or CDS & Co. onto a country that does not use them.

Growth log — outcomes

Each attach is a leaf: attached, verified, corrected, or withdrawn. Who is a clerk handle, not an account. When is an ISO date. Attached is not verified. A file stuck at attached with no verified after 30 days is unverified, not confirmed.

Honest incomplete state: representation exists at the statute and sometimes at the roll call. It is thin at issuance. It is absent at the book that holds the names. Interest is still paid from the operating fund. not-proven Inference