SAN FRANCISCO - Many land-secured bond issues in California, beaten down by a parade of headlines about the state's tanking real estate markets, have become attractive investment opportunities, according to a report published this week by Piper Jaffray & Co.

Land-secured bonds, typically called Mello-Roos bonds in California after the two lawmakers who sponsored the enabling legislation, are often issued to fund infrastructure such as sewers and streets in new real estate developments. They're typically sold without a credit rating.

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