Industrial revenue bond refers to a type of bond in which interest and principal payments are backed by a corporation rather than a municipality. Industrial revenue bond is a type of bond that usually finances a private business facility. It is a tax exempt municipal bond that finances a local industry. Generally, a municipality may either be directly involved in carrying out an industrial development project financed by industrial revenue bonds. Hence, it is also known as industrial-development bond. [State ex rel. Ashcroft v. Sedalia, 629 S.W.2d 578 (Mo. Ct. App. 1981)].