Explanation:

- Muni bonds are short for municipal bonds, which are debt securities issued by local authorities.

- Option 1: Local Government - Local governments, like cities, towns, or counties, issue muni bonds to fund public projects like schools, highways, or sewage systems.

- Option 2: Central Government - The central government typically issues its own type of bonds, such as treasury bonds, not municipal bonds.

- Option 3: RBI - The Reserve Bank of India regulates financial institutions and manages monetary policy, not issuing muni bonds directly.

- Option 4: EXIM - The Export-Import Bank focuses on facilitating cross-border trade, not municipal bond issuance.

- Option 5: IRDAI - The Insurance Regulatory and Development Authority of India regulates insurance but doesn't issue muni bonds.