Which of the following does not provide an investor with information about the security of a municipal bond issue?

The correct choice indicates that the agreement among underwriters does not provide investors with information about the security of a municipal bond issue. This is because the agreement among underwriters primarily deals with the terms and arrangements for the sale of the bonds to the public, rather than assessing the underlying credit quality, security, or financial health of the bond issuer itself.

In contrast, the other options offer valuable insights into the bond's security. The bond proceeds usage informs investors about how the funds raised will be utilized, which can reflect the project's viability and security. The issuer's credit rating is a crucial metric that assesses the likelihood of repayment and the risk associated with the bond, directly impacting its perceived security. The offer price can indicate market sentiment and valuation related to the bond, indirectly suggesting perception of security based on supply and demand dynamics.

Focusing on the agreement among underwriters highlights that while it is important in the selling process, it does not directly address the risk or security of the bond itself, differentiating it from the other elements that provide more substantive information on the investment’s safety and credit quality.