Which of the following is NOT a material event for municipal securities according to the list provided?

In the context of municipal securities, material events are significant occurrences that may affect the value of the securities or the issuer's ability to meet its obligations. These events are important for investors to be aware of as they can indicate changes in risk or performance that could impact their investment.

While defaults on payments, bond calls, and bankruptcies are clearly material events that directly influence an investor’s confidence and the financial health of the issuing body, changes in local governance fall into a different category. Changes in local governance might have indirect effects on a municipality's operations and decision-making processes, but they do not inherently signify a direct financial impact or risk to the securities themselves.

Material events are typically focused on concrete financial implications—defaults suggest an inability to pay, bond calls can affect return on investment timelines, and bankruptcies indicate severe financial distress. Therefore, while shifts in governance are important for understanding the broader political and operational context, they do not qualify as material events under this specific framework because they do not directly express a situation that impacts the financial conditions of the securities.