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B is corrent. Intrastate issues are exempt from registration under the Securities Act of 1933. To meet this exemption, the issuer must be a resident of the state in which 80% of the business takes place using at least 80% of the sales proceeds within that state. All offerees and purchasers must be residents of that state. To avoid a loophole, resales can only be made to residents of that same state for 9 months.
A is incorrect. Although, in general, securities issued by a local government are exempt, the word "all" makes this answer too broad.
C is incorrect. To receive the exemption, the commercial paper having a maturity of 9 months or less must be for a commercial purpose, not for investment or participation interest purposes.
D is incorrect. The exemption for commercial paper requires a maturity of 9 months or less.