Tax-Exempt Governmental Bonds, 1991-1995
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Tax-Exempt Governmental Bonds, 1991-1995
by Sarah E. Nutter
N
early $1.0 trillion of tax-exempt governmental bonds were issued during the period
1991 through 1995. Approximately threefourths of the $969.9 billion of bonds issued were
long-term (i.e., with maturities of 13 months or more)
in nature. The $719.2 billion of long-term tax-exempt
governmental bonds issued were split between new
issues (52.3 percent) and refunding issues (47.7
percent). More than one-fourth of the $376.3 billion
of new long-term tax-exempt governmental bonds
issued during this period was for education.
LegislativeBackground
Since the inception of the modern-day Federal
income tax in 1913, an exclusion from income subject
to tax has been provided for interest received by
holders of debt obligations (i.e., bonds) of States and
their political subdivisions [1]. This provision, which
is in section 103 of the Internal Revenue Code of
1986, currently disallows the application of this
general exclusion for “private activity bonds” that are
not “qualified bonds,” and for “arbitrage bonds.”
The restrictions on the application of the general
interest exclusion for State and local debt obligations
began in 1968 with the passage of the Revenue and
Expenditure Control Act (Public Law 90-364). In
general, the restrictions are intended to limit the use
of the exclusion provision in instances where the
bond proceeds are not used for a public purpose or
the issuers are exploiting arbitrage opportunities.
The interest exclusion for arbitrage bonds, which are
bonds whose proceeds are used to acquire higheryielding investments, was initially eliminated in 1969
[2].
The Tax Reform Act of 1986 included further
restrictions on arbitrage and a new restriction on
advance refundings. New tax-exempt governmental
bonds were limited to one advance refunding. In
addition, rebate requirements, which generally require
arbitrage profits on tax-exempt bonds to be rebated
to the Federal Government, were expanded to include
nearly all tax-exempt bonds. Exceptions to the rebate requirement are available for bond issues whose
proceeds are invested in higher-yielding investments
for a temporary period (generally less than 6 months)
and if a minor portion of the bond proceeds are
This article was written by Sarah E. Nutter, an Assistant
Professor at George Mason University.
invested in higher yielding investments. Exceptions
are also available for certain small issues and for
bonds used to finance construction projects, as long
as the proceeds are spent in a timely manner.
Long-TermTax-ExemptBonds
Tax-exempt bonds issued by State and local governmental units are generally classified as either
governmental bonds or private activity bonds. For
the period 1991 through 1995, State and local governmental units issued over $1.0 trillion of long-term
tax-exempt bonds (Figure A). The majority of these
bonds were tax-exempt governmental bonds ($719.2
billion). Tax-exempt private activity bonds accounted
for the remaining $291.3 billion of the total. During
this period, the combined volume of long-term taxexempt bonds peaked at $285.6 billion for 1993
before falling to $152.6 billion for 1995.
Other publicly available data on the volume of
tax-exempt bond issues report statistics that vary
slightly from the amounts reported in this article.
U.S. Census Bureau statistics also report over $1.0
trillion of long-term tax-exempt bonds issued over the
1991-1995 period; however, the amounts reported for
each year do vary from statistics reported in this
article.
The data shown in this article do not include
governmental bond issues reported to the Internal
Revenue Service using Form 8038GC, Information
Return for Small Tax-Exempt Governmental Bond
Issues, Leases, and Installment Sales. Governments that issued one or more issues during a year
that totaled $100,000 or less use this form. During
1991, 10,024 of these forms were processed. The
reported volume was $518 million, of which $69
million were for refunding purposes. Evidence from
this 1 year suggests that the data reported in this
article fail to reflect only a relatively small volume of
issues by not including the volume reported on Form
8038GC.
Each year, the U.S. Office of Management and
Budget publishes Treasury Department estimates of
the revenue losses associated with various income
tax exclusions, deductions, credits, and special tax
rates. For 1995, the total revenue loss to the U.S.
Treasury associated with the interest exclusion on
outstanding tax-exempt bonds issued by State and
local governmental units was estimated to be $20.3
million [3]. The estimated revenue loss has risen to
133
Tax-Exempt Governmental Bonds, 1991-1995
Figure A
Volume of Long-Term Tax-Exempt Bonds, 1991-1995
[Money amounts are in millions of dollars]
Total
1991
1992
(1)
(2)
(3)
Internal Revenue Service, total........................................................................................................................
1,010,492
165,742
230,712
1993
1994
1995
(4)
(5)
(6)
285,593
175,871
152,575
Governmental Bonds...................................................................................................................
719,164
115,564
164,721
219,027
118,659
101,193
Private Activity Bonds...................................................................................................................
291,328
50,178
65,991
66,566
57,212
51,382
U.S. Census Bureau ¹........................................................................................................................
1,009,600
169,500
231,700
289,900
162,300
156,200
¹ U.S. Census Bureau, Statistical Abstract of the United States: 1998, Table No. 509.
$35.9 million for 2000 [4]. The emphasis of the
remainder of this article is on tax-exempt governmental bond data for the period 1991 through 1995, with
particular emphasis on 1995 [5].
Tax-ExemptGovernmentalBonds
As shown in Figure B, the volume of short- and longterm tax-exempt governmental bonds issued by State
and local governmental units increased from $172.6
Figure B
Volume of Tax-Exempt Governmental Bonds, by Type and Year of Issue, 1991-1995
Billlions of dollars
134
300
266.1
250
223.5
200
172.6
159.7
150.1
150
140.0
128.3
122.9
116.0
117.1
103.6
95.2
100
49.7
42.6
50
36.4
0
1991
1992
1993
1994
Year of issue
134
All issues
New money issues
Refunding issues
1995
Tax-Exempt Governmental Bonds, 1991-1995
Refundingissues
increasedsubstantially
billion for 1991 to a high
of $266.1 billion for 1993.
Following 1993, the
through1993,peaking
volume steadily declined
at$150.1billionfor
each year, reaching
$140.0 billion for 1995.
thatyear,before
Across this time period,
fallingto$36.4billion
new bond issues ranged
for1995.
from a low of $103.6
billion for 1995 to a high
of $128.3 billion for 1992.
Refunding issues increased substantially through
1993, peaking at $150.1 billion for that year, before
falling to $36.4 billion for 1995. Refunding issues
tend to peak when interest rates decline. State and
local bond interest rates peaked during the early
eighties, reaching an annual average rate of 11.7
percent for 1982, and then fell to an annual average
rate of 7.7 percent for 1988, before reaching a low of
5.6 percent for 1993 [6]. Many State and local bonds
are issued with call provisions that prevent the issuer
from retiring the bonds prior to 10 years from the
date of issue. Call provisions allow the issuer of the
bond to retire all or a portion of the bonds at a stated
price, usually at par or at a small premium above par,
prior to the stated maturity date [7]. The data suggest
that issuers of State and local bonds did indeed exercise call provisions, retiring outstanding high-interest
bonds with the proceeds of new lower-interest bonds
in so-called “current refundings” and “advance
refundings.” Governmental bonds issued after 1986
are limited to one advance refunding, with a transition
rule that allowed bonds issued before the effective
date of the Tax Reform Act of 1986 to be refunded
twice (once if they had already had one or more
advance refundings).
For the 1991-1995 period, three-fourths of the
amount of bond issues were long-term in nature
(Table 1). Short-term tax-exempt governmental
bonds are issued less frequently, in part, because
governmental bonds are generally issued to fund
long-term projects. Of the $140.0 billion of taxexempt governmental bonds issued for 1995, nearly
$101.2 billion were long-term issues. More than twothirds (68.1 percent) of the total volume of long-term
bond issues were new money bond issues, while the
remainder were refunding bond issues.
UsesofLong-TermTax-ExemptGovernmental
Bonds Proceeds
For 1991 through 1995, the volume of long-term taxexempt governmental bonds ranged between $101.2
billion (for 1995) and $219.0 billion (for 1993).
Nearly two-thirds of bonds issued during this period
were used for five purposes: education (22.9 percent), utilities (17.3 percent), transportation (11.6
percent), environment (9.1 percent), and public safety
(3.5 percent) (Figure C and Table 2). More than
one-fourth of the $376.3 billion of new money issues
of long-term tax-exempt governmental bonds during
this period was for education. For 1995, education
bonds comprised 32.1 percent of the $69.0 billion of
new money long-term tax-exempt governmental
bonds issued.
In many instances, a portion of the issue price
(i.e., proceeds of the bonds) is used to fund various
fees and reserve accounts and to refund prior bond
issues (Table 3). For 1995, nearly $101.2 billion of
long-term tax-exempt governmental bonds were
issued. Issuers used $1.1 billion of bond proceeds to
pay issuance costs, $0.3 billion to pay credit enhancement fees, and allocated $1.3 billion to reserve funds
for these bond issues. Issuers also used $31.5 billion
of the proceeds to refund prior bond issues. Approximately $67.0 billion were available to use for allowable purposes after paying for fees, reserves, and
refunding.
NewMoneyIssuesofLong-TermTax-Exempt
GovernmentalBonds
For 1995, a total of 11,761 new long-term tax-exempt
governmental bond issues was reported with proceeds totaling $69.0 billion (Table 4). For 90 percent
of the bond issues, the dollar volume per bond issue
was under $10 million. These bonds aggregated to
$15.5 billion, slightly more than one-fifth of the total.
The larger dollar volume issues were fewer in
number but accounted for most of the total proceeds.
Bond issues of between $10 million and $75 million
(987 issues) raised approximately $21.9 billion, while
193 bond issues of $75 million or more raised $31.6
billion.
As shown in Figure C, new money issues of
long-term tax-exempt governmental bonds reached a
peak of $80.3 billion for 1994 before declining to
135
Tax-Exempt Governmental Bonds, 1991-1995
Figure C
Long-Term Tax-Exempt Governmental Bonds, by Type and Year of Issue and Purpose of Bond,
1991-1995
[Money amounts are in thousands of dollars]
Year of issue
Type of issue and bond purpose
Total
1991
1992
1993
1994
1995
(1)
(2)
(3)
(4)
(5)
(6)
164,721
219,027
118,659
101,193
All issues.......................................................................................................................
719,164
115,564
Bond purpose as a percent of total
Total.............................................................................
100.0
100.0
100.0
100.0
100.0
Education...................................................................................................................
22.9
23.2
100.0
21.6
20.0
25.4
28.4
Utilities...................................................................................................................
17.3
16.6
18.5
20.9
13.3
13.1
Transportation...................................................................................................................
11.6
12.4
11.6
11.2
10.2
13.0
Environment...................................................................................................................
9.1
9.1
9.1
9.5
9.1
8.4
Public safety....................................................................................................................
3.5
5.1
2.0
3.4
4.1
3.9
Health and hospital...................................................................................................................
2.4
2.2
2.1
2.8
3.1
1.3
Housing...................................................................................................................
0.8
0.7
0.7
0.9
1.0
Tax/Revenue anticipation notes...................................................................................................................
1.7
1.1
0.8
0.4
6.7
0.9
Bond anticipation notes...................................................................................................................
0.4
0.4
Other bonds...................................................................................................................
30.1
28.8
0.3
30.8
0.4
26.8
0.6
29.5
1.1
0.3
33.0
Year of issue
Type of issue and bond purpose
Total
1991
1992
1993
1994
1995
(1)
(2)
(3)
(4)
(5)
(6)
77,564
73,707
80,327
68,955
New money issues.......................................................................................................................
376,270
75,717
Bond purpose as a percent of total
Total.............................................................................
136
100.0
100.0
100.0
100.0
100.0
Education...................................................................................................................
27.6
25.6
Utilities...................................................................................................................
10.5
13.1
100.0
27.1
11.3
24.7
8.5
28.6
9.2
32.1
10.3
Transportation...................................................................................................................
12.2
10.2
13.6
15.1
10.7
11.8
Environment...................................................................................................................
9.3
9.9
9.4
10.5
8.2
8.8
Public safety...................................................................................................................
4.6
6.5
2.6
4.6
4.5
4.7
Health and hospital...................................................................................................................
2.6
2.8
2.8
3.7
2.4
1.5
Housing...................................................................................................................
0.8
0.7
0.8
1.1
0.7
Tax/Revenue anticipation notes...................................................................................................................
3.2
1.6
1.7
1.1
9.9
1.4
Bond anticipation notes...................................................................................................................
0.6
0.5
0.6
0.8
0.5
0.8
Other bonds...................................................................................................................
28.4
28.9
30.2
30.2
24.9
27.9
0.8
NOTE: Detail may not add to totals because of rounding.
$69.0 billion for 1995. Overall, bonds issued for
educational purposes accounted for more than onefourth of the $376.3 billion of new long-term taxexempt governmental bonds issued during the 19911995 period. Bonds, whose proceeds were used to
fund transportation (12.2 percent), utilities (10.5
percent), environment (9.3 percent), and public safety
(4.6 percent) were the other primary bond types
issued during this period. For 1995, the primary uses
of the $69.0 billion of new bonds were to finance
education (32.1 percent), transportation (11.8 percent), utilities (10.3 percent), environment (8.8 percent) and public safety (4.7 percent).
136
NewMoneyIssuesofLong-TermTax-Exempt
GovernmentalBondsbyState
The volume of new long-term tax-exempt governmental bond issues varied among the States (Tables 5
and 6). About half of the $376.3 billion of bonds
issued during the period 1991 through 1995 was
issued in the following six States: California (17.9
percent), New York (10.4 percent), Texas (6.2
percent), Illinois (5.5 percent), Florida (5.5 percent),
and Pennsylvania (4.1 percent). Bonds issued in
New Jersey (2.9 percent), Washington (2.9 percent),
Michigan (2.9 percent), Ohio (2.6 percent), Georgia
(2.4 percent), Massachusetts (2.3 percent), and
Tax-Exempt Governmental Bonds, 1991-1995
Figure D
New Money Long-Term Tax-Exempt Governmental Bonds, by Selected State, 1991-1995
[Money amounts are in millions of dollars]
Year of issue
State
Total
1991
1992
1993
1994
1995
(1)
(2)
(3)
(4)
(5)
(6)
77,564
11,565
8,997
4,008
4,017
4,155
3,164
3,253
2,543
2,422
2,020
1,480
1,913
1,364
73,707
15,476
7,339
4,178
4,964
3,554
2,741
1,645
2,195
1,619
2,005
1,887
1,767
1,733
80,327
18,200
7,143
5,626
4,079
4,421
2,865
2,439
2,278
1,829
2,056
1,885
1,727
1,730
68,955
8,754
6,676
5,445
3,801
4,394
2,445
1,948
1,879
2,841
2,063
1,835
1,375
2,067
All States.......................................................................................................................
376,270
75,717
California.......................................................................................................................
67,345
13,350
New York.......................................................................................................................
39,077
8,922
Texas.......................................................................................................................
23,248
3,991
Illinois.......................................................................................................................
20,800
3,939
Florida.......................................................................................................................
20,631
4,107
Pennsylvania.......................................................................................................................
15,248
4,033
New Jersey.......................................................................................................................
11,089
1,804
Washington.......................................................................................................................
11,036
2,141
Michigan.......................................................................................................................
10,880
2,169
Ohio.......................................................................................................................
9,723
1,579
Georgia.......................................................................................................................
9,179
2,092
Massachusetts.......................................................................................................................
8,494
1,712
Virginia.......................................................................................................................
8,276
1,382
Virginia (2.2 percent) accounted for an additional
$68.7 billion of the total (Figure D).
For 1995, more than two-fifths ($29.1 billion) of
the $69.0 billion of new long-term tax-exempt governmental bonds were issued in the following States:
California (12.7 percent), New York (9.7 percent),
Texas (7.9 percent), Florida (6.4 percent), and Illinois
(5.5 percent). However, on a per capita basis, these
States did not account for the highest amounts of
new long-term tax-exempt governmental bonds. At
the aggregate level, all States (excluding U.S. possessions) issued $258 of new long-term tax-exempt
governmental bonds per capita (Figure E). Alaska
($466), Nevada ($454), Hawaii ($436), Connecticut
($431), and Minnesota ($380) accounted for the
largest amounts of new long-term tax-exempt governmental bonds on a per capita basis. In contrast,
Montana, Wyoming, and West Virginia accounted for
the smallest amounts of new long-term tax-exempt
governmental bonds on both total volume and per
capita bases. On a per capita basis, these States
accounted for the following amounts: Montana ($84),
Wyoming ($48), and West Virginia ($44).
Summary
Tax-exempt governmental bond volume has varied
substantially during the 5-year period extending from
1991 through 1995. During this time, State and local
governments issued $961.9 billion in new and refunding tax-exempt governmental bonds of which $719.2
billion were long-term in nature. New long-term taxexempt governmental bonds issued in California,
New York, Texas, Illinois, Florida, and Pennsylvania
accounted for nearly half of the $376.3 billion issued
during this period.
DataSourcesandLimitations
The data presented in this article are based on
information collected from Form 8038G, Information
Return for Tax-Exempt Governmental Obligations,
for bonds issued in years 1991 through 1995. A
“bond” for this purpose is any obligation including a
bond, installment purchase agreement, or financial
lease, on which the interest is excluded from income
under section 103 of the Internal Revenue Code.
Data from Form 8038GC, Information Return for
Small Tax-Exempt Governmental Bond Issues,
Leases, and Installment Sales, which is filed for
obligations with issue prices less than $100,000, are
not included in this article.
Because the entire population of Forms 8038G
was used for this study, there is no sampling error. A
number of checks were performed to ensure that
each return was internally consistent and to exclude
duplicate and amended returns. In some instances,
returns with incomplete information or errors were
137
Tax-Exempt Governmental Bonds, 1991-1995
Figure E
Per Capita Amounts of New Money Long-Term Tax-Exempt Governmental Bonds by State, 1995
[Money amounts are in millions of dollars, except where otherwise indicated]
Total
State
Number
Amount
(1)
(2)
(whole dollars)
(4)
262.8
258
593
4.3
139
Alaska........................................................................................................................
28
280
0.6
466
Arizona........................................................................................................................
201
1,295
4.3
301
Arkansas........................................................................................................................
214
302
2.5
122
California........................................................................................................................
933
8,754
31.5
278
Colorado........................................................................................................................
160
723
3.7
193
Connecticut........................................................................................................................
99
1,407
3.3
431
Alabama........................................................................................................................
184
Delaware........................................................................................................................
28
89
0.7
124
Florida........................................................................................................................
263
4,394
14.2
310
Georgia........................................................................................................................
226
1,835
7.2
255
Hawaii........................................................................................................................
8
515
1.2
436
Idaho........................................................................................................................
94
162
1.2
139
Illinois........................................................................................................................
844
3,801
11.9
320
Indiana........................................................................................................................
280
1,212
5.8
209
Iowa........................................................................................................................
295
589
2.8
207
Kansas........................................................................................................................
246
456
2.6
176
Kentucky........................................................................................................................
172
759
3.9
197
Louisiana........................................................................................................................
189
633
4.3
146
Maine........................................................................................................................
87
175
1.2
141
Maryland........................................................................................................................
144
1,302
5.0
259
Massachusetts........................................................................................................................
188
1,375
6.1
227
Michigan........................................................................................................................
558
2,841
9.7
294
Minnesota........................................................................................................................
514
1,748
4.6
380
Mississippi........................................................................................................................
206
684
2.7
254
Missouri........................................................................................................................
284
809
5.3
152
Montana........................................................................................................................
47
73
0.9
84
Nebraska........................................................................................................................
357
367
1.6
224
Nevada........................................................................................................................
63
693
1.5
454
New Hampshire........................................................................................................................
56
257
1.1
224
New Jersey........................................................................................................................
279
1,948
8.0
245
New Mexico........................................................................................................................
124
538
1.7
320
New York........................................................................................................................
363
6,676
18.2
368
North Carolina........................................................................................................................
347
1,033
7.2
144
North Dakota........................................................................................................................
88
109
0.6
170
Ohio........................................................................................................................
353
Oklahoma........................................................................................................................
174
2,063
407
11.2
3.3
185
125
Oregon........................................................................................................................
126
1,010
3.1
322
Pennsylvania........................................................................................................................
442
2,445
12.0
203
Rhode Island........................................................................................................................
31
90
1.0
91
South Carolina........................................................................................................................
188
792
3.7
214
South Dakota........................................................................................................................
49
86
0.7
118
Tennessee........................................................................................................................
205
1,036
5.2
198
Texas........................................................................................................................
818
5,445
18.7
291
Utah........................................................................................................................
119
509
2.0
257
Vermont........................................................................................................................
27
94
0.6
161
Virginia........................................................................................................................
200
2,067
6.6
313
Washington........................................................................................................................
276
1,879
5.4
346
West Virginia........................................................................................................................
93
80
1.8
44
Wisconsin........................................................................................................................
444
1,461
5.1
284
Wyoming........................................................................................................................
21
23
0.5
48
¹ Excluding U.S. Possessions and Puerto Rico
138
Per capita
amount of bonds
(3)
All States ¹........................................................................................................................
11,735
67,917
138
Population
(in millions)
Tax-Exempt Governmental Bonds, 1991-1995
edited to resolve inconsistencies. However, in certain instances it was not possible to reconcile reporting discrepancies. Thus, a certain amount of filer and
processing error remains.
ExplanationofSelectedTerms
Advance Refunding.—An advance refunding
occurs when new bonds are issued prior to the date
on which an outstanding issue of bonds can be redeemed (called). The proceeds of this new bond
issue are used to fund an escrow account for the
purpose of paying debt service on an outstanding
issue until its call date. On that date, the remaining
assets in the escrow account are liquidated and used
to redeem the original bond issue.
Allocation to Reserve Fund.—This is the portion of proceeds of bond issues allocated to debt
service reserves and “reasonably required reserve or
replacement funds.” The latter generally cannot
exceed 10 percent of the total issue.
Bond Issuance Costs.—Issuance costs include
fees paid for trustees, bond counsel, and the underwriters’ discount.
Credit Enhancement Fees.—These fees are
paid for such items as bond insurance premiums and
letters of credit.
Governmental Bond.—Any obligation issued by
a State or local governmental unit, which is not a
private activity bond (see below). The interest on a
governmental bond is excluded from gross income
under Section 103 of the Internal Revenue Code.
Other Assets.—This category primarily includes
types of issues not includable in other categories,
such as parks and other recreation, courthouse, city
hall or other government buildings, and general government operations. This category also includes a
few issues for which the type(s) of issue was not
specified.
Private Activity Bond.—This bond is generally a
part of an issue of which more than 10 percent of the
proceeds are to be used for any private business use,
and more than 10 percent of the payment of the
principal or interest is either secured by an interest in
property used or to be used for private business use
(for payment in respect for such property), or is to be
derived from payments in respect of property, borrowed money used or to be used for a private business use. A bond is also considered a private activity
bond if the amount of the proceeds to be used to
make or finance loans (other than loans described in
Internal Revenue Code section 141(c)(2)) to persons
other than governmental units exceeds the smaller of
5 percent of the proceeds or $5 million.
U.S. Possessions Including Puerto Rico.—
Puerto Rico, the U.S. Virgin Islands, Guam, and the
Northern Mariana Islands comprise this category in
Tables 5 and 6.
NotesandReferences
[1] The term “State” includes the District of Columbia and any possession of the United States.
Possessions of the United States reporting taxexempt governmental bond issues for the period
1991 through 1995 were Puerto Rico, Guam,
Northern Mariana Islands, and the U.S. Virgin
Islands. Indian tribal governments may issue
tax-exempt bonds for essential governmental
purposes (and private activity bonds under
limited circumstances). Such governmental
issues are treated as issues of the various States
in this article.
[2] The Tax Reform Act of 1969 (Public Law 91172) imposed the first restrictions on the ability
of issuers of tax-exempt bonds to generate
arbitrage profits. For a general discussion of
tax-exempt bonds as well as a more detailed
discussion of their legislative history, see
Zimmerman, Dennis, The Private Use of TaxExempt Bonds, The Urban Institute Press,
Washington, D.C., 1991, Fundamentals of
Municipal Bonds, Public Securities Association, Third Edition, New York, N.Y., 1987, and
Fundamentals of Municipal Bond Law, National
Association of Bond Lawyers, Wheaton, IL, 2000.
[3] For additional information, see Table 5-1,
Analytical Perspectives, Budget of the United
States Government—Fiscal Year 1997. This
document is available at: www.gpo.gov/
usbudget.
[4] For additional information, see Table 5-1,
Analytical Perspectives, Budget of the United
States Government—Fiscal Year 2000. This
document is available at: www.gpo.gov/
usbudget.
139
Tax-Exempt Governmental Bonds, 1991-1995
[5] For data on tax-exempt private activity bonds,
see Nutter, Sarah E., “Tax-Exempt Private
Activity Bonds, 1988-1995,” Statistics of Income
Bulletin, Summer 1999, Volume 19, Number 1.
[6] Historical statistics on State and local bond
interest rates are available from the Federal
Reserve Board, Statistical Release H.15, which
contains historical data that are updated quarterly. These data are available at their website
at: www.federalreserve.gov/releases/H15/
data.htm#fn15.
[7] Reported in Fundamentals of Municipal
Bonds, Public Securities Association, Third
Edition, New York, N.Y., 1987, p. 29.
SOURCE: IRS, Statistics of Income Bulletin, Fall 2000,
Publication 1136 (Rev. 11-2000)
140
140
Tax-Exempt Governmental Bonds, 1991-1995
Table 1.--Volume of Governmental Bonds, by Type, Term, and Year of Issue, 1991-1995
[Money amounts are in millions of dollars]
Year of issue
Type and term of issue
1991
1992
1993
1994
1995
Number
Amount
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
All issues: Total.......................................................................................................................
25,566
172,605
25,984
223,513
25,966
266,085
23,728
159,659
22,155
140,020
Short-term.......................................................................................................................
10,646
57,041
9,466
58,792
8,653
47,057
8,849
41,000
8,579
38,827
Long-term.......................................................................................................................
14,920
115,564
16,518
164,721
17,313
219,027
14,879
118,659
13,576
101,193
New money issues: Total.......................................................................................................................
20,097
122,881
19,638
128,333
18,232
115,986
19,010
117,106
18,241
103,625
Short-term.......................................................................................................................
7,518
47,163
6,834
50,769
6,381
42,279
6,660
36,780
6,480
34,670
Long-term.......................................................................................................................
12,579
75,717
12,804
77,564
11,851
73,707
12,350
80,327
11,761
68,955
Refunding issues: Total.......................................................................................................................
7,138
49,724
8,438
95,180
9,827
36,396
150,099
6,393
42,553
5,409
Short-term.......................................................................................................................
3,615
9,878
3,036
8,023
2,658
4,779
2,585
4,221
2,542
4,157
Long-term.......................................................................................................................
3,523
39,847
5,402
87,157
7,169
145,320
3,808
38,332
2,867
32,239
NOTE: Detail may not add to totals because of rounding.
141
Tax-Exempt Governmental Bonds, 1991-1995
Table 2.--Long-Term Governmental Bonds, by Purpose of Bond and Year of Issue, 1991-1995
[Money amounts are in millions of dollars]
1991
Purpose of bond
All issues
1992
New money issues
All issues
New money issues
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Total.......................................................................................................................
14,920
115,564
12,579
75,717
16,518
164,721
12,804
77,564
Education.......................................................................................................................
4,735
26,843
4,035
19,406
5,054
35,533
3,880
21,011
Health and hospital.......................................................................................................................
519
2,492
460
2,085
537
3,377
471
2,169
Transportation.......................................................................................................................
1,107
14,306
939
7,688
1,154
19,099
925
10,515
Public safety.......................................................................................................................
1,274
5,856
1,178
4,954
1,447
3,358
1,295
1,987
Environment.......................................................................................................................
1,782
10,543
1,393
7,480
1,949
15,016
1,366
7,277
Housing.......................................................................................................................
132
1,250
90
605
158
1,207
99
546
Utilities.......................................................................................................................
1,706
19,200
1,267
9,954
2,047
30,552
1,358
8,786
Tax/Revenue anticipation notes.......................................................................................................................
555
1,251
551
1,244
599
1,283
599
1,283
Bond anticipation notes.......................................................................................................................
138
448
119
375
Other bonds.......................................................................................................................
4,297
33,276
3,641
21,853
123
4,759
526
54,306
105
3,682
439
23,392
1993
Purpose of bond
142
All issues
1994
New money issues
All issues
New money issues
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total.......................................................................................................................
17,313
219,027
11,851
73,707
14,879
118,659
12,350
80,327
Education.......................................................................................................................
5,512
43,833
3,771
18,233
4,645
30,116
3,962
22,976
Health and hospital.......................................................................................................................
533
6,110
417
2,717
445
3,657
400
1,950
Transportation.......................................................................................................................
1,171
24,576
846
11,122
1,149
12,160
968
8,597
Public safety.......................................................................................................................
1,523
7,484
1,299
3,415
1,616
4,852
1,502
3,580
Environment.......................................................................................................................
2,126
20,716
1,290
7,728
1,766
10,751
1,340
6,559
Housing.......................................................................................................................
174
1,493
100
624
138
1,092
101
894
Utilities.......................................................................................................................
2,285
45,851
1,245
6,263
1,890
15,805
1,359
7,396
Tax/Revenue anticipation notes.......................................................................................................................
469
818
466
789
119
7,951
119
7,951
Bond anticipation notes.......................................................................................................................
113
619
105
565
Other bonds.......................................................................................................................
4,781
67,499
3,289
22,235
138
4,138
505
31,751
124
3,428
412
19,995
1995
Purpose of bond
All issues
Amount
Number
Amount
(17)
(18)
(19)
(20)
101,193
Total…………………………………....................................................................................................................... 13,576
11,761
68,955
Education……………………………………………..…………….............................................................................................................................
4,411
28,722
3,994
22,150
Health and hospital……………………………………………...............................................................................................................................
325
1,360
296
1,049
Transportation………….……………………………….............................................................................................................................
966
13,115
830
8,139
Public safety………………………………………………..............................................................................................................................
1,603
3,964
1,522
3,213
Environment…………………………………………………..............................................................................................................................
1,489
8,451
1,181
6,038
Housing……………………………………………………..............................................................................................................................
124
982
93
516
Utilities……………….………………………………………………...............................................................................................................................
1,670
13,236
1,267
Tax/Revenue anticipation notes………………………………………….............................................................................................................................
110
937
110
7,123
937
Bond anticipation notes………………………………………..............................................................................................................................
146
578
134
538
Other bonds……………………………………………….............................................................................................................................
3,696
29,849
3,178
19,251
NOTE: Detail may not add to totals because of rounding.
142
New money issues
Number
Tax-Exempt Governmental Bonds, 1991-1995
Table 3.--Computation of Lendable Proceeds for Long-Term Governmental Bonds, by
Purpose of Bond, 1995
[Money amounts are in millions of dollars]
Proceeds by
Entire issue
Bond issuance
Credit
Allocation to
purpose of bond
price
costs
enhancement
reserve fund
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Total.......................................................................................................................
13,576
101,193
8,297
1,103
2,107
292
1,080
1,339
Education.......................................................................................................................
4,411
28,722
2,729
316
901
65
159
207
Health and hospital.......................................................................................................................
325
1,360
160
18
39
9
39
25
Transportation.......................................................................................................................
966
13,115
668
118
132
60
81
240
Public safety.......................................................................................................................
1,603
3,964
570
41
117
8
52
62
Environment.......................................................................................................................
1,489
8,451
1,094
112
230
19
171
175
Housing.......................................................................................................................
124
982
94
15
13
2
35
23
Utilities.......................................................................................................................
1,670
13,236
1,318
158
302
48
275
299
--
Tax/Revenue anticipation notes.......................................................................................................................
110
937
81
2
37
1
--
Bond anticipation notes.......................................................................................................................
146
578
104
2
--
--
--
--
530
80
298
308
Other bonds.......................................................................................................................
3,696
29,849
2,317
Total
Proceeds used to
Nonrefunding
proceeds
refund prior issues
proceeds
Proceeds by
purpose of bond
320
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
Total.......................................................................................................................
13,576
98,467
2,867
31,488
11,751
66,979
Education.......................................................................................................................
4,411
28,134
747
6,449
3,994
21,684
Health and hospital.......................................................................................................................
325
1,308
55
298
296
1,010
Transportation.......................................................................................................................
966
12,696
243
4,886
830
7,811
Public safety.......................................................................................................................
1,603
3,860
174
739
1,522
3,122
Environment.......................................................................................................................
1,489
8,145
480
2,352
1,171
5,793
Housing.......................................................................................................................
124
940
40
452
93
488
Utilities.......................................................................................................................
1,670
12,731
610
5,908
1,267
6,824
933
Tax/Revenue anticipation notes.......................................................................................................................
110
933
--
--
110
Bond anticipation notes.......................................................................................................................
146
576
24
40
134
536
Other bonds.......................................................................................................................
3,696
867
10,364
3,178
18,778
29,142
NOTE: Detail may not add to totals because of rounding.
143
Tax-Exempt Governmental Bonds, 1991-1995
Table 4.--New Money Long-Term Governmental Bonds, by Purpose of Bond, and Size of Issue, 1995
[Money amounts are in millions of dollars]
Size of issue
Purpose of bond
$500,000
All
$1,000,000
Under
under
under
$500,000
$1,000,000
$5,000,000
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
5,043
1,096
1,584
1,070
2,940
6,757
Education.......................................................................................................................
3,994
22,150
1,528
335
494
336
980
2,436
Health and hospital.......................................................................................................................
296
1,049
130
30
52
36
61
124
Transportation.......................................................................................................................
830
8,139
355
72
103
53
199
317
Public safety.......................................................................................................................
1,522
3,213
999
186
148
90
222
382
Environment.......................................................................................................................
1,181
6,038
380
80
185
113
338
588
Housing.......................................................................................................................
93
516
24
7
12
8
29
65
Utilities.......................................................................................................................
1,267
7,123
402
91
216
136
413
785
Total.......................................................................................................................
11,761
68,955
Bond and Tax/Revenue anticipation notes.......................................................................................................................
244
1,475
55
14
44
29
106
266
Other bonds.......................................................................................................................
3,178
19,251
1,278
411
269
863
1,794
280
Size of issue
$5,000,000
$10,000,000
$25,000,000
under
Under
under
or
$10,000,000
Number
Amount
$25,000,000
Number
Amount
$75,000,000
Number
Amount
more
Purpose of bond
(9)
144
(10)
(11)
(12)
(13)
(14)
Number
(15)
Total.......................................................................................................................
1,014
6,604
610
8,420
377
13,448
Education.......................................................................................................................
488
3,197
277
Amount
(16)
193
31,559
6,752
3,869
169
5,225
58
Health and hospital.......................................................................................................................
19
112
11
135
13
221
10
389
Transportation.......................................................................................................................
56
250
35
316
39
948
43
6,182
Public safety.......................................................................................................................
65
273
40
348
31
562
17
1,373
Environment.......................................................................................................................
128
636
65
689
49
1,198
36
2,734
Housing.......................................................................................................................
9
55
13
168
3
37
3
176
Utilities.......................................................................................................................
99
497
68
808
45
1,437
24
3,368
Bond and Tax/Revenue anticipation notes.......................................................................................................................
24
154
8
113
Other bonds.......................................................................................................................
267
1,431
172
NOTE: Detail may not add to totals because of rounding.
144
$75,000,000
1,975
3
114
4
786
121
3,704
66
9,798
Tax-Exempt Governmental Bonds, 1991-1995
Table 5.--New Money Long-Term Governmental Bonds, by State and Issue Year, 1991-1995
[Money amounts are in millions of dollars]
1991
State
1992
All issues
Education
All issues
Education
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
All States.......................................................................................................................
12,579
75,717
4,035
19,406
12,804
77,564
3,880
21,011
Alabama.......................................................................................................................
233
671
43
121
233
724
54
185
Alaska.......................................................................................................................
19
41
4
Arizona.......................................................................................................................
261
1,679
105
18
490
31
253
592
1,146
4
85
67
544
Arkansas.......................................................................................................................
196
386
100
195
195
254
95
132
California.......................................................................................................................
1,206
13,350
495
2,984
1,134
11,565
479
3,497
Colorado.......................................................................................................................
149
750
38
104
231
1,660
43
594
Connecticut.......................................................................................................................
131
2,030
75
234
105
988
65
201
Delaware.......................................................................................................................
21
323
3
District of Columbia.......................................................................................................................
6
793
3
19
20
27
--
284
--
6
--
53
--
Florida.......................................................................................................................
317
4,107
41
946
307
4,155
38
1,054
Georgia.......................................................................................................................
294
2,092
58
606
338
1,480
57
653
Hawaii.......................................................................................................................
16
513
6
5
12
426
**
**
Idaho.......................................................................................................................
76
89
Illinois.......................................................................................................................
994
3,939
22
361
52
787
79
765
159
4,017
21
299
97
1,178
Indiana.......................................................................................................................
286
1,137
83
439
307
1,541
90
758
Iowa.......................................................................................................................
609
769
75
146
625
986
78
139
Kansas.......................................................................................................................
267
388
64
125
222
842
48
86
Kentucky.......................................................................................................................
213
973
123
466
193
500
76
250
Louisiana.......................................................................................................................
157
474
20
Maine.......................................................................................................................
77
362
26
125
60
162
62
773
489
37
19
162
38
Maryland.......................................................................................................................
137
1,557
39
419
111
1,175
34
247
Massachusetts.......................................................................................................................
166
1,712
70
104
194
1,913
65
140
Michigan.......................................................................................................................
566
2,169
180
857
551
2,422
179
846
Minnesota.......................................................................................................................
549
1,351
119
Mississippi.......................................................................................................................
193
277
54
522
96
519
243
1,286
396
106
41
410
68
Missouri.......................................................................................................................
234
1,123
76
Montana.......................................................................................................................
84
214
25
331
31
264
76
969
87
77
26
260
25
Nebraska.......................................................................................................................
188
145
22
48
279
339
38
60
Nevada.......................................................................................................................
81
920
377
95
967
22
102
20
New Hampshire.......................................................................................................................
37
235
9
16
45
151
5
62
New Jersey.......................................................................................................................
254
1,804
110
New Mexico.......................................................................................................................
60
230
29
373
111
284
93
3,253
399
105
37
668
89
New York.......................................................................................................................
397
8,922
147
2,633
420
8,997
151
1,560
North Carolina.......................................................................................................................
234
1,166
44
256
266
1,279
28
192
North Dakota.......................................................................................................................
64
59
15
18
65
105
31
57
Ohio.......................................................................................................................
356
1,579
148
499
380
2,020
169
943
Oklahoma.......................................................................................................................
161
338
85
Oregon.......................................................................................................................
144
393
45
81
114
172
160
497
727
93
53
112
249
Pennsylvania.......................................................................................................................
453
4,033
166
1,081
470
3,164
152
1,268
Rhode Island.......................................................................................................................
26
380
9
25
33
418
8
15
South Carolina.......................................................................................................................
177
999
54
223
158
917
51
209
South Dakota.......................................................................................................................
98
170
24
48
125
214
27
65
Tennessee.......................................................................................................................
197
890
32
Texas.......................................................................................................................
685
3,991
248
53
1,678
218
769
989
4,008
36
262
181
1,380
30
105
353
25
141
Utah.......................................................................................................................
94
198
18
Vermont.......................................................................................................................
34
137
5
1
24
89
6
2
Virginia.......................................................................................................................
163
1,382
55
392
147
1,364
42
412
Washington.......................................................................................................................
421
2,141
172
West Virginia.......................................................................................................................
55
171
15
471
129
443
67
2,543
146
162
11
935
83
Wisconsin.......................................................................................................................
672
1,848
236
417
676
1,824
230
498
Wyoming.......................................................................................................................
37
47
15
31
24
48
11
28
2
47
1,922
**
**
U.S. Possessions
including Puerto Rico.......................................................................................................................
34
269
4
Footnotes at end of table.
145
Tax-Exempt Governmental Bonds, 1991-1995
Table 5.--New Money Long-Term Governmental Bonds, by State and Issue Year, 1991-1995--Continued
[Money amounts are in millions of dollars]
1993
State
146
1994
All issues
Education
All issues
Education
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
All States.......................................................................................................................
11,851
73,707
3,771
18,233
12,350
80,327
3,962
22,976
Alabama.......................................................................................................................
247
635
59
194
211
634
37
126
Alaska.......................................................................................................................
30
286
13
32
41
540
15
29
Arizona.......................................................................................................................
261
1,350
111
669
300
1,516
115
555
Arkansas.......................................................................................................................
200
320
115
151
205
289
122
196
California.......................................................................................................................
1,039
15,476
403
2,550
932
18,200
369
3,527
Colorado.......................................................................................................................
50
75
10
13
123
682
29
364
Connecticut.......................................................................................................................
113
941
57
151
108
878
55
144
Delaware.......................................................................................................................
28
259
6
69
34
239
5
60
District of Columbia.......................................................................................................................
5
316
**
**
3
206
**
**
Florida.......................................................................................................................
260
3,554
41
1,107
334
4,421
37
1,623
Georgia.......................................................................................................................
180
1,887
61
785
233
1,885
54
847
Hawaii.......................................................................................................................
25
721
8
3
10
281
**
**
Idaho.......................................................................................................................
73
143
22
76
81
168
27
123
Illinois.......................................................................................................................
787
4,964
314
1,208
787
4,079
326
1,373
Indiana.......................................................................................................................
269
1,411
89
620
275
1,033
98
634
Iowa.......................................................................................................................
545
776
46
113
291
460
55
100
Kansas.......................................................................................................................
274
853
77
244
269
911
75
334
Kentucky.......................................................................................................................
169
931
76
204
204
415
101
251
Louisiana.......................................................................................................................
165
581
37
74
186
637
38
201
Maine.......................................................................................................................
69
145
18
43
102
223
33
48
Maryland.......................................................................................................................
111
1,289
39
242
131
1,146
49
256
Massachusetts.......................................................................................................................
180
1,767
63
96
217
1,727
90
313
Michigan.......................................................................................................................
483
1,619
124
645
560
1,829
152
730
Minnesota.......................................................................................................................
481
1,606
104
559
522
1,457
115
694
Mississippi.......................................................................................................................
196
422
57
104
229
646
48
170
Missouri.......................................................................................................................
278
895
134
462
281
758
112
268
Montana.......................................................................................................................
60
164
16
75
78
146
18
22
Nebraska.......................................................................................................................
302
392
61
160
339
332
74
150
Nevada.......................................................................................................................
65
417
225
72
73
1,003
11
New Hampshire.......................................................................................................................
59
194
22
15
36
68
369
32
62
New Jersey.......................................................................................................................
265
1,645
122
464
284
2,439
146
487
New Mexico.......................................................................................................................
99
449
39
135
107
580
31
140
New York.......................................................................................................................
378
7,339
135
1,105
473
7,143
173
1,336
North Carolina.......................................................................................................................
280
1,125
29
210
295
1,567
30
351
North Dakota.......................................................................................................................
92
105
28
27
82
86
28
26
Ohio.......................................................................................................................
361
2,005
619
358
2,056
151
720
143
Oklahoma.......................................................................................................................
183
677
112
443
205
447
120
212
Oregon.......................................................................................................................
157
586
49
271
190
1,256
55
532
Pennsylvania.......................................................................................................................
498
2,741
178
904
533
2,865
170
1,425
Rhode Island.......................................................................................................................
44
348
9
24
38
209
10
76
South Carolina.......................................................................................................................
170
696
52
173
171
574
59
249
South Dakota.......................................................................................................................
113
141
63
69
67
92
23
36
Tennessee.......................................................................................................................
224
705
44
167
217
1,124
48
391
Texas.......................................................................................................................
723
4,178
225
996
850
5,626
285
1,536
Utah.......................................................................................................................
87
397
22
186
97
532
25
202
Vermont.......................................................................................................................
32
129
5
10
22
111
**
**
Virginia.......................................................................................................................
200
1,733
64
544
200
1,730
78
571
Washington.......................................................................................................................
314
2,195
89
601
366
2,278
117
743
West Virginia.......................................................................................................................
64
64
12
19
120
219
15
146
Wisconsin.......................................................................................................................
506
1,156
145
324
391
1,195
88
290
8
25
100
10
65
**
32
987
3
14
Wyoming.......................................................................................................................
16
24
4
U.S. Possessions
including Puerto Rico.......................................................................................................................
41
878
**
146
Footnotes at end of table.
Tax-Exempt Governmental Bonds, 1991-1995
Table 5.--New Money Long-Term Governmental Bonds, by State and Issue Year, 1991-1995--Continued
[Money amounts are in millions of dollars]
1995
State
All issues
Number
(17)
All States....................................................................................................................... 11,761
Education
Amount
Number
Amount
(18)
(19)
(20)
68,955
3,994
22,150
Alabama.......................................................................................................................
184
593
34
165
Alaska.......................................................................................................................
Arizona.......................................................................................................................
28
201
280
1,295
5
88
72
700
Arkansas.......................................................................................................................
214
302
137
157
California.......................................................................................................................
933
8,754
388
1,434
Colorado.......................................................................................................................
160
723
42
342
Connecticut.......................................................................................................................
99
1,407
55
177
Delaware.......................................................................................................................
28
89
**
**
District of Columbia.......................................................................................................................--
--
--
--
Florida.......................................................................................................................
263
4,394
44
1,724
Georgia.......................................................................................................................
226
1,835
65
914
Hawaii.......................................................................................................................
8
515
--
--
Idaho.......................................................................................................................
94
162
27
91
Illinois.......................................................................................................................
844
3,801
372
1,169
Indiana.......................................................................................................................
280
1,212
99
671
Iowa.......................................................................................................................
295
589
78
180
Kansas.......................................................................................................................
246
456
72
224
Kentucky.......................................................................................................................
172
759
71
194
Louisiana.......................................................................................................................
189
633
34
172
Maine.......................................................................................................................
87
175
35
29
Maryland.......................................................................................................................
298
144
1,302
38
Massachusetts....................................................................................................................... 188
1,375
61
177
Michigan.......................................................................................................................
558
2,841
191
1,550
Minnesota.......................................................................................................................
514
1,748
102
664
Mississippi.......................................................................................................................
206
684
50
107
Missouri.......................................................................................................................
284
809
122
305
Montana.......................................................................................................................
47
73
17
47
Nebraska.......................................................................................................................
Nevada.......................................................................................................................
357
63
367
693
74
16
66
238
New Hampshire....................................................................................................................... 56
257
21
54
New Jersey.......................................................................................................................
New Mexico.......................................................................................................................
279
124
1,948
538
169
45
738
115
New York.......................................................................................................................
363
6,676
157
1,698
North Carolina....................................................................................................................... 347
1,033
36
256
North Dakota.......................................................................................................................
88
109
23
17
Ohio.......................................................................................................................
353
2,063
141
733
Oklahoma.......................................................................................................................
174
407
106
147
Oregon.......................................................................................................................
126
1,010
39
468
Pennsylvania.......................................................................................................................
442
2,445
169
1,186
Rhode Island.......................................................................................................................
31
90
5
7
South Carolina....................................................................................................................... 188
792
57
291
South Dakota.......................................................................................................................
49
86
14
21
Tennessee.......................................................................................................................
205
1,036
49
263
Texas.......................................................................................................................
818
5,445
309
2,479
Utah.......................................................................................................................
119
509
23
96
Vermont.......................................................................................................................
27
94
5
4
Virginia.......................................................................................................................
200
2,067
78
702
Washington.......................................................................................................................
276
1,879
80
530
West Virginia.......................................................................................................................
93
80
26
41
Wisconsin.......................................................................................................................
444
1,461
114
327
Wyoming.......................................................................................................................
21
23
7
18
U.S. Possessions including Puerto Rico.......................................................................................................................
26
1,038
**
**
** Not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals.
NOTE: Detail may not add to totals because of rounding.
147
Tax-Exempt Governmental Bonds, 1991-1995
Table 6.--New Money Long-Term Governmental Bonds, by State and Purpose of Bond, 1995
[Money amounts are in millions of dollars]
Purpose of bond
Total
State
Health and hospital and
housing
Education
Amount
Number
Amount
Number
Amount
Number
Amount
Number
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
385
1,565
830
8,139
1,522
3,213
Amount
11
Alabama.......................................................................................................................
184
593
34
165
13
55
16
28
19
Alaska.......................................................................................................................
28
280
5
72
**
**
5
17
**
**
Arizona.......................................................................................................................
201
1,295
88
700
3
3
14
187
27
19
Arkansas.......................................................................................................................
214
302
137
157
6
9
--
--
9
14
California.......................................................................................................................
933
8,754
388
1,434
34
111
56
2,323
83
191
Colorado.......................................................................................................................
160
723
42
342
8
91
10
29
26
21
Connecticut.......................................................................................................................
99
1,407
55
177
--
--
8
297
32
15
Delaware.......................................................................................................................
28
89
**
--
--
3
6
7
6
--
--
--
--
--
--
**
District of Columbia.......................................................................................................................
-----
148
Public safety
Number
All States.......................................................................................................................
11,761
68,955
3,994
22,150
148
Transportation
Florida.......................................................................................................................
263
4,394
44
1,724
7
43
27
725
45
170
Georgia.......................................................................................................................
226
1,835
65
914
15
67
7
249
26
31
Hawaii.......................................................................................................................
8
515
--
--
**
**
--
--
--
--
Idaho.......................................................................................................................
94
162
27
91
3
20
14
8
11
14
Illinois.......................................................................................................................
844
3,801
372
1,169
11
13
44
138
68
146
Indiana.......................................................................................................................
280
1,212
99
671
7
6
16
38
35
124
Iowa.......................................................................................................................
295
589
78
180
11
11
48
49
28
60
Kansas.......................................................................................................................
246
456
72
224
13
4
28
16
23
18
Kentucky.......................................................................................................................
172
759
71
194
3
4
3
182
21
16
Louisiana.......................................................................................................................
189
633
34
172
17
19
20
72
40
48
Maine.......................................................................................................................
87
175
35
29
3
5
7
43
13
6
Maryland.......................................................................................................................
144
1,302
38
298
11
110
11
29
48
90
Massachusetts.......................................................................................................................
188
1,375
61
177
6
17
22
103
39
38
Michigan.......................................................................................................................
558
2,841
191
1,550
Minnesota.......................................................................................................................
514
1,748
102
664
19
34
191
61
39
33
37
82
43
23
21
39
Mississippi.......................................................................................................................
206
684
50
107
16
21
11
12
24
32
Missouri.......................................................................................................................
284
809
122
305
12
45
14
16
35
59
Montana.......................................................................................................................
47
73
17
Nebraska.......................................................................................................................
357
367
74
47
66
-9
-13
3
25
6
6
4
36
1
33
Nevada.......................................................................................................................
63
693
16
238
4
11
3
74
9
16
New Hampshire.......................................................................................................................
56
257
21
54
--
--
5
3
8
2
New Jersey.......................................................................................................................
279
1,948
169
738
3
11
13
673
44
72
New Mexico.......................................................................................................................
124
538
45
115
--
--
5
11
16
20
New York.......................................................................................................................
363
6,676
157
1,698
10
252
29
1,497
61
544
North Carolina.......................................................................................................................
347
1,033
36
256
15
33
16
15
127
71
North Dakota.......................................................................................................................
88
109
23
17
**
**
5
6
--
--
Ohio.......................................................................................................................
353
2,063
141
733
8
4
27
128
54
189
Oklahoma.......................................................................................................................
174
407
106
147
7
4
**
**
13
39
Oregon.......................................................................................................................
126
1,010
39
468
5
11
7
37
23
11
Pennsylvania.......................................................................................................................
442
2,445
169
1,186
--
--
18
160
56
79
Rhode Island.......................................................................................................................
31
90
5
7
**
**
3
4
8
3
South Carolina.......................................................................................................................
188
792
57
291
5
42
10
23
49
29
South Dakota.......................................................................................................................
49
86
14
21
--
--
4
2
--
--
Tennessee.......................................................................................................................
205
1,036
49
263
11
31
9
11
17
17
Texas.......................................................................................................................
818
5,445
309
2,479
26
61
44
319
97
405
Utah.......................................................................................................................
119
509
23
96
--
--
7
10
20
146
Vermont.......................................................................................................................
27
94
5
4
--
--
--
--
7
4
Virginia.......................................................................................................................
200
2,067
78
702
--
--
12
214
36
223
Washington.......................................................................................................................
276
1,879
80
530
14
39
24
65
39
66
West Virginia.......................................................................................................................
93
80
26
41
--
--
--
--
19
3
Wisconsin.......................................................................................................................
444
1,461
114
327
9
21
100
188
49
49
Wyoming.......................................................................................................................
21
23
7
--
--
**
**
**
**
U.S. Possessions including Puerto Rico.......................................................................................................................
26
1,038
**
**
---
**
**
**
**
Footnotes at end of table.
18
Tax-Exempt Governmental Bonds, 1991-1995
Table 6.--New Money Long-Term Governmental Bonds, by State and Purpose of Bond, 1995--Continued
[Money amounts are in millions of dollars]
Purpose of bond--continued
State
Environment
Bond and tax/revenue
anticipation notes
Utilities
Other bonds
Number
Amount
Number
Amount
Number
Amount
Number
(11)
(12)
(13)
(14)
(15)
(16)
(17)
Amount
(18)
All States.......................................................................................................................
1,181
6,038
1,267
7,123
244
1,475
3,178
19,251
123
Alabama.......................................................................................................................
5
2
45
206
5
3
60
Alaska.......................................................................................................................
--
--
**
**
--
--
17
94
Arizona.......................................................................................................................
18
66
8
51
--
--
53
270
Arkansas.......................................................................................................................
30
58
31
45
--
--
8
20
California.......................................................................................................................
54
986
69
1,058
39
720
225
1,932
Colorado.......................................................................................................................
3
2
22
149
--
--
50
89
Connecticut.......................................................................................................................
9
18
3
38
--
--
26
861
Delaware.......................................................................................................................
13
76
District of Columbia.......................................................................................................................
---
---
---
**
--
**
--
**
--
**
--
Florida.......................................................................................................................
19
414
35
667
3
13
91
638
Georgia.......................................................................................................................
31
90
9
13
--
--
90
472
Hawaii.......................................................................................................................
--
--
--
--
--
--
**
**
Idaho.......................................................................................................................
9
10
11
3
--
--
20
15
Illinois.......................................................................................................................
32
378
44
203
3
76
279
1,679
Indiana.......................................................................................................................
41
196
24
49
10
12
50
118
Iowa.......................................................................................................................
58
93
41
69
--
--
91
127
Kansas.......................................................................................................................
24
Kentucky.......................................................................................................................
7
19
37
38
35
47
72
-6
-9
96
26
128
244
Louisiana.......................................................................................................................
23
76
19
48
--
--
42
198
Maine.......................................................................................................................
13
30
--
--
4
5
25
57
Maryland.......................................................................................................................
25
172
10
94
3
203
55
305
Massachusetts.......................................................................................................................
19
160
20
34
5
9
75
838
Michigan.......................................................................................................................
128
28
135
--
--
116
335
574
Minnesota.......................................................................................................................
43
178
62
75
16
41
230
609
Mississippi.......................................................................................................................
7
39
20
22
--
--
82
451
Missouri.......................................................................................................................
26
126
43
46
--
--
38
213
Montana.......................................................................................................................
8
Nebraska.......................................................................................................................
13
5
10
-19
-145
-19
-17
15
171
15
76
Nevada.......................................................................................................................
9
195
7
32
--
--
16
127
New Hampshire.......................................................................................................................
7
13
3
4
3
4
13
177
New Jersey.......................................................................................................................
15
82
7
21
3
29
60
321
New Mexico.......................................................................................................................
5
17
7
132
--
--
47
244
New York.......................................................................................................................
25
93
13
197
14
38
96
2,357
North Carolina.......................................................................................................................
39
189
49
119
--
--
99
351
North Dakota.......................................................................................................................
7
8
31
31
**
**
19
42
Ohio.......................................................................................................................
26
531
25
142
24
56
62
280
Oklahoma.......................................................................................................................
5
Oregon.......................................................................................................................
6
10
23
31
9
147
43
**
10
**
13
10
27
55
404
Pennsylvania.......................................................................................................................
73
188
35
261
11
17
86
555
Rhode Island.......................................................................................................................
**
**
3
11
--
--
15
48
South Carolina.......................................................................................................................
7
9
25
77
--
--
41
321
South Dakota.......................................................................................................................
13
20
6
19
--
--
12
25
Tennessee.......................................................................................................................
16
45
59
111
8
47
42
511
Texas.......................................................................................................................
72
367
147
1,287
--
--
162
527
Utah.......................................................................................................................
15
30
24
57
--
--
31
171
Vermont.......................................................................................................................
9
7
3
3
--
--
5
77
Virginia.......................................................................................................................
29
46
Washington.......................................................................................................................
24
93
17
39
207
539
5
16
32
29
58
47
644
520
West Virginia.......................................................................................................................
14
13
5
4
--
--
29
19
Wisconsin.......................................................................................................................
103
236
80
78
34
95
137
467
Wyoming.......................................................................................................................
--
3
1
--
--
8
2
U.S. Possessions including Puerto Rico.......................................................................................................................
**
**
**
**
--
--
17
608
--
** Not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals.
NOTE: Detail may not add to totals because of rounding.
149
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