Tax-ExemptPrivateActivityBonds,1988-1995
Agency decision
Ask Donna
What actually matters in this document.
Text
Tax-ExemptPrivateActivityBonds,1988-1995
by Sarah E. Nutter
ore than $441.8 billion of tax-exempt
private activity bonds were issued during
the period 1988 through 1995. The vast
majority of these bond issues were long-term (i.e.,
maturities of 13 months or more). The $430.1 billion
of long-term tax-exempt private activity bonds issued
during this period were nearly evenly split between
new money issues (50.5 percent) and refunding
issues (49.5 percent). About 40 percent of the
$217.3 billion of new money long-term tax-exempt
private activity bonds issued during this period were
to benefit entities exempt from income tax under
Internal Revenue Code section 501(c)(3). This
article includes data on tax-exempt private activity
bonds for the period 1988 through 1995, with
particular emphasis on data for 1995 [1]. Data on
private activity bonds that are not tax-exempt are not
included in this article.
M
LegislativeBackground
152
Since the inception of the modern-day Federal
income tax in 1913, an income exclusion from
income subject to tax for interest received by holders
of debt obligations (i.e., bonds) of States and their
political subdivisions has been included in Federal
income tax law [2]. This provision, which is in
section 103 of the Internal Revenue Code of 1986,
now disallows the application of this general exclusion for “private activity bonds” that are not
“qualified bonds,” and “arbitrage bonds.”
These 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 higher
yielding investments, was initially eliminated in 1969
[3].
Although additional limitations were added,
particularly during the early 1980’s, the Tax Reform
Act of 1986 restructured the treatment of tax-exempt
This article was written by Sarah E. Nutter, an Assistant
Professor at George Mason University.
152
private activity bonds and added more stringent
requirements relative to their issuance. In particular,
the 1986 Act tightened the definition of private
activity bonds by reducing from 25 percent to 10
percent: 1) the portion of the proceeds of a governmental bond that could be used by a non-governmental person in a private trade or business, and 2) the
portion of the issue that may be secured by property,
or payments in respect of such property, used in a
private trade or business. The combination of such
use and security in excess of 10 percent is what
results in a bond being characterized as a “private
activity bond.”
Several other restrictions introduced or expanded
under the Tax Reform Act of 1986 included limitations on the purposes for which tax-exempt private
activity bonds could be issued, imposition of State
volume limitations (i.e., volume caps), restrictions on
advance refundings, and further restrictions on arbitrage. In brief, the 1986 Act further reduced the
purposes for which tax-exempt private activity bonds
could be issued; these bonds could no longer be used
to finance private property such as sports stadiums,
convention and trade show facilities, parking facilities, and private pollution control facilities. A single
unified annual volume cap was imposed, limiting the
annual amount, by State, of most tax-exempt private
activity bonds. The annual volume cap, for the years
covered by this article, equaled the greater of $50 per
capita or $150 million [4]. States were allowed to
carry over any unused portion of the volume cap of a
particular year for 3 years. Advance refundings were
prohibited with respect to all private activity bonds,
except for 501(c)(3) bonds, which were allowed one
advance refunding. Finally, rebate requirements,
which, with limited exceptions, generally require
arbitrage profits on tax-exempt bonds to be rebated
to the Federal Government, were expanded to include nearly all tax-exempt bonds.
Currently, private activity bonds may still be taxexempt if they meet certain criteria and fit within one
of the categories of “qualified bonds” under Code
section 141(e). Qualified bonds, termed tax-exempt
private activity bonds in this article, include “exempt
facility bonds,” mortgage bonds, veterans’ mortgage
bonds, small issue bonds, student loan bonds, redevelopment bonds, and section 501(c)(3) bonds. The
major types of exempt facility bonds are bonds
issued for airports; docks and wharves; facilities for
Tax-Exempt Private Activity Bonds, 1988-1995
the furnishing of water; sewage facilities; solid waste
disposal facilities; and qualified residential rental
projects. Section 501(c)(3) bonds are issued by State
and local Governments to finance the activities of
charitable and similar organizations that are taxexempt under Code section 501(c)(3). The primary
beneficiaries of these bonds are private, nonprofit
hospitals, colleges, and universities.
PrivateActivityBondVolume
As shown in Figure A, the volume of tax-exempt
private activity bonds issued by State and local
governmental units increased from $48.1 billion for
1988 to a high of $68.1 billion for 1992. Following
1992, the volume steadily declined each year,
reaching $52.4 billion for 1995. Across this time
period, new money bond issues ranged from a low of
$21.4 billion for 1993 to a high of $31.9 billion for
1990. Most new money tax-exempt private activity
bond issues are subject to State volume cap limitations that may restrict their issuance in any particular
year. For 1995, the aggregate limit on new money
bond issues subject to the volume cap was $15.1
billion, excluding carryovers from prior years [5].
The aggregate issuance of new money tax-exempt
private activity bonds subject to these volume cap
FigureA
Volume of Private Activity Bonds, by Type and Year of Issue, 1988-1995
Billions of dollars
80
68.1
70
67.5
58.2
60
52.4
52.6
50
48.1
46.3
48.7
46.1
41.0
40
32.9
31.9
30.2
30
28.3
28.2
28.1
27.1
24.3
20
25.3
24.1
1994
1995
21.4
17.9
18.2
16.8
10
0
1988
1989
1990
1991
1992
1993
Year of issue
All issues
New money issues
Refunding issues
NOTE: Detail may not add to totals because of rounding.
153
Tax-Exempt Private Activity Bonds, 1988-1995
154
154
limitations was $14.8 billion for 1995.
Refunding issues increased substantially through
1993, peaking at $46.1 billion for that year, before
falling to $24.1 billion for 1995. The peak in refunding issues is likely due to the decline in interest rates.
State and local bond interest rates peaked during the
early 1980’s, reaching an annual average rate of 11.7
percent for 1982, then falling 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
were issued with call provisions that allowed the
issuer to retire the bonds beginning 10 years from the
date of issue, usually at par or at a small premium
above par [7]. Call provisions allow the issuer of the
bond to retire all or a portion of the bonds prior to the
stated maturity date at a stated price. The data suggest that issuers of State and local bonds did indeed
use call provisions, retiring outstanding high-interest
bonds with the proceeds of new lower-interest bonds
in so-called “current refundings.”
The reported volume of refunding bonds also
includes bonds issued to “advance refund” outstanding bonds issued to benefit section 501(c)(3) entities.
An advance refunding is said to take place when the
proceeds of a 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 used to redeem the original bond issue. Advance
refundings of most tax-exempt private activity bonds
had been disallowed prior to enactment of the Tax
Reform Act of 1986. That Act disallowed advance
refundings of additional classes of tax-exempt private activity bonds, but not section 501(c)(3) bonds.
They, like governmental bonds, were limited to one
advance refunding, with a transition rule that allowed
bonds issued before the effective date of the Act to
be refunded twice (once if they had already been
advance refunded one or more times before that
date).
For all years during this period, the vast majority
of tax-exempt private activity bond issues were longterm (i.e., maturities 13 months or more) (Table 1).
Short-term tax-exempt private activity bonds are
rare, in part, because these bonds are generally issued
to fund long-term projects and must be factored into
volume cap limitations. Of the $52.4 billion of tax-
exempt private activity bonds issued for 1995, nearly
$51.4 billion were long-term issues. More than half
(54.4 percent) of the total volume of long-term bond
issues were new money bond issues, while the remainder were refunding bond issues.
UsesofLong-TermTax-ExemptPrivate
ActivityBondsProceeds
For 1988 through 1995, the volume of long-term taxexempt private activity bonds ranged between $44.5
billion (for 1989) and $66.6 billion (for 1993).
During this period, 50 percent or more of all longterm private activity bond volume was related to
mortgage revenue bonds or section 501(c)(3) bonds
(Figure B and Table 2). On average, section
501(c)(3) bonds accounted for more than a third of
the total during this period. For 1995, section
501(c)(3) bonds comprised 30.1 percent of the $51.4
billion long-term tax-exempt private activity bonds
issued. Other primary uses of bonds in that year
were to finance owner-occupied residences (19.5
percent), residential rental property (11.9 percent),
and airports (8.3 percent).
In many instances, a portion of the proceeds of
the bonds is used to fund various fees and reserve
accounts and to refund prior bond issues (Table 3).
For 1995, nearly $51.4 billion of long-term taxexempt private activity bonds were issued. Issuers
used $424 million of bond proceeds to pay issuance
costs, and $154 million to pay credit enhancement
fees, and allocated $1.0 billion to reserve funds for
these bond issues. Issuers also used $23.1 billion of
the proceeds to refund or retire prior bond issues.
Approximately $26.7 billion remained to be used for
allowable purposes after the fees, reserves, and
refunding.
New Money Issues of Long-Term Tax-Exempt
PrivateActivityBonds
For 1995, a total of 2,587 new money long-term taxexempt private activity bonds were issued with
proceeds totaling $27.9 billion (Table 4). For nearly
three-fourths of these bond issues, the dollar volume
per bond issue was under $10 million. These bonds
aggregated to $5.2 billion, a little less than one-fifth
of the total. The larger dollar volume issues were
fewer in number but accounted for most of the total
proceeds. Approximately $9.2 billion were raised by
Tax-Exempt Private Activity Bonds, 1988-1995
FigureB
Long-Term Private Activity Bonds, by Type and Year of Issue and Purpose of Bond, 1988-1995
[Money amounts are in millions of dollars]
Year of issue
Type of Issue and bond purpose
1988
1989
1990
1991
1992
1993
1994
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1995
(8)
All issues....................................................................................
46,835
44,521
47,435
Bond purpose as a percent of total
Section 501(c)(3)....................................................................................
28.3
36.3
31.8
Mortgage ....................................................................................
24.7
16.5
23.8
Residential rental....................................................................................
7.9
7.5
6.1
Airport....................................................................................
8.0
5.8
12.1
Tax Reform Act transition property....................................................................................
7.5
7.6
7.0
Small issue....................................................................................
7.4
10.3
6.1
Solid waste disposal....................................................................................
5.2
6.7
6.2
Student loan ....................................................................................
7.4
3.8
2.3
All other....................................................................................
3.7
5.5
4.6
Total....................................................................................
100.0
100.0
100.0
50,178
65,991
66,566
57,212
51,382
40.1
19.4
6.6
8.3
6.8
4.7
5.6
4.6
3.9
100.0
37.1
12.6
8.8
9.3
9.9
4.6
4.6
6.8
6.3
100.0
44.2
8.1
8.3
7.1
11.1
3.0
6.3
6.4
5.3
100.0
31.0
19.3
7.5
8.4
11.0
5.6
8.0
4.0
5.2
100.0
30.1
19.5
11.9
8.3
7.6
6.2
6.0
4.2
6.1
100.0
New money issues....................................................................................
29,365
27,650
31,426
Bond purpose as a percent of total
Section 501(c)(3)....................................................................................
26.2
37.5
35.3
Mortgage....................................................................................
30.7
19.3
23.7
Airport....................................................................................
10.5
6.0
14.4
Small issue....................................................................................
6.6
11.7
6.0
Solid waste disposal....................................................................................
6.0
6.1
6.6
Residential rental....................................................................................
3.1
5.3
2.0
Student loan ....................................................................................
9.3
4.5
2.7
Tax Reform Act transition property....................................................................................
3.6
3.5
4.0
All other....................................................................................
3.9
6.1
5.3
Total....................................................................................
100.0
100.0
100.0
27,810
26,868
21,231
25,055
27,943
49.9
16.5
11.6
4.0
7.1
2.0
3.9
0.9
4.2
100.0
46.7
12.3
14.2
3.3
7.4
1.5
5.8
2.1
6.6
100.0
50.7
2.1
7.9
2.0
14.7
3.1
9.9
2.4
7.2
100.0
37.9
13.8
12.9
7.2
13.8
3.4
3.4
1.2
6.3
100.0
35.3
19.4
8.7
8.6
8.3
6.2
6.0
-7.5
100.0
NOTE: Detail may not add to 100 percent because of rounding.
489 bond issues between $10 million and $50
million, while 171 bond issues with issue sizes of
$50 million or more raised $13.5 billion.
As shown in Figure C, new money issues of
long-term tax-exempt private activity bonds have
varied substantially over the period from 1988 to
1995. New money issue volumes were generally
higher in the earlier portion of this period, climbing
to $31.4 billion for 1990, declining to a low of $21.2
billion for 1993, and rebounding to $27.9 billion for
1995.
Overall, section 501(c)(3) bonds accounted for
nearly 40 percent of the $217.3 billion of new money
long-term tax-exempt private activity bonds issued
during this 8-year period. Bonds, whose proceeds
were used to fund owner-occupied residences (18.0
percent), airports (10.9 percent), solid waste disposal
facilities (8.5 percent), small issue bonds (6.3 percent), and student loans (5.6 percent), were the other
primary bond types issued during this period. For
1995, the primary uses of the $27.9 billion of new
money bonds were to finance section 501(c)(3)
activities (35.3 percent), owner-occupied residences
(19.4 percent), airports (8.7 percent), small issues
(8.6 percent), and solid waste disposals (8.3 percent)
(Figure B).
New Money Issues of Long-Term Tax-Exempt
PrivateActivityBondsbyState
The volume of new money long-term tax-exempt
private activity bond issues varied across the States
(Tables 5 and 6). About $85.4 billion (39.3 percent)
of the $217.3 billion of new money long-term taxexempt private activity bonds issued across the
period 1988 through 1995 were issued in the following six states: California (9.3 percent), New York
(7.9 percent), Pennsylvania (5.9 percent), Texas (5.6
percent), Florida (5.4 percent), and Illinois (5.3
155
Tax-Exempt Private Activity Bonds, 1988-1995
FigureC
Long-Term Private Activity Bonds, by Type and Year of Issue, 1988-1995
[Money amounts are in billions of dollars]
Year of issue
$27.9
1995
$25.1
1994
1993
1992
$23.4
$32.2
$21.2
$45.3
$26.9
$39.1
$27.8
1991
1990
$22.4
$31.4
$16.0
1989
$27.7
$16.9
1988
$29.4
$17.5
0%
20%
40%
60%
80%
100%
Percent
156
New money issues
percent). Bonds issued in Ohio (3.8 percent),
Massachusetts (3.3 percent), Virginia (3.2 percent),
Michigan (3.0 percent), Colorado (2.8 percent), and
New Jersey (2.8 percent) accounted for an additional
$41.1 billion of the total (Figure D).
For 1995, more than half of the $27.9 billion of
new money long-term tax-exempt private activity
bonds was issued in the following states: California
(10.7 percent), New York (10.0 percent), Pennsylvania (5.5 percent), Florida (5.3 percent), Texas (5.2
percent), Illinois (4.1 percent), Michigan (3.6 percent), Ohio (3.3 percent), and Virginia (3.2 percent)
(Table 6).
The 1986 Act extended the application of volume caps to most tax-exempt private activity bonds,
with the major exception of hospital bonds for section 501(c)(3) entities. For the years covered in this
article, bonds for section 501(c)(3) entities other than
hospitals were subject to a per entity volume cap of
$150 million. Additionally, bonds for airports and
156
Refunding issues
docks and wharves were excluded from the volume
cap. Veterans’ mortgage bonds were subjected to
their own special volume limitations. States are free
to make their own choices as to how to allocate the
cap among the different purposes allowed for bonds
subject to the cap. Current refunding bonds are not
subject to the cap as long as there is no increase in
the principal amount. For the years covered by this
article, the annual volume cap for each State was the
greater of $50 per capita or $150 million. Each
State’s reported volume of issuance in any particular
year of new money bonds subject to the cap may
legitimately exceed the cap for that year because of
the operation of a carryover rule that allows an unused cap amount in a particular year to be carried
over for up to 3 future years for certain types of taxexempt private activity bonds [8].
The 1986 Act also contained generous transition
rules that exempted many specific issues from the
volume cap. Issuance of bonds covered by the tran-
Tax-Exempt Private Activity Bonds, 1988-1995
FigureD
New Money Long-Term Private Activity Bonds, by Selected State and Purpose of Bond, 1988-1995
Combined
[Money amounts are in millions of dollars]
State by purpose of bond
Section
Other
Total
501(c)(3)
section
(1)
hospital
(2)
501(c)(3)
(3)
All States....................................................................................
217,347
44,870
Solid
Mortgage
Airport
waste
Small issue
Student loan
All others
(4)
(5)
disposal
(6)
(7)
(8)
(9)
40,836
39,027
23,633
18,367
13,684
12,132
24,793
California....................................................................................
20,187
3,896
3,585
4,416
1,184
1,690
563
308
4,480
New York....................................................................................
17,226
3,451
5,102
1,410
1,958
1,245
638
**
3,292
Pennsylvania....................................................................................
12,859
3,909
3,228
1,111
1,240
1,506
612
941
231
Texas....................................................................................
12,081
2,477
972
1,768
1,924
631
236
1,919
2,048
Florida....................................................................................
11,663
2,446
1,518
2,537
2,334
1,382
289
--
1,157
Illinois....................................................................................
11,424
2,187
3,501
1,135
1,836
735
885
323
812
Ohio....................................................................................
8,238
2,090
1,581
1,946
187
343
828
552
692
Massachusetts....................................................................................
7,176
2,268
2,359
642
275
387
200
458
529
Virginia....................................................................................
6,864
1,306
1,209
1,191
1,262
841
385
223
292
Michigan....................................................................................
6,509
1,673
1,324
270
266
779
865
378
954
Colorado....................................................................................
6,169
880
588
586
3,530
11
104
218
130
New Jersey....................................................................................
6,162
1,209
1,651
769
55
1,342
397
95
645
**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.
sition rules is the primary reason the volume of new
money issues is higher in the earlier years of the
period covered by this article than in the later years.
Summary
Tax-exempt private activity bond volume varied
substantially during the 8-year period extending from
1988 through 1995. During this time, State and local
governmental units issued $441.8 billion in new
money and refunding tax-exempt private activity
bonds, of which $430.1 billion were long-term in
nature. New money long-term tax-exempt private
activity bonds issued in California, New York,
Pennsylvania, Texas, Florida, and Illinois accounted
for 39.3 percent of the $217.3 billion of bonds issued
during this period.
DataSourcesandLimitations
The data presented in this article are based on
information collected from Form 8038, Information
Return for Tax-Exempt Private Activity Bonds Issues,
for bonds issued in years 1988 through 1995. Because the entire population of Forms 8038 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 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 may remain.
ExplanationofSelectedTerms
Allocation to Reserve Fund.— Proceeds allocated
reserve or replacement funds. The amount of proceeds deposited into a reserve or replacement fund
may not exceed 10 percent of the proceeds of an
issue.
Bond Issuance Costs.— Issuance costs include
fees paid for trustees, bond counsel, and underwriters
discount. Issuance costs paid out of private activity
bond proceeds generally may not exceed 2 percent of
the proceeds.
Credit Enhancement.— Fees paid for items such
as bond insurance premiums and letters of credit fees.
Exempt Facility Bond.— This bond is part of an
issue of which 95 percent or more of the net proceeds
are to be used to finance a tax-exempt facility listed
in Code sections 142(a)(1) through (12). These
facilities comprise airports, docks and wharves, mass
commuting facilities, facilities for the furnishing of
water, sewage facilities, solid waste disposal facilities, qualified residential rental projects, facilities for
157
Tax-Exempt Private Activity Bonds, 1988-1995
158
158
the local furnishing of electric energy or gas, local
district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, and environmental enhancements of hydroelectric generating facilities. The Revenue Reconciliation Act of 1993 created a new category of bonds,
qualified enterprise zone facility bonds, that may be
issued for certain businesses in “empowerment
zones” or “enterprise communities.” Empowerment
zone and enterprise community designations are
made by the Secretaries of Agriculture and Housing
and Urban Development for a 10-year period. Qualified enterprise zone facility bonds are generally
subject to the same rules as exempt facility bonds.
Mortgage Bond.— This bond is part of an issue in
which all proceeds (except issuance costs and reasonably required reserves) are to be used to finance
owner-occupied residences.
Nongovernmental Output Property Bond.— This
bond is part of an issue in which the proceeds are to
be used to finance the acquisition of an output facility (other than a facility for the furnishing of water)
that had been held by a person other than a governmental unit prior to its acquisition. This bond must
meet additional tests under Code section 141(d).
Other Bonds.— Bond issues identified as other
bonds in Tables 3 and 4 are issues of Texas veterans’
land bonds, Oregon small-scale energy conservation
and renewable resource loan bonds, or Iowa industrial new jobs training bonds.
Private Activity Bond.— This bond is generally
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 are either secured by an interest
in property to be used for private business use (or
payment for such property), or are to be derived from
payments for property (or borrowed money) 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 Code section 141(c)(2)) to persons other
than governmental units exceeds the smaller of 5
percent of the proceeds or $5 million.
Redevelopment Bond.— This bond is generally
part of an issue of which 95 percent or more of the
net proceeds are to be used to finance certain specified real property acquisition and redevelopment in
blighted areas (see Code section 144(c) for additional
requirements).
Section 501(c)(3) Bond.— A bond must meet the
following conditions to be classified as a section
501(c)(3) bond: 1) all property financed by the net
proceeds of the bond issue is to be owned by a section 501(c)(3) organization or a governmental unit,
and 2) the bond would not be a private activity bond
if section 501(c)(3) organizations were treated as
governmental units with respect to their activities
that are not related trades or businesses, and the
private activity bond definition was applied using a
5-percent threshold rather than a 10-percent threshold. These bonds are issued by State and local governments to finance the activities of charitable, educational, hospital, and similar organizations that are
tax-exempt under Code section 501(c)(3). The
primary beneficiaries of these bonds are private,
nonprofit hospitals; colleges; and universities. A
section 501(c)(3) hospital bond issue is one in which
95 percent or more of the net proceeds are to be used
for a hospital. Other section 501(c)(3) bond issues
are those that are not related to hospitals.
Small Issue Bond.— This bond is part of an issue
not exceeding $1 million of which 95 percent or
more of the net proceeds are to be used to finance
land and depreciable property or to refund such
issues. An election to take certain capital expenditures into account can increase the $1-million limit
on bond size to $10 million in certain instances.
These bonds may only be used to finance manufacturing facilities and to benefit certain first-time
farmers.
Student Loan Bond.— This bond is part of an
issue of which 90 percent or more of the net proceeds
are to be used to make or finance student loans under
a program of general application to which the Higher
Education Act of 1965 applies (see Code section
144(b)(1)(A) for additional requirements), or 95
percent or more of the net proceeds are to be used to
make or finance student loans under a program of
general application approved by the State (see Code
section 144(b)(1)(B) for additional requirements).
Tax Reform Act Transition Property Bond.— A
bond issued under transitional rules contained in the
Tax Reform Act of 1986. Proceeds from bonds
issued under these rules include issues used to fund
items such as pollution control facilities, parking
Tax-Exempt Private Activity Bonds, 1988-1995
facilities, industrial parks, sports stadiums, and
convention facilities. Proceeds from other bonds
issued under the transitional rules are included in this
category only if they could not be identified as another issue type.
U.S. Possessions Other Than Puerto Rico.— The
Virgin Islands, Guam, and the Northern Mariana
Islands comprise this category in Tables 5 and 6.
Veterans’Mortgage Bond.— In general, this
bond is part of an issue of which 95 percent or more
of the net proceeds are to be used to provide residences for veterans. The payment of interest and
principal must be secured by a general obligation of
the State, and the bond must meet certain of the
requirements of Code section 143. The States that
may issue veteran’s mortgage bonds are Alaska,
California, Oregon, Texas, and Wisconsin.
NotesandReferences
[1] For the last Statistics of Income study of taxexempt private activity bonds, see Auten, Gerald
and Chung, Edward, “Private Activity TaxExempt Bonds, 1986,” Statistics of Income
Bulletin, Summer 1988, Volume 8, Number 1.
Data before 1987 were based on the year during
which bond information returns were processed.
Data reported in this article are based on the year
during which bonds were issued. Data for 1987
are incomplete due to changing the data collection criteria from processing year to issue date
and, thus, are not included in this article.
[2] The term “State” includes the District of Columbia and any possession of the United States.
Possessions of the United States reporting taxexempt private activity bond issues for the period
1988 through 1995 were Puerto Rico, Guam,
Northern Mariana Islands, and the Virgin
Islands.
[3] 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 taxexempt bonds as well as a more detailed discussion of their legislative history, see Zimmerman,
Dennis, The Private Use of Tax-Exempt Bonds,
The Urban Institute Press, Washington, DC,
1991 and Fundamentals of Municipal Bonds,
Public Securities Association, Third Edition,
New York, NY, 1987.
[4] Volume caps for U.S. possessions, with the
exception of Puerto Rico, are determined under
Code section 146(d)(4) of the Internal Revenue
Code.
[5] See Notice 95-8, 1995-1 C.B. 293. Volume caps
for 1995 for U.S. possessions other than Puerto
Rico were determined under Code section
146(d)(4).
[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 on 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, NY, 1987, p. 29.
[8] For additional detail on the tax-exempt bond
provisions of the Tax Reform Act of 1986, see
U.S. Congress, Joint Committee on Taxation,
General Explanation of the Tax Reform Act of
1986, U.S. Government Printing Office, (Washington, DC, 1987), pp. 1128-1242.
SOURCE: IRS, SOI Bulletin, Summer 1999, Publication 1136 (9-99)
159
Tax-Exempt Private Activity Bonds, 1988-1995
Table 1.--Volume of Private Activity Bonds, by Type, Term, and Year of Issue, 1988-1995
[Money amounts are in millions of dollars]
Year of issue
Type and term of issue
1988
1989
1990
1991
1992
1993
1994
1995
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
All issues: Total.......................................................................................................................
48,082
46,295
48,676
52,552
68,082
67,507
58,188
Short-term.......................................................................................................................
1,248
1,774
1,241
2,374
2,091
941
976
1,050
Long-term.......................................................................................................................
46,835
44,521
47,435
50,178
65,991
66,566
57,212
51,382
New money issues: Total.......................................................................................................................
30,169
28,054
31,902
28,233
28,341
27,116
21,377
25,317
Short-term.......................................................................................................................
804
404
476
423
248
146
262
398
Long-term.......................................................................................................................
29,365
27,650
31,426
27,810
26,868
21,231
25,055
27,943
Refunding issues: Total.......................................................................................................................
17,913
18,241
16,774
24,319
40,967
46,131
32,871
24,091
Short-term.......................................................................................................................
444
1,371
765
1,951
1,844
795
714
652
Long-term.......................................................................................................................
17,470
16,871
16,009
22,368
39,123
45,335
32,157
23,439
NOTE: Detail may not add to totals because of rounding.
160
160
52,432
Tax-Exempt Private Activity Bonds, 1988-1995
Table 2.--Long-Term Private Activity Bonds, by Purpose of Bond and Type and Year of Issue, 1988-1995
[Money amounts are in millions of dollars]
1988
Purpose of bond
1989
1990
1991
All
New
All
New
All
New
All
New
issues
issues
issues
issues
issues
issues
issues
issues
(1)
(2)
(3)
Total.......................................................................................................................
46,835
29,365
44,521
Airport.......................................................................................................................
3,758
3,076
2,575
(4)
(5)
(6)
(7)
(8)
27,650
47,435
31,426
50,178
27,810
1,660
5,746
4,523
4,183
3,223
Docks and wharves.......................................................................................................................
555
250
661
Mass commuting.......................................................................................................................
----
356
--
315
--
131
--
493
--
132
--
Water.......................................................................................................................
166
139
Sewage.......................................................................................................................
171
84
115
113
191
158
141
114
208
139
153
99
1,682
1,461
2,943
2,895
2,059
635
2,800
3,302
1,965
552
Local furnishing of electricity/gas.......................................................................................................................
374
250
809
519
Local heating/cooling facilities.......................................................................................................................
**
**
18
18
909
35
811
21
731
60
569
60
**
--
**
--
44
--
44
--
Tax Reform Act transition property.......................................................................................................................
3,498
1,056
3,385
980
3,309
1,255
3,396
239
Enterprise zone.......................................................................................................................
---Mortgage.......................................................................................................................
11,554
9,025
7,326
-5,324
-11,279
-7,449
-9,746
-4,580
Veterans mortgage.......................................................................................................................
**
**
469
Small issue.......................................................................................................................
3,478
1,929
4,602
379
3,232
435
2,872
379
1,880
**
2,344
**
1,121
Student loan.......................................................................................................................
3,452
2,745
1,700
Redevelopment.......................................................................................................................
34
34
91
1,244
91
1,097
36
857
36
2,306
**
1,088
**
Section 501(c)(3) hospital.......................................................................................................................
7,194
3,382
8,750
4,626
Other section 501(c)(3).......................................................................................................................
6,053
4,323
7,412
5,748
7,658
7,438
5,314
5,781
12,204
7,931
8,508
5,377
Nongovernmental output property.......................................................................................................................
----Other.......................................................................................................................
17
17
108
67
**
71
**
13
-43
-10
141
117
Solid waste disposal.......................................................................................................................
2,413
1,769
2,988
Residential rental.......................................................................................................................
3,692
924
3,330
Hazardous waste facilities.......................................................................................................................
--36
36
Hydro-electric environmental facilities.......................................................................................................................
-----
1992
Purpose of bond
1993
1994
1995
All
New
All
New
All
New
All
New
issues
issues
issues
issues
issues
issues
issues
issues
(9)
(10)
(11)
Total.......................................................................................................................
65,991
26,868
66,566
Airport.......................................................................................................................
6,143
3,810
4,754
(12)
(13)
(14)
(15)
(16)
21,231
57,212
25,055
51,382
27,943
1,671
4,804
3,243
4,280
2,426
Docks and wharves.......................................................................................................................
880
191
1,458
Mass commuting.......................................................................................................................
--**
317
**
1,190
**
523
**
617
**
531
**
Water.......................................................................................................................
356
239
111
365
215
223
166
36
3,115
275
4,568
262
3,466
415
3,106
366
2,312
Residential rental.......................................................................................................................
5,793
414
5,510
663
Local furnishing of electricity/gas.......................................................................................................................
2,469
1,074
1,333
774
4,309
284
852
220
6,133
942
1,724
532
Local heating/cooling facilities.......................................................................................................................
**
**
**
**
Hazardous waste facilities.......................................................................................................................
87
46
**
**
**
--
**
--
29
**
28
**
Hydro-electric environmental facilities.......................................................................................................................
----Tax Reform Act transition property.......................................................................................................................
6,505
573
7,393
509
-6,308
-298
**
3,884
-**
Enterprise zone.......................................................................................................................
---Mortgage.......................................................................................................................
8,325
3,307
5,419
-11,062
-3,469
7
10,017
7
5,418
288
Sewage.......................................................................................................................
126
94
64
Solid waste disposal.......................................................................................................................
3,050
1,999
4,198
Veterans mortgage.......................................................................................................................
**
**
**
-456
**
760
294
792
364
422
2,110
3,181
2,277
1,798
856
3,177
2,163
2,415
1,682
Redevelopment.......................................................................................................................
98
21
**
**
Section 501(c)(3) hospital.......................................................................................................................
15,107
6,873
19,752
6,070
**
10,244
**
4,632
**
8,824
**
5,465
Other section 501(c)(3).......................................................................................................................
9,387
5,672
9,696
4,687
Nongovernmental output property.......................................................................................................................
--**
**
7,477
**
4,854
**
6,653
**
4,394
--
69
44
8
8
Small issue.......................................................................................................................
3,034
888
2,018
Student loan.......................................................................................................................
4,489
1,551
4,267
Other.......................................................................................................................
10
10
56
56
**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.
161
Tax-Exempt Private Activity Bonds, 1988-1995
Table 3.--Computation of Lendable Proceeds for Long-Term Private Activity Bonds, by Selected
Purpose of Bond, 1995
[Money amounts are in millions of dollars]
Entire
Bond
Proceeds by selected
issue
issuance
Credit
Allocation
to reserve
Total
Proceeds
used to
Nonrefunding
purpose of bond
price
costs
enhancement
fund
proceeds
refund prior
proceeds
issues
(4)
(5)
(6)
(7)
Total.......................................................................................................................
51,382
424
(1)
(2)
(3)
154
1,011
49,793
23,093
26,700
Airport.......................................................................................................................
4,280
38
17
132
4,094
1,824
2,270
Docks and wharves.......................................................................................................................
617
10
1
10
596
80
516
Water.......................................................................................................................
223
3
1
3
216
56
159
Sewage.......................................................................................................................
415
5
(¹)
4
405
48
357
Solid waste disposal.......................................................................................................................
3,106
39
3
62
3,002
794
2,208
Residential rental.......................................................................................................................
6,133
21
6
1,653
Mortgage and veterans' mortgage.......................................................................................................................
10,808
35
1
Small issue.......................................................................................................................
3,177
38
7
Student loan.......................................................................................................................
2,163
18
4,396
4,968
5,666
6
3,126
761
2,365
2
59
2,085
477
1,608
299
8,333
3,214
5,119
Other section 501(c)(3).......................................................................................................................
6,653
97
35
228
6,293
2,177
4,117
All other.......................................................................................................................
4,985
10
12
4,961
4,298
663
NOTE: Detail may not add to totals because of rounding.
162
6,049
10,634
Section 501(c)(3) hospital.......................................................................................................................
8,824
112
79
¹ Less than $500,000.
162
57
139
2
Tax-Exempt Private Activity Bonds, 1988-1995
Table 4.--New Money Long-Term Private Activity Bonds, by Purpose of Bond and Size of Issue, 1995
[Money amounts are in millions of dollars]
Purpose of bond
Size of issue
$10,000,000
All
$50,000,000
Under
under
or
$10,000,000
$50,000,000
more
(2)
(3)
(4)
(1)
Number of issues.......................................................................................................................
2,587
1,927
489
171
Total.......................................................................................................................
27,943
5,175
9,239
13,529
Airport.......................................................................................................................
2,426
61
267
2,099
Docks and wharves.......................................................................................................................
531
28
55
448
Mass commuting.......................................................................................................................
**
**
**
**
Water.......................................................................................................................
166
11
154
--
Sewage.......................................................................................................................
366
**
171
**
Solid waste disposal.......................................................................................................................
2,312
152
1,127
1,032
Residential rental.......................................................................................................................
1,724
527
830
367
Local furnishing of electricity/gas.......................................................................................................................
532
7
73
452
Local heating/cooling facilities.......................................................................................................................
28
**
**
**
Hazardous waste facilities.......................................................................................................................
**
**
**
**
High-speed railway.......................................................................................................................
--
--
--
--
Hydro-electric environmental facilities.......................................................................................................................
---
--
--
Tax Reform Act transition property.......................................................................................................................
**
**
**
**
Enterprise zone.......................................................................................................................
7
7
Mortgage and veterans' mortgage.......................................................................................................................
5,782
23
--
--
2,138
3,621
Small issue.......................................................................................................................
2,415
2,415
--
--
Student loan.......................................................................................................................
1,682
--
467
1,216
Redevelopment.......................................................................................................................
**
**
**
**
Section 501(c)(3) hospital.......................................................................................................................
5,465
300
1,642
3,523
Other section 501(c)(3).......................................................................................................................
4,394
1,551
2,253
590
Nongovernmental output property.......................................................................................................................
---
--
--
Other.......................................................................................................................
8
--
--
8
** 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.
163
Tax-Exempt Private Activity Bonds, 1988-1995
Table 5.--New Money Long-Term Private Activity Bonds, by State and Purpose of Bond, 1988-1995
Combined
[Money amounts are in millions of dollars]
Purpose of bond
State
Total
Airport
Docks and
wharves
Water
Sewage
(1)
(2)
(3)
(4)
(5)
All States.......................................................................................................................
217,347
23,633
2,430
164
164
Solid waste
Residential
disposal
rental
(6)
(7)
(8)
Mortgage
1,277
1,168
18,367
7,225
39,027
Alabama.......................................................................................................................
2,499
110
**
Alaska.......................................................................................................................
573
**
48
Arizona.......................................................................................................................
2,216
237
-Arkansas.......................................................................................................................
1,712
5
-California.......................................................................................................................
20,187
1,184
1,028
**
-34
8
--
**
-33
8
**
587
**
63
290
1,690
19
3
97
11
1,594
355
-463
541
4,416
Colorado.......................................................................................................................
6,169
3,530
-Connecticut.......................................................................................................................
3,228
**
-Delaware.......................................................................................................................
862
--District of Columbia.......................................................................................................................
1,609
256
-Florida.......................................................................................................................
11,663
2,334
186
-45
**
-102
**
**
--150
11
502
--1,382
130
**
**
48
471
586
755
388
393
2,537
Georgia.......................................................................................................................
4,902
859
102
Hawaii.......................................................................................................................
2,170
1,014
131
Idaho.......................................................................................................................
1,193
-**
Illinois.......................................................................................................................
11,424
1,836
**
Indiana.......................................................................................................................
4,614
631
**
17
-**
65
103
68
--59
**
197
**
**
735
335
221
61
18
336
129
838
293
806
1,135
392
Iowa.......................................................................................................................
1,744
(¹)
-Kansas.......................................................................................................................
1,715
50
-Kentucky.......................................................................................................................
3,333
921
**
Louisiana.......................................................................................................................
3,008
81
**
Maine.......................................................................................................................
1,475
**
--
--6
**
--
2
**
61
79
**
151
78
453
288
229
16
86
5
46
57
239
612
397
903
533
Maryland.......................................................................................................................
4,231
**
-Massachusetts.......................................................................................................................
7,176
275
-Michigan.......................................................................................................................
6,509
266
-Minnesota.......................................................................................................................
3,970
92
-Mississippi.......................................................................................................................
1,367
**
27
**
**
16
---
6
29
48
24
**
646
387
779
94
81
263
500
277
191
29
810
642
270
988
274
Missouri.......................................................................................................................
4,494
204
-Montana.......................................................................................................................
1,193
20
-Nebraska.......................................................................................................................
1,658
**
-Nevada.......................................................................................................................
2,217
778
-New Hampshire.......................................................................................................................
1,716
**
--
93
**
-**
4
**
-**
-**
66
194
-**
180
82
**
21
59
116
1,101
188
808
360
584
New Jersey.......................................................................................................................
6,162
55
44
New Mexico.......................................................................................................................
1,275
**
-New York.......................................................................................................................
17,226
1,958
-North Carolina.......................................................................................................................
3,082
59
**
North Dakota.......................................................................................................................
781
**
--
239
**
110
24
**
33
-**
28
--
1,342
**
1,245
429
62
74
**
688
27
10
769
358
1,410
412
429
Ohio.......................................................................................................................
8,238
187
**
Oklahoma.......................................................................................................................
2,174
352
-Oregon.......................................................................................................................
1,665
206
**
Pennsylvania.......................................................................................................................
12,859
1,240
-Rhode Island.......................................................................................................................
1,908
123
--
9
-**
112
--
14
**
13
119
--
343
40
135
1,506
--
90
23
186
**
**
1,946
657
222
1,111
870
South Carolina.......................................................................................................................
2,333
89
107
South Dakota.......................................................................................................................
1,500
**
-Tennessee.......................................................................................................................
4,232
402
-Texas.......................................................................................................................
12,081
1,924
242
Utah.......................................................................................................................
1,525
135
--
--**
**
**
12
-**
**
--
364
-240
631
66
39
-47
180
**
240
580
1,062
1,768
542
Vermont.......................................................................................................................
1,169
--Virginia.......................................................................................................................
6,864
1,262
**
Washington.......................................................................................................................
3,890
270
292
West Virginia.......................................................................................................................
1,364
**
-Wisconsin.......................................................................................................................
4,776
84
--
--**
**
**
-**
6
**
**
**
841
540
760
33
24
259
146
-275
407
1,191
450
246
1,157
Wyoming.......................................................................................................................
636
--Puerto Rico.......................................................................................................................
465
**
-U.S. Possessions other
than Puerto Rico.......................................................................................................................
316
253
**
---
---
132
--
---
358
**
--
--
--
--
**
Footnotes at end of table.
Tax-Exempt Private Activity Bonds, 1988-1995
Table 5.--New Money Long-Term Private Activity Bonds, by State and Purpose of Bond, 1988-1995
Combined--Continued
[Money amounts are in millions of dollars]
Purpose of bond--continued
State
Veterans
Small
Student
Redevelop-
Section
Other
All
mortgage
issue
loan
ment
501(c)(3)
section
other
hospital
501(c)(3)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
12,132
253
44,870
40,836
10,384
Alabama.......................................................................................................................
-528
Alaska.......................................................................................................................
63
**
Arizona.......................................................................................................................
-80
Arkansas.......................................................................................................................
-293
California.......................................................................................................................
1,353
563
110
273
427
216
308
----**
485
**
396
273
3,896
297
53
216
66
3,585
-3
170
-505
Colorado.......................................................................................................................
-104
Connecticut.......................................................................................................................
-56
Delaware.......................................................................................................................
-26
District of Columbia.......................................................................................................................
--Florida.......................................................................................................................
-289
218
68
----
**
---56
880
727
85
265
2,446
588
932
143
646
1,518
**
**
153
-192
Georgia.......................................................................................................................
-720
Hawaii.......................................................................................................................
--Idaho.......................................................................................................................
-60
Illinois.......................................................................................................................
-885
Indiana.......................................................................................................................
-689
--**
323
134
---**
--
1,047
120
128
2,187
815
586
**
5
3,501
885
246
492
-352
474
Iowa.......................................................................................................................
-285
Kansas.......................................................................................................................
-256
Kentucky.......................................................................................................................
-419
Louisiana.......................................................................................................................
-36
Maine.......................................................................................................................
-77
238
-**
130
207
--**
---
317
331
508
696
151
423
288
223
292
201
73
**
224
403
**
Maryland.......................................................................................................................
-122
Massachusetts.......................................................................................................................
-200
Michigan.......................................................................................................................
-865
Minnesota.......................................................................................................................
-348
Mississippi.......................................................................................................................
-325
-458
378
69
346
28
**
-**
--
920
2,268
1,673
874
194
1,154
2,359
1,324
1,266
68
**
**
613
**
--
Missouri.......................................................................................................................
-268
Montana.......................................................................................................................
--Nebraska.......................................................................................................................
-91
Nevada.......................................................................................................................
-67
New Hampshire.......................................................................................................................
-37
437
529
268
-**
--**
---
1,417
184
295
136
193
745
60
166
21
376
**
**
-681
162
New Jersey.......................................................................................................................
-397
New Mexico.......................................................................................................................
-40
New York.......................................................................................................................
-638
North Carolina.......................................................................................................................
-504
North Dakota.......................................................................................................................
-17
95
478
**
**
**
------
1,209
154
3,451
880
96
1,651
67
5,102
695
87
255
**
2,494
**
--
Ohio.......................................................................................................................
-828
Oklahoma.......................................................................................................................
-131
Oregon.......................................................................................................................
-128
Pennsylvania.......................................................................................................................
-612
Rhode Island.......................................................................................................................
-65
552
93
-941
343
**
-27
---
2,090
716
204
3,909
182
1,581
147
480
3,228
251
579
**
43
**
**
South Carolina.......................................................................................................................
-460
South Dakota.......................................................................................................................
-**
Tennessee.......................................................................................................................
-447
Texas.......................................................................................................................
409
236
Utah.......................................................................................................................
-61
357
527
175
1,919
349
----**
467
251
1,076
2,477
53
198
107
728
972
106
--45
1,216
173
Vermont.......................................................................................................................
-15
Virginia.......................................................................................................................
-385
Washington.......................................................................................................................
-271
West Virginia.......................................................................................................................
-49
Wisconsin.......................................................................................................................
228
671
427
223
**
---
------
82
1,306
848
123
1,249
186
1,209
784
143
1,002
**
33
235
29
49
Wyoming.......................................................................................................................
--65
-Puerto Rico.......................................................................................................................
-9
--U.S. Possessions other than Puerto Rico.......................................................................................................................
-----
49
**
--
**
112
--
**
---
All States.......................................................................................................................
2,055
13,684
¹ Less than $500,000.
** 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.
165
Tax-Exempt Private Activity Bonds, 1988-1995
Table 6.--New Money Long-Term Private Activity Bonds, by State and Issue Year, 1988-1995
[Money amounts are in millions of dollars]
1988
State
1989
1990
501(c)(3)
All
501(c)(3)
All
501(c)(3)
All
501(c)(3)
issues
issues
issues
issues
issues
issues
issues
issues
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
All States.......................................................................................................................
29,365
7,705
27,650
166
10,374
31,426
11,095
27,810
13,885
Alabama.......................................................................................................................
277
111
336
85
501
65
255
116
Alaska.......................................................................................................................
**
**
**
**
72
12
85
12
Arizona.......................................................................................................................
532
195
229
**
261
**
292
128
Arkansas.......................................................................................................................
316
91
304
77
207
**
168
28
California.......................................................................................................................
3,414
891
2,736
875
2,677
930
2,329
1,240
Colorado.......................................................................................................................
274
116
419
144
1,252
178
1,520
343
Connecticut.......................................................................................................................
709
249
441
122
557
400
310
130
Delaware.......................................................................................................................
139
**
119
**
214
44
69
24
District of Columbia.......................................................................................................................
553
177
178
Florida.......................................................................................................................
1,815
388
1,916
114
511
444
1,179
311
391
**
1,675
**
754
Georgia.......................................................................................................................
332
94
773
Hawaii.......................................................................................................................
205
**
287
110
--
605
568
131
--
645
771
148
**
Idaho.......................................................................................................................
102
1
175
Illinois.......................................................................................................................
1,501
653
1,329
**
629
261
2,328
**
746
60
1,149
-666
Indiana.......................................................................................................................
866
132
645
239
589
209
311
179
Iowa.......................................................................................................................
274
17
299
135
133
78
262
185
Kansas.......................................................................................................................
325
37
263
Kentucky.......................................................................................................................
440
42
318
122
65
161
401
27
30
234
300
107
150
Louisiana.......................................................................................................................
386
47
299
Maine.......................................................................................................................
308
27
148
52
**
352
300
63
**
224
74
82
58
Maryland.......................................................................................................................
393
128
560
203
618
463
577
385
Massachusetts.......................................................................................................................
1,155
481
1,216
Michigan.......................................................................................................................
495
213
943
980
358
924
986
449
317
789
1,052
572
716
Minnesota.......................................................................................................................
630
302
395
Mississippi.......................................................................................................................
78
**
150
184
**
573
234
301
**
427
107
243
41
Missouri.......................................................................................................................
697
269
701
Montana.......................................................................................................................
71
20
169
364
**
636
60
307
12
510
228
258
79
Nebraska.......................................................................................................................
409
23
73
Nevada.......................................................................................................................
292
-217
45
**
280
401
23
--
297
94
175
**
New Hampshire.......................................................................................................................
109
**
424
105
183
49
222
**
New Jersey.......................................................................................................................
543
192
865
330
706
325
1,289
628
New Mexico.......................................................................................................................
203
-130
New York.......................................................................................................................
952
197
2,081
75
838
**
2,527
**
1,515
**
2,152
**
1,281
North Carolina.......................................................................................................................
395
232
396
North Dakota.......................................................................................................................
56
**
229
85
10
390
196
170
27
676
33
470
33
Ohio.......................................................................................................................
1,401
290
1,311
Oklahoma.......................................................................................................................
558
64
209
589
97
1,257
365
497
245
1,052
316
599
82
89
1,033
175
1,394
71
725
275
1,526
163
1,044
Oregon.......................................................................................................................
95
31
191
Pennsylvania.......................................................................................................................
2,187
697
1,418
Rhode Island.......................................................................................................................
600
**
86
57
330
62
233
98
South Carolina.......................................................................................................................
273
66
268
49
266
72
366
109
South Dakota.......................................................................................................................
384
34
303
Tennessee.......................................................................................................................
671
110
577
74
238
41
587
34
297
303
507
47
323
Texas.......................................................................................................................
1,171
373
1,466
Utah.......................................................................................................................
212
-226
495
--
1,742
279
262
**
1,941
163
795
--
Vermont.......................................................................................................................
261
70
137
Virginia.......................................................................................................................
756
181
471
**
155
143
1,275
**
347
22
746
19
568
Washington.......................................................................................................................
206
48
429
West Virginia.......................................................................................................................
244
25
146
253
55
597
296
188
20
529
48
359
21
Wisconsin.......................................................................................................................
888
258
544
235
770
447
455
230
Wyoming.......................................................................................................................
168
**
**
**
83
**
**
**
Puerto Rico.......................................................................................................................
**
**
-U.S. Possessions other
--
9
--
**
**
**
**
**
--
--
than Puerto Rico.......................................................................................................................
**
**
**
166
1991
All
Footnotes at end of table.
Tax-Exempt Private Activity Bonds, 1988-1995
Table 6.--New Money Long-Term Private Activity Bonds, by State and Issue Year, 1988-1995--Continued
[Money amounts are in millions of dollars]
1992
State
1993
1994
1995
All
501(c)(3)
All
501(c)(3)
All
501(c)(3)
All
501(c)(3)
issues
issues
issues
issues
issues
issues
issues
issues
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
10,757
25,055
9,486
27,943
9,859
69
**
106
28
1,379
193
69
279
204
1,922
53
12
55
**
591
420
149
241
164
2,977
176
**
40
32
816
Colorado.......................................................................................................................
1,379
193
177
Connecticut.......................................................................................................................
344
253
421
Delaware.......................................................................................................................
93
42
32
District of Columbia.......................................................................................................................
141
141
75
Florida.......................................................................................................................
1,452
585
1,122
136
269
17
75
586
558
234
112
**
1,036
203
155
52
**
267
591
212
85
121
1,468
155
80
**
**
479
Georgia.......................................................................................................................
715
427
352
Hawaii.......................................................................................................................
**
**
150
Idaho.......................................................................................................................
164
35
67
Illinois.......................................................................................................................
1,325
809
828
Indiana.......................................................................................................................
513
428
430
188
**
**
577
188
740
**
107
1,832
634
238
**
**
969
157
742
57
257
1,132
627
298
-90
638
170
Iowa.......................................................................................................................
213
108
218
Kansas.......................................................................................................................
175
92
94
Kentucky.......................................................................................................................
700
173
443
81
65
56
125
269
362
28
148
128
220
194
368
109
21
86
Louisiana.......................................................................................................................
520
313
370
Maine.......................................................................................................................
270
72
65
132
48
463
146
169
42
394
164
129
64
Maryland.......................................................................................................................
369
242
734
Massachusetts.......................................................................................................................
1,176
961
511
Michigan.......................................................................................................................
628
260
718
Minnesota.......................................................................................................................
653
451
572
Mississippi.......................................................................................................................
85
33
279
351
419
292
413
66
555
590
696
386
272
144
263
309
153
**
425
815
992
333
161
157
502
532
93
**
Missouri.......................................................................................................................
592
304
328
Montana.......................................................................................................................
25
**
210
Nebraska.......................................................................................................................
240
94
126
Nevada.......................................................................................................................
301
**
223
New Hampshire.......................................................................................................................
167
45
182
181
19
53
**
161
472
129
98
121
257
225
94
43
21
143
559
300
135
568
173
252
15
4
**
39
New Jersey.......................................................................................................................
607
228
608
New Mexico.......................................................................................................................
179
61
202
New York.......................................................................................................................
2,269
1,043
1,741
North Carolina.......................................................................................................................
346
287
333
North Dakota.......................................................................................................................
107
47
14
359
52
852
182
**
1,007
97
2,710
228
76
464
**
1,259
100
36
537
393
2,794
320
70
335
**
1,567
49
17
Ohio.......................................................................................................................
887
443
753
Oklahoma.......................................................................................................................
94
38
86
Oregon.......................................................................................................................
118
79
181
622
41
50
657
174
248
253
51
112
920
372
381
378
245
90
Pennsylvania.......................................................................................................................
2,308
1,390
1,039
Rhode Island.......................................................................................................................
234
100
141
834
45
1,456
132
777
**
1,530
150
637
16
South Carolina.......................................................................................................................
218
49
229
109
307
32
407
180
South Dakota.......................................................................................................................
88
86
184
Tennessee.......................................................................................................................
423
220
376
Texas.......................................................................................................................
1,260
257
1,354
Utah.......................................................................................................................
170
59
161
32
180
443
--
95
546
1,705
98
23
253
621
**
102
546
1,441
217
29
183
204
--
Vermont.......................................................................................................................
88
37
273
Virginia.......................................................................................................................
1,029
337
449
Washington.......................................................................................................................
669
357
449
West Virginia.......................................................................................................................
94
26
230
Wisconsin.......................................................................................................................
615
321
459
93
202
192
48
371
122
1,248
431
119
469
19
335
148
16
215
124
890
581
188
576
23
391
87
56
174
**
**
122
48
-48
177
**
**
**
**
**
**
**
**
All States.......................................................................................................................
26,868
12,545
21,231
Alabama.......................................................................................................................
247
107
269
Alaska.......................................................................................................................
107
**
**
Arizona.......................................................................................................................
104
51
278
Arkansas.......................................................................................................................
218
70
131
California.......................................................................................................................
1,930
759
2,201
Wyoming.......................................................................................................................
--**
Puerto Rico.......................................................................................................................
**
**
**
U.S. Possessions other
than Puerto Rico.......................................................................................................................
**
**
**
** 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.
167
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.