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New Financing Instruments for State and Local Capital Facilities

Municipal bonds traditionally have been classified into two general types: term bonds, paid off in a lump sum at the end of the term of the loan, and serial bonds, retired in annual installments. Beginning in the late 1970s, however, a number of new fiscal instruments have been devised to meet the changing needs of the municipal bond market. While these new financing techniques are not a panacea, their careful application may uncover some real opportunities for meeting the needs of local government for expanded capital facilities.