Tax-Exempt Bonds 1996-2002[983]

Tax-Exempt Bonds, 1996-2002 by Cynthia Belmonte S tate and local governmental units issued nearly $2.1 trillion of tax-exempt bonds between 1996 and 2002. The majority ($1.5 trillion) of these tax-exempt bonds were Governmental bonds, the proceeds of which helped finance public projects (such as schools, streets, and utilities). The balance, $0.5 trillion, comprised private activity bonds, the proceeds of which were used for qualified facilities (such as airports, docks and wharves, and solid waste disposal facilities), as well as to benefit Internal Revenue Code section 501(c)(3) organizations (such as hospitals and private universities). A bond is an interest-bearing security of indebtedness, i.e., an obligation by the issuer to repay a certain sum of money by a future date, with interest payable at a specified rate. Section 103 of the Internal Revenue Code allows for the exclusion from gross income of interest on obligations of a State or local government. This means that the interest received by bondholders is not subject to Federal income tax. This tax exemption effectively lowers the borrowing cost of tax-exempt debt issuers, since bondholders are generally willing to accept an interest rate lower than that earned on comparable taxable bonds. In addition, for State income tax purposes, some States allow for the exclusion from income of interest from bonds issued by government agencies within their own States, thus increasing the benefit to bondholders. State and local governments use taxexempt bond financing to raise capital for essential public facilities, infrastructure, and general capital improvements. Tax-exempt bonds are classified as either “Governmental” or “private-activity,” depending on whether the proceeds are used and secured by public or private entities and resources. More than $1.5 trillion of tax-exempt Governmental bonds were issued between 1996 and 2002. Almost 80 percent of this amount was from long-term bonds (i.e., those having maturities of 13 months or more). New money issues accounted for 61.3 percent of the $1.2 trillion of long-term tax-exempt Governmental bond proceeds issued during this pe- riod, while refunding issues made up the difference (38.7 percent). More than half (55.2 percent) of the dollar volume of all long-term Governmental bonds issued during this period was used to finance projects related to education, utilities, and transportation. More than $548 billion of tax-exempt private activity bonds were issued during the 7-year period extending from 1996 through 2002. Most of these bond issues were long-term. Of the $541.4 billion of long-term tax-exempt private activity bonds issued during this period, more than half (56.1 percent) were new money issues, and 43.9 percent were used to refund prior issues. While the types of private activities qualified for tax-exemption have increased over the years, four main types--namely, bonds issued to benefit entities exempt from income tax under Internal Revenue Code section 501(c)(3), qualified mortgage bonds, residential rental bonds, and airport bonds--have consistently contributed at least 75 percent of the total dollar volume of long-term bonds issued during each of the years included in this article. The annual Budget of the United States Government includes estimates of revenue losses associated with various income tax exclusions, deductions, credits, and special tax rates. The exclusion from gross income of the interest earned on bonds issued by State and local governmental units represents foregone revenue to the U.S. Treasury. For Fiscal Year 2002, the U.S. Treasury Department estimate of this revenue loss was $28.6 billion--$23.5 billion was attributable to tax-exempt Governmental bonds and another $5.1 billion to tax-exempt private activity bonds [1]. This article includes data on both taxexempt Governmental and private activity bonds for issue years 1996 through 2002, with particular emphasis on those bonds issued in 2002. Background Since the inception of the modern-day Federal income tax in 1913, an income exclusion from gross income 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, set forth in section 103 of the Internal Revenue Code of 1986, excludes private activity bonds that are not “qualified bonds,” “arbitrage bonds,” and bonds not in registered form. 151 Cynthia Belmonte is an economist with the Special Studies Branch Special Projects Section. This article was written under the direction of Barry Johnson, Chief. Tax-Exempt Bonds, 1996-2002 152 152 Both Governmental and private activity bonds are obligations issued by or on behalf of State and local governmental units; it is the use of proceeds that differentiates the two. Governmental bond proceeds finance essential government operations. Private activity bond proceeds are used by a private entity. Internal Revenue Code Section 141 defines a bond as a private activity bond if both of the following criteria are met: 1) more than 10 percent of the bond proceeds are used for a private business purpose; and, 2) more than 10 percent of the bond debt service is derived from private business use and is secured by privately used property. 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.” A private activity bond’s tax-exempt status then depends on whether it is deemed a “qualified” bond, as defined by Internal Revenue Code section 141(e). Qualified bonds, termed tax-exempt private activity bonds in this article, include “exempt facility bonds,” qualified mortgage bonds, qualified veterans’ mortgage bonds, qualified small issue bonds, qualified student loan bonds, qualified redevelopment bonds, and qualified section 501(c)(3) bonds (all of which are defined in the “Explanation of Terms” section at the end of this article). The major types of exempt facility bonds are bonds issued for airports; docks and wharves; sewage facilities; solid waste disposal facilities; qualified residential rental projects; and facilities for the local furnishing of electricity or gas. Section 501(c)(3) bonds are issued by State and local governments to finance the activities of charitable and similar organizations that are tax-exempt under Code section 501(c)(3). The primary beneficiaries of these bonds are hospitals, universities, and organizations that provide low-income housing or assisted living facilities. Refunding involves the sale of a new issue (the “refunding bond”), the proceeds of which are to be used to pay debt service on and retire an outstanding issue (the “refunded bond”). Generally, this is done to save interest, extend the maturity of the debt, or remove restrictive covenants in security documents. Refunding issues are classified as either “current” or “advanced,” depending on the time between the issuance of the new bonds and the maturity date (or specified call date) of the outstanding issue. Call provisions allow the issuer to retire all or a portion of the bonds prior to the stated maturity date. 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 [3]. Current refunding occurs when the new bond is issued within 90 days of the final payment of principal or interest (redemption) on the prior issue. Advance refunding occurs when the new bond is issued more than 90 days before the final payment of principal or interest (redemption) on the prior issue. Generally, the proceeds of the new (“refunding”) issue are invested in Government securities, which are placed in escrow. The interest and principal repayments on these securities are then used to repay the refunded bonds over time. Advanced refundings result in two sets of bond proceeds outstanding for one particular project, for an extended period of time. To limit this, the Tax Reform Act of 1986 imposed restrictions on advance refundings of both Governmental and tax-exempt private activity bonds. New tax-exempt Governmental bonds are limited to one advance refunding, although there exists a transition rule that allows bonds issued before the effective date of the Tax Reform Act of 1986 to be advance refunded twice (once if they had already been advance refunded one or more times before that date). Advance refundings are prohibited with respect to all tax-exempt private activity bonds, except for section 501(c)(3) bonds. Another exception applies to bonds designated as “liberty advance refunding bonds,” which are allowed one advance refunding [4]. Tax-exempt private activity bonds are subject to State volume limitations (i.e., volume caps). A single unified volume cap (introduced in the Tax Reform Act of 1986) limits the dollar amount of most taxexempt private activity bonds that each State can issue annually [5]. Refunding bonds are not subject to volume cap limitations, as long as there is no increase in the principal amount of the outstanding bond. States are allowed to carry over any unused portion of the volume cap of a particular year for up to 3 years. Tax-ExemptGovernmentalBonds Total Governmental Bond Volume Between 1996 and 2002, a total of $1.5 trillion of taxexempt Governmental bonds was issued (Table 1). Tax-Exempt Bonds, 1996-2002 Figure A Volume of Governmental Bonds Issued, by Type and Issue Year, 1996-2002 Billions of dollars 400 350 300 250 200 150 100 52.4 171.7 179.5 136.8 119.3 117.2 90.2 62.3 50.5 34.5 134.9 87.4 264.3 227.0 183.7 169.3 133.2 176.8 135.7 204.4 Average Annual State and Local Bond Interest Rates, 1996-2002 Interest rate ¹ 7.50 7.25 7.00 6.75 6.50 6.25 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 1996 5.09 5.15 5.04 5.76 5.52 5.43 5.71 340.1 50 0 1996 1997 1998 1999 Issue year 2000 2001 2002 1997 1998 1999 Year 2000 2001 2002 All issues New money issues Refunding issues ¹ Data for interest rates obtained from Federal Reserve Board, "Federal Statistical Release H.15: Selected Interest Rates, Historical Data." Figure A tracks the year-to-year changes in bond issuances. The total dollar volume of tax-exempt Governmental bonds issued increased slightly between 1996 and 1997, from $171.7 billion to $179.5 billion, before increasing 26.5 percent to reach $227.0 billion in 1998. The dollar volume of bonds issued then decreased steadily each of the next 2 years, down to a low of $169.3 billion for 2000, before rebounding to $264.3 billion for 2001 and a new high of $340.1 billion for 2002. Between 1996 and 2000, there was relatively little year-to-year variation in new money issues of tax-exempt Governmental bonds. In contrast, between 2000 and 2002, there was a dramatic increase in new money issues. During these 2 years, the dollar volume of new issues increased more than 50 percent. Refunding issues of Governmental bonds ranged from a low of $34.5 billion for 2000 to a high of $135.7 billion for 2002. Between 1996 and 1998, average annual State and local bond interest rates fell from 5.8 percent to 5.1 percent, then increased to 5.7 percent in 2000, before falling to 5.0 percent for 2002 (Figure A) [6]. The inverse relationship between interest rates and refundings over the time period covered suggest that issuers took advantage of lower rates to retire outstanding high-interest bonds. Uses of Governmental Bond Proceeds For the years covered in this article, the majority of tax-exempt Governmental bond issues were longterm (i.e., having maturities of 13 months or more). Still, there exist specific purposes for which shortterm Governmental bond issues are issued. Revenue and tax anticipation notes are short-term issues (generally, not more than 1 year between issue date and maturity date), the proceeds of which are to be 153 Tax-Exempt Bonds, 1996-2002 154 paid off from expected lump-sum tax or grant receipts in the near future. Of the $340.1 billion of tax-exempt Governmental bonds issued for 2002, only $64.4 billion (18.9 percent) were short-term issues, while the remaining $275.7 billion (81.1 percent) were long-term issues. (It is for this reason that the remainder of this article focuses on long-term issues.) More than half (53.7 percent) of the total dollar volume of long-term bond issues were new money issues, while the remainder were refunding bond issues. For 1996 through 2002, the dollar volume of longterm tax-exempt Governmental bond issues ranged from $126.5 billion (for 1996) to $275.7 billion (for 2002). During this period, of the total $1.2 billion of long-term Governmental bonds issued, the proceeds of 55.2 percent, combined, were used for three purposes: education (28.1 percent), utilities (14.3 percent), and transportation (12.8 percent) (Table 2). Education bonds comprised $232.8 billion, or 31.0 percent, of the total $750.7 billion in new money longterm bonds issued during the period. For 2002 alone, more than $45.0 billion in Governmental bonds were issued for education, accounting for more than 30 percent of the $148.1 billion of new money long-term bonds issued that year. A portion of bond proceeds is often used to pay for associated issuance costs (e.g., fees paid to trustees and bond counsel), fund reserve accounts, and refund prior bond issues. Table 3 presents uses of tax-exempt long-term Governmental bond proceeds for 2002. Of the $275.7 billion of long-term tax-exempt Governmental bonds issued, issuers used $2.6 billion (0.9 percent) of the bond proceeds for bond issuance costs, $1.1 billion (0.4 percent) for credit enhancement, and $3.7 billion (1.3 percent) for reserve fund allocations. Of the remaining $268.3 billion, $125.0 billion were used to refund or retire prior bond issues, leaving $143.4 billion to be used for new project costs. New money issues of long-term tax-exempt Governmental bonds have increased every year between 1996 and 2002, except for 1999, when the total dollar volume dropped from $109.1 billion to $103.1 billion (Table 1). In every year covered by this article, over half of all long-term Governmental bonds have been new money issues--this proportion has ranged from a low of 53.7 percent in 2002 to a high of 78.3 percent in 2000. Figure B shows the annual distribution of new money long-term Governmental bond proceeds, by purpose of bond issue. Education bonds consistently accounted for about 30 percent of the proceeds for all new money long-term Governmental issues each year. Bonds issued for utilities and transportation each generally ranged between 10 percent and 15 percent of the annual dollar volume of new money long-term Governmental bond issues; however, in 2000, only 7.2 percent of bond proceeds were for utilities, while 16.6 percent were for transportation. From 1999 to 2000, the total dollar volume of transportation bonds issued grew by 33.3 percent, a substantial increase over the previous year, almost entirely offset by the 32.9 percent decrease in the total dollar volume of utility bonds issued. This contributed to the minimal 0.2-percent increase in the total dollar volume of new money long-term Governmental bond issuances between 1999 and 2000. The percentage of new money long-term Governmental bonds issued annually for environmental purposes decreased between 1996 and 2002, from 8.8 percent to 5.7 percent. Bonds issued for public safety and health and hospital comprised, on average, 3.1 percent and 2.1 percent of annual new money long-term Governmental bond issues, respectively. New Money Issues of Long-Term Governmental Bonds,ClassifiedbySizeofIssue For 2002, a total of 14,312 new money long-term taxexempt Governmental bonds were issued, with proceeds totaling $148.1 billion (Table 4). Almost 50 percent of the total number of new money long-term Governmental bond issues were for small bonds with an issue price of less than $1 million. These bonds comprised only 1.6 percent of the total bond proceeds. Bonds with an issue price of less than $5 million accounted for almost 75 percent of the total number of bond issues, but only 6.9 percent of total bond proceeds. There were 438 bonds (3.1 percent) with an issue price in excess of $75 million. The combined proceeds of these bonds comprised 58.6 percent of the total money issued. Bonds with an issue price of less than $1 million were generally issued by smaller towns for purposes such as school buses, fire trucks, and other unspecified expenditures. Of the issues exceeding $75 million, the top specified uses of the proceeds were 154 Tax-Exempt Bonds, 1996-2002 Figure B New Money Long-Term Governmental Bonds, by Selected Purpose and Issue Year, 1996-2002 Percent of total dollar volume issued 40 35 30 25 20 15 10 5 0 Education Utilities Transportation Environment Bond purpose 1996 1997 1998 1999 2000 2001 Public safety Health and hospital All other bonds, combined ¹ 2002 ¹ For purposes of this figure, this category is comprised of "other" bonds (obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return), as well as housing bonds, tax and revenue anticipation notes, and bond anticipation notes. These bond purposes are broken out separately in Table 5. for education ($18.2 billion), transportation ($15.7 billion), and utilities ($14.5 billion) [7]. New Money Issues of Governmental Bonds, ClassifiedByState Tables 5 and 6 show how the volume of Governmental bond issues varied across the States. Figure C presents the top 15 States, ranked by the total dollar volume of new long-term Governmental bonds issued between 1996 and 2002. Combined, these 15 States accounted for 68.2 percent of the total new money long-term bond issues during the specified period. About $380.6 billion (50.7 percent) of the $750.7 billion of new money long-term bonds issued between 1996 and 2002 were issued in the following eight States: California (11.7 percent), New York (9.3 percent), Texas (8.1 percent), Illinois (5.5 percent), Florida (5.1 percent), Pennsylvania (3.9 percent), New Jersey (3.7 percent), and Michigan (3.5 percent). There was some variance in the purposes for which States issued bonds. On average, between 1996 and 2002, States spent 31.0 percent of new money long-term Governmental bond proceeds on education. During the same period, Michigan spent 51.4 percent of its total new money long-term bond proceeds on education, compared to the 29.5 percent of total California bond proceeds and 15.3 percent of total New York bond proceeds for the same purpose. States allocated an average of 12.7 percent of total new money long-term bond proceeds for transportation. New Jersey used the largest percentage of its State’s total new money long-term bond issues (36.0 percent) for transportation, followed by Massachu155 Tax-Exempt Bonds, 1996-2002 Figure C Total Volume of New Money Long-Term Governmental Bonds Issued, 1996-2002: Top 15 States, by Selected Purpose of Bond [Money amounts are in millions of dollars] Selected purpose of bond State of issue Total Education (2) 232,802 25,852 10,656 29,603 13,792 12,501 12,295 8,291 13,425 2,446 4,857 7,667 5,537 5,390 5,285 4,196 Transportation (3) 95,036 5,264 14,433 5,387 2,236 3,987 2,873 9,984 1,895 5,649 2,439 3,357 2,594 2,656 1,454 2,995 Utilities (4) 85,943 17,266 8,882 10,352 1,594 6,912 1,476 344 1,372 448 3,380 1,107 2,675 1,187 826 1,729 Environment (5) 49,422 4,011 2,793 1,394 1,587 3,637 2,167 1,111 4,884 3,361 1,123 1,295 3,546 1,121 1,086 359 Public safety (6) 23,272 2,351 1,781 1,261 812 953 907 923 564 229 652 784 852 802 434 506 Health and hospital (7) 15,626 2,062 3,068 613 380 680 48 20 198 143 377 490 260 199 220 602 All other bonds, combined (8) 248,586 30,943 27,909 12,131 20,654 9,585 9,642 7,044 3,785 11,070 8,080 6,187 3,059 5,046 6,988 4,870 1 (1) All States.......................... California............................... New York............................... Texas..................................... Illinois.................................... Florida................................... Pennsylvania......................... New Jersey............................ Michigan................................ Massachusetts....................... Washington........................... Ohio....................................... Georgia.................................. Virginia.................................. Minnesota.............................. Colorado................................ 750,718 87,750 69,522 60,741 41,055 38,255 29,407 27,719 26,124 23,346 20,907 20,887 18,523 16,401 16,292 15,257 ¹ For purposes of this figure, this category is comprised of "other" bonds (obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return), as well as housing bonds, tax and revenue anticipation notes, and bond anticipation notes. These bond purposes are broken out separately in Table 5. NOTE: Detail may not add to totals because of rounding. 156 setts and New York, which allocated 24.2 percent and 20.8 percent of their total proceeds, respectively, to transportation. Between 1996 and 2002, Georgia devoted a larger portion of its new money long-term bond proceeds (19.1 percent) to environmental projects than any other State. For 2002, more than half (52.8 percent) of the $148.1 billion of new money long-term tax-exempt bonds was issued in the following eight States: California (15.9 percent), Texas (8.4 percent), New York (6.6 percent), Illinois (5.8 percent), Florida (5.4 percent), New Jersey (4.6 percent), Michigan (3.0 percent), and Pennsylvania (3.0 percent). According to 2002 Census estimates, together, these eight States accounted for 47.3 percent of the total U.S. population [8]. Figure D presents a per capita breakdown of all new money long-term bond issuances for 2002, classified by State. Alaska ($952), New Jersey ($800), Connecticut ($767), Wisconsin ($719), and South Carolina ($715) accounted for the largest amounts of new long-term tax-exempt Governmental bonds on a per capita basis. Montana and Wyoming accounted for the smallest amounts of new long-term tax-exempt Governmental bonds on both total dollar volume and per capita bases. On a per capita basis, Wyoming issued $130 and Montana issued $94 of new long-term tax-exempt Governmental bonds. Generally, Governmental bonds are not subject to the volume cap; however, if more than $15 million of the proceeds are used in private use or disproportionate use, then the amount in excess of $15 million is subject to the volume cap, and issuers are required to report the amount of the State volume cap allocated to the Governmental issue [9]. For 2002, issuers reported allocating a combined $169.1 million of State volume cap to the total $340.1 billion of Governmental bond issues. Tax-ExemptPrivateActivityBonds TotalPrivateActivityBondVolume Between 1996 and 2002, a total of $548.9 billion of tax-exempt private activity bonds were issued (Table 7). Figure E illustrates the trends for the intervening years, which follow a pattern similar to that of Governmental bonds issued over the same period. The dollar volume of private activity bonds issued increased slightly between 1996 and 1997, from a low 156 Tax-Exempt Bonds, 1996-2002 Figure D Per Capita Amount of New Money Long-Term Governmental Bonds, by State of Issue, 2002 [Money amounts are in millions of dollars, except where noted otherwise] Per capita Total amount of State population amount of (in millions) ² bonds (whole bonds issued dollars) (1) Alabama................................. Alaska.................................... Arizona................................... Arkansas................................ California............................... Colorado................................ Connecticut............................ Delaware................................ District of Columbia............... Florida.................................... Georgia.................................. Hawaii.................................... Idaho...................................... Illinois..................................... Indiana................................... Iowa....................................... Kansas................................... Kentucky................................ Louisiana............................... Maine..................................... Maryland................................ Massachusetts....................... Michigan................................ Minnesota.............................. Mississippi............................. Missouri................................. Montana................................. Nebraska............................... Nevada.................................. New Hampshire..................... New Jersey............................ New Mexico........................... New York............................... North Carolina........................ North Dakota.......................... Ohio....................................... Oklahoma.............................. Oregon................................... Pennsylvania......................... Rhode Island.......................... South Carolina....................... South Dakota......................... Tennessee............................. Texas..................................... Utah....................................... Vermont................................. Virginia................................... Washington............................ West Virginia......................... Wisconsin.............................. Wyoming................................ 2,591 610 2,615 953 23,594 2,883 2,654 282 ** 8,022 3,957 ** 271 8,558 2,243 912 1,169 1,015 1,591 368 1,824 4,397 4,458 2,836 656 2,247 85 847 1,245 447 6,858 894 9,777 2,726 210 3,625 1,092 937 4,438 561 2,936 227 1,272 12,480 1,140 215 3,058 3,522 304 3,909 65 (2) 4.5 0.6 5.4 2.7 35.0 4.5 3.5 0.8 0.6 16.7 8.5 1.2 1.3 12.6 6.2 2.9 2.7 4.1 4.5 1.3 5.4 6.4 10.0 5.0 2.9 5.7 0.9 1.7 2.2 1.3 8.6 1.9 19.2 8.3 0.6 11.4 3.5 3.5 12.3 1.1 4.1 0.8 5.8 21.7 2.3 0.6 7.3 6.1 1.8 5.4 0.5 (3) 578 952 481 352 674 641 767 350 ** 481 463 ** 202 680 364 311 431 248 355 284 335 686 444 564 229 396 94 491 574 351 800 482 511 328 331 318 313 266 360 524 715 299 220 575 491 348 420 580 168 719 130 Figure E Volume of Private-Activity Bonds Issued, by Type and Issue Year, 1996-2002 Billions of dollars 100 91.6 90 80 70 60 50 40 31.4 30 20 10 0 1996 28.7 37.7 45.2 33.6 32.2 32.9 28.3 46.5 47.9 41.7 49.9 50.6 42.3 60.1 80.9 69.9 70.0 83.5 93.0 State of issue 1 1997 1998 1999 Issue year 2000 2001 2002 All issues Refunding issues New money issues ** Data not shown to avoid disclosure of information for specific bonds when compared to other published data. ¹ Excluding Puerto Rico and U.S. possessions. ² Population estimates were obtained from "Annual Estimates of the Population for the United States and States, and for Puerto Rico: April 1, 2000 to July 1, 2004," (NST-EST2004-01), U.S. Census Bureau, Population Division, Release Date: December 22, 2004. of $60.1 billion to $69.9 billion, before climbing sharply to $91.6 billion in 1998. The dollar volume of bonds issued then decreased steadily in each of the next 2 years, to $70.0 billion for 2000, before rebounding to $83.5 billion for 2001 and reaching a high of $93.0 billion for 2002. Over the same time frame, the fluctuation in total issues closely mirrored that of refunding issues. The increase in new money issues from 2000 to 2002 is partly attributable to the increase in the State volume cap for each of those years [5]. New money bond issues ranged from a low of $31.4 billion for 1996 to a high of $50.6 billion for 2002, an overall increase of 61.2 percent. Refunding issues of tax-exempt private activity bonds ranged from a low of $28.7 billion for 1996 to a high of $45.2 billion for 1998. Refunding (or refinancing) issues tend to increase when interest rates decline, as was the case during this time frame. (Annual interest rates for the period covered are presented in Figure A). Conversely, between 1998 and 2000, interest rates increased, and refunding 157 Tax-Exempt Bonds, 1996-2002 issues fell to $28.3 billion. The data show that issuers of State and local bonds exercised call provisions, allowing them to retire outstanding high-interest bonds with new lower-interest bonds. UsesofLong-TermPrivateActivityBondProceeds For all years during the period 1996 through 2002, the vast majority (98.6 percent) of tax-exempt private activity bond issues were long-term (Table 7). Shortterm issues are rare, since these bonds are used to finance capital improvement projects, which are generally long-term in nature. Of the $93.0 billion of tax-exempt private activity bonds issued for 2002, $91.1 billion (98.0 percent) were long-term issues. More than half (55.2 percent) of the total dollar volume of long-term bond issues in 2002 were new money issues. During this period, section 501(c)(3) bonds, including those issued for hospitals, accounted for 45.2 percent of the dollar volume of all long-term private activity bond issues (Table 8). Such bonds are used to finance the activities of charitable, educational, religious, and similar organizations recognized as tax-exempt under section 501(c)(3) of the Internal Revenue Code. Bonds issued for qualified residential rental projects and qualified mortgages accounted for another 25.7 percent of the total dollar volume issued during the period. Qualified residential rental (also referred to as multifamily housing) bonds help developers finance construction, acquisition, and/or rehabilitation of affordable housing projects, and qualified mortgage bond programs assist prospective first-time homebuyers with low and moderate incomes by providing below-market interest rate loans and down payment assistance. In terms of the dollar volume of bonds issued, for 2002, the top four categories of tax-exempt private activity bonds were section 501(c)(3) bonds (other than those issued for hospitals), qualified mortgage bonds, section 501(c)(3) hospital bonds, and qualified residential rental bonds. Combined, bonds for these four purposes represented 71.6 percent of the total long-term private activity bond money issued in 2002. Other uses of long-term bond proceeds in 2002 included airports (8.3 percent), certain Tax Reform Act transition property (of which nearly 98 percent was refunding) (6.7 percent), and student loan programs (4.4 percent). For 2002, of the $91.1 billion of long-term taxexempt private activity bonds issued, issuers used nearly $0.7 billion (0.7 percent) of the proceeds for bond issuance costs, almost $0.5 billion (0.5 percent) for credit enhancement, and $1.3 billion (1.5 percent) for reserve fund allocations (Table 9). Of the remaining $88.6 billion, $40.2 billion were used to refund or retire prior bond issues, leaving $48.4 billion to be used for new project costs. New money issues of long-term tax-exempt private activity bonds increased every year between 1996 and 2002, except for 2000, when the total dollar volume dropped from $47.4 billion to $41.4 billion (Table 7). In every year covered by this article, more than half of all long-term private activity bonds have been new money issues--this proportion has ranged from a low of 50.8 percent in 1998 to a high of 60.2 percent in 2001 (Figure F). NewMoneyIssuesofPrivateActivityBonds,ClassifiedbySizeofIssue For 2002, a total of 3,190 new money long-term taxexempt private activity bonds were issued, with proceeds totaling $50.2 billion (Table 10). Bonds with an issue price of less than $10 million, including 686 qualified small issue bonds (or industrial development bonds), accounted for 61.1 percent of the total number of bond issues, but only 12.3 percent of total bond proceeds. More than half (53.4 percent) of the total proceeds was attributable to the 10 percent of bonds with an issue price in excess of $50 million. Approximately $9.6 billion in proceeds were raised by 182 bond issues priced between $50 million and $100 million, while another $17.3 billion were raised by 133 bond issues, each of which exceeded $100 million. Of the issues exceeding $100 million, the top uses of the proceeds were for section 501(c)(3) bonds, including those issued for hospitals, ($10.2 billion), airports ($2.8 billion), mortgage bonds ($1.5 billion), and student loan bonds ($1.4 billion). Overall, section 501(c)(3) bonds, including those issued for hospitals, accounted for 55 percent of the $303.5 billion of new money long-term tax-exempt private activity bonds issued between 1996 and 2002. In terms of dollar volume, the other primary types of bonds issued during this same period were singlefamily mortgage bonds, including veterans’ mortgages (11.2 percent), airport bonds (8.8 percent), 158 158 Tax-Exempt Bonds, 1996-2002 Figure F Long-Term Private Activity Bonds, by Type and Issue Year, 1996-2002 [Money amounts are in billions of dollars] Percent of total 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1996 1997 1998 1999 Issue year New money issues Refunding issues 2000 2001 2002 $31.3 $37.6 $47.4 $46.3 $41.4 $49.4 $50.2 $28.4 $31.6 $31.9 $44.9 $27.7 $32.7 $40.8 residential rental bonds (8.3 percent), and small issue bonds (5.6 percent). For 2002, the top uses of new money proceeds included section 501(c)(3) projects (58.1 percent), residential rental bonds (11.7 percent), and single-family mortgages (9.2 percent) (Figure G). NewMoneyIssuesofPrivateActivityBonds,ClassifiedbyState During the period covered, the volume of new money long-term tax-exempt private activity bonds issued varied across the States (Tables 11 and 12). Figure H presents the top 15 States, ranked by the total dollar volume of new money long-term issues between 1996 and 2002. These 15 States accounted for 65.5 percent of the total new money long-term bond issues during the specified period. About $153.8 billion (50.7 percent) of the $303.5 billion of new money long-term bonds issued between 1996 and 2002 were issued in the following nine States: California (8.9 percent), New York (7.5 percent), Texas (6.9 percent), Florida (6.0 percent), Pennsyl- vania (5.9 percent), Illinois (4.6 percent), Ohio (4.0 percent), Massachusetts (3.7 percent), and Michigan (3.2 percent). Texas alone accounted for 10.3 percent of all new money long-term student loan bonds and 12.1 percent of all new money long-term solid waste bonds issued between 1996 and 2002. In addition, Texas, one of only five States eligible to issue veterans’ mortgage bonds, accounted for 40.2 percent of the total dollar volume for these types of issues [10]. Together, Michigan, Pennsylvania, and Illinois accounted for almost one-fourth of all new money longterm small-issue bonds issued during the same period. For a majority of States, more than half of all new money long-term issues were used to finance section 501(c)(3) projects, including hospitals. For 2002, more than half (52.7 percent) of the $50.2 billion of new money long-term tax-exempt private activity bonds were issued in the following nine States: California (10.2 percent), Texas (7.8 percent), New York (7.7 percent), Pennsylvania (6.2 percent), Florida (5.5 percent), Massachusetts (4.6 159 Tax-Exempt Bonds, 1996-2002 Figure G Long-Term Private Activity Bonds, by Issue Year, Type, and Selected Purpose of Bond, 1996-2002 [Money amounts are in millions of dollars] Type of issue and purpose of bond 1996 (1) All issues............................................................................. Bond purpose, as a percent of total money issued: Total.................................................................................... Other section 501(c)(3) (excluding hospitals)........................ Mortgage............................................................................... Section 501(c)(3) hospital...................................................... Residential rental................................................................... Airport.................................................................................... Tax Reform Act transition property........................................ Student loan........................................................................... Solid waste disposal.............................................................. Docks and wharves............................................................... All other bonds, combined ¹................................................... New money issues.............................................................. Bond purpose, as a percent of total new money issued: Total.................................................................................... 100.0 Other section 501(c)(3) (excluding hospitals)........................ 23.2 Mortgage............................................................................... 15.5 Section 501(c)(3) hospital...................................................... 20.8 Residential rental................................................................... 6.2 Airport.................................................................................... 8.8 Student loan........................................................................... 4.4 Solid waste disposal.............................................................. 5.3 Docks and wharves............................................................... 3.5 Small issue............................................................................ 8.8 All other bonds, combined ¹................................................... 3.6 ¹ Data for other bond purposes are broken out separately in Table 8. NOTE: Detail may not add to 100 percent because of rounding. 100.0 23.2 13.6 23.6 7.2 10.1 4.1 4.8 1.8 7.8 3.8 100.0 29.0 9.1 29.9 6.5 10.0 2.9 3.5 1.0 6.5 1.6 100.0 37.0 9.3 22.7 8.2 8.0 2.9 3.2 1.3 6.0 1.3 100.0 38.6 12.0 15.7 8.8 7.1 3.6 3.6 2.3 6.4 2.0 100.0 38.0 9.5 19.3 8.7 10.9 3.6 3.4 0.7 3.7 2.1 100.0 38.3 9.2 19.9 11.7 6.9 5.1 3.4 1.4 2.0 2.3 59,665 100.0 18.0 17.6 20.1 11.3 7.5 6.0 3.1 5.3 2.4 8.8 31,262 1997 (2) 69,101 100.0 19.2 16.1 23.8 7.9 8.0 5.1 3.2 4.9 1.8 10.1 37,550 1998 (3) 91,167 100.0 24.6 13.1 28.1 7.6 7.7 4.6 2.7 4.4 1.3 5.9 46,288 Issue year 1999 (4) 79,262 100.0 27.8 17.2 19.4 9.2 7.1 5.6 2.9 3.5 1.4 6.0 47,408 2000 (5) 69,048 100.0 28.8 19.4 14.7 8.6 8.1 4.4 3.5 4.2 1.5 6.8 41,392 2001 (6) 82,054 100.0 28.7 17.2 16.3 8.4 10.7 4.8 3.2 4.2 0.9 5.6 49,356 2002 (7) 91,097 100.0 27.3 17.4 16.6 10.2 8.3 6.7 4.4 3.1 1.5 4.5 50,248 160 160 percent), Illinois (3.8 percent), Georgia (3.6 percent), and Ohio (3.2 percent). According to 2002 Census estimates, together, these nine States accounted for 50.0 percent of the total U.S. population [8]. Most new money private activity bond issues were subject to State volume cap limitations determined by population [5]. States have leeway in allocating the cap among the various qualified purposes subject to the cap. Private activity bonds not subject to the unified State volume cap included all new money issues for airports, docks and wharves, Governmentally-owned solid waste facilities, hydroelectric generating facilities, and high-speed intercity rail facilities. Current refunding bonds are not figured into the total for the cap, as long as there is no increase in the principal amount of the outstanding bond. In addition, carryforward rules allow States to apply any unused amount of the cap to certain types of new money issues up to 3 years into the future. For this reason, it is legitimately possible for a State to issue new money bonds in an amount that exceeds its cap for a given year. Section 501(c)(3) bonds (other than qualified hospital bonds) were subject to a separate cap of $150 million per organization. Qualified veterans’ mortgage bonds were subject to their own special volume limitations, as were empowerment zone facility bonds and qualified public educational facility bonds. Summary Tax-exempt Governmental bond volume almost doubled during the 7-year period extending from 1996 through 2002, from $171.7 billion issued for 1996 to $340.1 billion for 2002. A total of $1.5 trillion of Governmental bonds were issued during this time frame. Long-term issues, bonds with maturities of 13 months or more, made up 80 percent of this total. Almost half (48.9 percent) of total Governmental Tax-Exempt Bonds, 1996-2002 Figure H Total New Money Long-Term Private Activity Bonds Issued, 1996-2002: Top 15 States, by Selected Purpose of Bond [Money amounts are in millions of dollars] Selected purpose of bond State of issue Total Other section 501(c)(3) ¹ (2) 100,952 7,851 10,151 5,657 5,625 7,056 4,734 3,764 5,588 1,990 2,861 3,756 2,276 3,383 2,588 3,149 Section 501(c)(3) hospital (3) 65,994 3,589 2,644 3,957 4,044 5,368 3,718 4,223 1,913 3,299 1,960 1,883 1,654 1,164 1,895 1,292 Mortgage (4) 32,883 2,704 1,327 2,203 1,404 1,281 1,512 1,204 332 244 261 330 ** 800 612 572 Airport (5) 26,697 2,660 3,642 3,716 2,386 910 1,836 406 1,070 1,196 992 371 712 618 513 344 Residential rental (6) 25,331 5,873 3,238 1,194 2,263 199 432 743 765 429 586 1,112 979 415 161 396 Small issue (7) 17,030 660 840 321 459 1,361 1,178 787 591 1,525 517 687 522 339 365 284 Student loan (8) 11,474 579 ** 1,177 -550 70 434 650 651 801 ** -** 416 302 Solid waste disposal (9) 11,447 939 516 1,385 572 694 385 639 123 209 344 494 417 49 ** 87 (1) All States................... 303,504 California............................ 27,022 New York............................ 22,668 Texas.................................. 21,078 Florida................................ 18,164 Pennsylvania...................... 17,828 Illinois................................. 14,027 Ohio.................................... 12,276 Massachusetts................... 11,128 Michigan............................. 9,613 New Jersey......................... 8,892 Georgia.............................. 8,852 Virginia............................... 7,110 Minnesota........................... 6,833 Tennessee.......................... 6,790 Missouri.............................. 6,643 **Data not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals. ¹ This category includes section 501(c)(3) bonds issued for exempt organizations other than hospitals. bond proceeds issued during this period were new money long-term issues. Bonds to refund prior Governmental issues accounted for 33.4 percent of the total $1.5 trillion issued between 1996 and 2002. More than half of all long-term Governmental bonds issued during this period were to finance projects related to education, transportation, and utilities. Education bonds alone made up 28.1 percent of all long-term Governmental bond issues. Between 1996 and 2002, tax-exempt private activity bond issues increased 54.8 percent, from $60.1 billion to $93.0 billion. There was a decrease in overall issuance between 1998 and 2000, but the period between 2000 and 2002 was one of rapid growth in tax-exempt private activity bond issuance. A total of $548.9 billion in new money and refunding tax-exempt private activity bonds was issued between 1996 and 2002, of which $541.4 billion were long-term in nature. Refunding issues accounted for 44.3 percent of the total amount issued. Bonds issued for use by section 501(c)(3) organizations and those to promote the development and purchase of affordable housing (through residential rental and single-family mortgage bonds) accounted for 70.9 percent of all long-term private activity bonds issued during this period. DataSourcesandLimitations The data presented in this article are based on the populations of Forms 8038, Information Return for Tax-Exempt Private Activity Bond Issues, and Forms 8038-G, Information Return for Tax-Exempt Governmental Obligations, filed with the Internal Revenue Service for bonds issued during each of the Calendar Years 1996 through 2002. Bond issuers were required to file these returns by the 15th day of the second calendar month after the close of the calendar quarter in which the bond was issued. The data do not include Form 8038-G returns with a total issue price less than $100,000, since issuers of these bonds are instructed to file Form 8038-GC, Information Return for Small Tax-Exempt Governmental Bond Issues, Leases, and Installment Sales. Because the entire populations of both Forms 8038 and Forms 8038-G were used, there is no sampling error. Returns filed for commercial paper transactions are excluded from the statistics, as are issues that are loans from the proceeds of another taxexempt issue (pooled financings). During statistical processing, returns were subject to thorough testing and correction procedures to ensure accuracy and validity. Further checks were conducted to identify and exclude duplicate and 161 Tax-Exempt Bonds, 1996-2002 amended returns. In some instances, returns with incomplete information, mathematical errors, or other reporting anomalies were edited to resolve internal inconsistencies. In other cases, it was not possible to reconcile reporting discrepancies. Thus, a certain amount of nonsampling error may remain. ExplanationofSelectedTerms Allocation to Reserve Fund.--Proceeds that are placed in reserve to be used to pay debt service if pledged revenues are insufficient to satisfy the debt service requirements. The amount 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. Commercial Paper.--Commercial paper consists of short-term notes that are continually rolled over. Maturities range up to 270 days but average about 30 days. Many localities use commercial paper to raise cash needed for current transactions. Credit Enhancement.--Fees paid for items such as bond insurance premiums and letters-of-credit fees. Exempt Facility Bond.--Bond issue of which 95 percent or more of the net proceeds are used to finance a tax-exempt facility (as listed in Code sections 142(a)(1) through (13) and 142(k)). 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 the local furnishing of electric energy or gas, local district heating or cooling facilities, qualified hazardous waste facilities, high-speed intercity rail facilities, environmental enhancements of hydroelectric generating facilities, and qualified public educational 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 and last for a 10-year period. The Taxpayer Relief Act of 1997 provided certain economically depressed census tracts within the District of Columbia designa- 162 162 tion as the “D.C. Enterprise Zone.” Qualified enterprise zone facility bonds are generally subject to the same rules as exempt facility bonds. The Job Creation and Worker Assistance Act of 2002 created section 1400L of the Internal Revenue Code of 1986 to provide various tax benefits for the area of New York City damaged or affected by the terrorist attack on September 11, 2001. Section 1400L(d) authorizes the issuance of “Liberty Bonds,” which are subject to the following additional requirements: (a) 95 percent or more of the net proceeds of such issue must be used for qualified project costs; (b) the bond must be issued by the State of New York or any political subdivision thereof; (c) the Governor of the State of New York or the Mayor of the City of New York must designate the bond for purposes of section 1400L(d); and (d) the bond must be issued after March 9, 2002, and before January 1, 2005. The maximum aggregate face amount of bonds that may be designated as Liberty Bonds is $8 billion. Governmental Bond.--Any obligation issued by a State or local government unit that 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. Mortgage Bond.--Bond issue of which the proceeds (except issuance costs and reasonably required reserves) are used to provide mortgage financing for single-family residential property which is occupied by the owner as his/her principal residence, and which meets the additional requirements in Internal Revenue Code section 143. Nongovernmental Output Property Bond.-Bond issue of which the proceeds are used to finance the acquisition of property used by a nongovernmental entity in connection with an output facility (such as an electric or gas power project). This bond must meet additional tests under Internal Revenue Code section 141(d). Pooled Financing.--An arrangement whereby a portion of the proceeds of a Governmental bond issue are used to make loans to other Governmental units. Private Activity Bond.--Bond issue of which more than 10 percent of the proceeds is 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 to be used for private business use (or payment for such property), or is derived from payments for property (or borrowed Tax-Exempt Bonds, 1996-2002 money) used for a private business use. A bond is also considered a private activity bond if the amount of the proceeds 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 lesser of 5 percent of the proceeds or $5 million. Redevelopment Bond.--Bond issue of which 95 percent or more of the net proceeds is used to finance certain specified real property acquisition and redevelopment in blighted areas (see Internal Revenue Code section 144(c) for additional requirements). Section 501(c)(3) Bond.--Bonds issued by State and local governments to finance the activities of charitable, educational, hospital, and similar organizations that are tax-exempt under Internal Revenue Code section 501(c)(3). 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 5percent threshold rather than a 10-percent threshold. 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 is to be used for a hospital. The category of bond issues referred to as “other section 501(c)(3)” includes bond issues that are not related to hospitals. Small Issue Bond.--Bond issue generally not exceeding $1 million, and of which 95 percent or more of the net proceeds is used to finance the acquisition of land and depreciable property or to refund such issues. In certain instances, an election to take certain capital expenditures into account can increase the limit on bond size, from $1 million to $10 million. These bonds may only be used to finance manufacturing facilities and to benefit certain firsttime farmers. Student Loan Bond.--Bond issue of which 90 percent or more of the net proceeds is used to make or finance student loans under a program of general application to which the Higher Education Act of 1965 applies (see Internal Revenue Code section 144(b)(1)(A) for additional requirements), or of which 95 percent or more of the net proceeds is 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 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 the tables classified by State. Veterans’ Mortgage Bond.--In general, a bond issue of which 95 percent or more of the net proceeds is 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 Internal Revenue Code section 143. The States that may issue veteran’s mortgage bonds are Alaska, California, Oregon, Texas, and Wisconsin. NotesandReferences Additional tax-exempt bond data for each of the 7 years covered in this article, including data by type of issue, State, size of issue, and uses of proceeds, can be found on the SOI Web site: . (Click on “Tax-Exempt Bonds.”) [1] Revenue loss estimates are from the Budget of the United States Government, Detailed Functional Tables, Fiscal Year 2002, Table 22-4: Tax Expenditures by Function . [2] The term “State” includes the District of Columbia and any possession of the United States. [3] Par is defined as 100 percent of the face value of the bond. Reported in Bond Basics, , Bond Markets Association, June 2004, p. 24. [4] The Job Creation and Worker Assistance Act of 2002 (Public Law 107-47) included changes to tax-exempt bond law intended to provide recovery assistance to businesses in the New York City area in the aftermath of the terrorist attacks of September 11, 2001. Specifically, the new law allowed for an additional advance refunding for certain bonds that had already been advance refunded prior to September 12, 2001. The refunding bonds must have been outstanding on September 11, 2001, and at least 90 percent (95 percent for 501(c)(3) bonds) of the facilities financed under the original issue must have been located within the area designated as the “New York Liberty Zone.” (Certain facilities located outside New York City were also deemed eligible.) Qualified bonds were designated by the Governor of New York or the Mayor of New York City as “liberty advance refunding bonds.” The provision was effective for bonds issued after March 9, 2002, and before January 1, 2005. See Internal Revenue Service Notice 2002-42, 2002-27 Internal Revenue Bulletin 36 for additional information. [5] The annual unified State volume cap for 1996 through 2000 was equal to the greater of $50 per capita or $150 million (calculated using the U.S. Census Bureau State population estimates). The Omnibus Spending and Tax Package passed in December 2000 included an increase in the State volume cap allocations. For 2001, the volume cap was the greater of $62.50 per capita or $187.5 million; for 2002, the volume cap was the greater of $75 per capita or $225 million. Starting January 1, 2003, the volume cap was indexed for inflation. Volume caps for U.S. possessions, with the exception of Puerto Rico, are determined under Internal Revenue Code section 146(d)(4). [6] Obtained from the Federal Reserve Board, “Federal Statistical Release H.15: Selected Interest Rates, Historical Data” . [7] For purposes of this discussion and in Table 4, the category “other bonds,” which includes all issues for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return, accounted for $29.5 billion of the total new money long-term Governmental bond issues in excess of $75 million for 2002. [8] Population estimates were obtained from “Annual Estimates of the Population for the United States and States, and for Puerto Rico: April 1, 2000 to July 1, 2004,” (NST-EST200401), U.S. Census Bureau, Population Division, Release Date: December 22, 2004. [9] Internal Revenue Code Section 141(b)(5) states that a Governmental bond will be treated as a private activity bond if: (1) the “nonqualified amount” exceeds $15 million, but is less than the amount needed to meet any of the private activity bond tests; and (b) the issuer does not allocate a portion of its volume cap to the issue in an amount equal to the excess of such nonqualified amount over $15 million. [10] The issuance of qualified veterans’ mortgage bonds was limited to the following five states: Alaska, California, Oregon, Texas, and Wisconsin. Source: IRS Statistics of Income Bulletin, Summer 2005, Publication 1136 (Rev. 09-2005.) 164 164 Tax-Exempt Bonds, 1996-2002 Table 1.--Volume of Governmental Bonds by Type, Term, and Issue Year, 1996-2002 [Money amounts are in millions of dollars] Type and term of issue All years Number (1) All issues, total............................................. Short-term.................................................. Long-term................................................... New money issues, total............................. Short-term.................................................. Long-term................................................... Refunding issues, total............................... Short-term.................................................. Long-term................................................... 178,524 57,848 120,676 144,530 44,475 100,055 48,123 17,266 30,857 Amount (2) 1,535,559 311,692 1,223,866 1,022,584 271,866 750,718 512,975 39,826 473,149 Number (3) 24,385 8,610 15,775 19,811 6,436 13,375 6,289 2,616 3,673 1996 Amount (4) 171,710 45,176 126,533 119,316 40,571 78,745 52,393 4,605 47,788 Issue year 1997 Number Amount (5) (6) 24,330 8,368 15,962 19,647 6,366 13,281 6,531 2,538 3,993 179,484 37,770 141,715 117,187 33,374 83,813 62,297 4,396 57,901 1998 Number (7) 27,761 8,184 19,577 21,737 6,326 15,411 8,418 2,430 5,988 Amount (8) 227,002 32,519 194,483 136,817 27,762 109,055 90,185 4,757 85,428 Issue year--continued Type and term of issue Number (9) All issues, total............................................. Short-term.................................................. Long-term................................................... New money issues, total............................. Short-term.................................................. Long-term................................................... Refunding issues, total............................... Short-term.................................................. Long-term................................................... 25,897 8,353 17,544 21,634 6,533 15,101 6,311 2,369 3,942 1999 Amount (10) 183,695 34,956 148,739 133,187 30,118 103,069 50,508 4,838 45,670 Number (11) 23,869 8,339 15,530 20,738 6,466 14,272 4,706 2,458 2,248 2000 Amount (12) 169,343 37,407 131,936 134,862 31,558 103,305 34,481 5,850 28,631 Number (13) 25,909 8,273 17,636 20,682 6,379 14,303 7,369 2,510 4,859 2001 Amount (14) 264,270 59,466 204,803 176,838 52,209 124,629 87,431 7,257 80,174 Number (15) 26,373 7,721 18,652 20,281 5,969 14,312 8,499 2,345 6,154 2002 Amount (16) 340,055 64,398 275,657 204,376 56,274 148,101 135,679 8,123 127,556 NOTE: Detail may not add to totals because of rounding. 165 Tax-Exempt Bonds, 1996-2002 Table 2.--Long-Term Governmental Bonds, by Purpose of Bond and Issue Year, 1996-2002 [Money amounts are in millions of dollars] All years Purpose of bond All issues Number (1) Total.............................................................................. 120,676 Education.......................................................................... 40,468 Health and hospital........................................................... 2,635 8,317 Transportation................................................................... Public safety..................................................................... 15,212 Environment...................................................................... 11,192 Housing............................................................................. 1,093 Utilities.............................................................................. 13,888 1,962 Bond and tax/revenue anticipation notes…………………… Other bonds ¹.................................................................... 34,142 Amount (2) 1,223,866 344,439 23,645 156,691 34,879 87,161 6,937 174,420 17,029 378,607 1997 Purpose of bond All issues Number (9) Total.............................................................................. Education……………………………………………..……… Health and hospital…………………………………………… Transportation………….………………………………........ Public safety………………………………………………..... Environment…………………………………………………. Housing……………………………………………………..... Utilities……………….………………………………………… Bond and tax/revenue anticipation notes…………………… Other bonds ¹.................................................................... 15,962 5,376 365 1,173 1,941 1,580 132 1,877 267 4,358 Amount (10) 141,715 38,506 3,609 18,516 3,296 12,061 710 18,509 2,661 43,848 1999 Purpose of bond All issues Number (17) Total.............................................................................. Education……………………………………………..……… Health and hospital…………………………………………… Transportation………….………………………………........ Public safety………………………………………………..... Environment…………………………………………………. Housing……………………………………………………..... Utilities……………….………………………………………… Bond and tax/revenue anticipation notes…………………… Other bonds ¹.................................................................... 17,544 5,559 382 1,320 2,318 1,654 153 2,045 291 4,982 Amount (18) 148,739 42,579 3,030 17,637 5,274 9,560 771 18,531 3,124 48,230 2001 Purpose of bond All issues Number (25) Total.............................................................................. Education……………………………………………..……… Health and hospital…………………………………………… Transportation………….………………………………........ Public safety………………………………………………..... Environment…………………………………………………. Housing……………………………………………………..... Utilities……………….………………………………………… Bond and tax/revenue anticipation notes…………………… Other bonds ¹.................................................................... NOTE: Detail may not add to totals because of rounding. 1996 New money issues All issues Number (5) 15,775 5,321 369 1,084 1,957 1,742 150 1,879 284 4,114 Amount (6) 126,533 34,411 3,169 12,381 4,496 11,166 745 16,933 3,088 40,111 1998 New money issues All issues Number (13) 19,577 6,823 417 1,289 2,274 1,810 194 2,242 305 5,459 Amount (14) 194,483 52,227 4,147 24,626 5,751 13,904 1,301 32,335 2,992 57,190 2000 New money issues All issues Number (21) 15,530 5,138 315 1,126 2,146 1,321 143 1,597 326 4,455 Amount (22) 131,936 41,214 1,633 20,530 4,277 9,054 771 13,393 2,714 38,350 2002 New money issues All issues Number (29) 18,652 6,256 423 1,150 2,358 1,588 168 2,208 239 5,593 Amount (30) 275,657 73,996 4,831 41,608 6,392 18,570 1,246 42,155 1,147 85,716 New money issues Number (31) 14,312 4,589 350 945 2,150 1,120 129 1,463 229 4,379 Amount (32) 148,101 45,005 3,459 18,265 4,054 8,383 900 20,534 1,061 46,443 New money issues Number (23) 14,272 4,778 297 1,008 2,086 1,107 123 1,354 314 4,079 Amount (24) 103,305 32,136 1,291 17,186 3,494 6,931 586 7,436 2,666 31,577 New money issues Number (15) 15,411 5,272 328 1,072 2,104 1,293 139 1,490 280 4,389 Amount (16) 109,055 31,677 2,415 14,710 3,432 7,333 544 16,195 2,927 29,813 New money issues Number (7) 13,375 4,629 318 925 1,848 1,314 124 1,373 262 3,506 Amount (8) 78,745 24,956 2,120 8,232 3,216 6,901 553 7,050 2,880 22,834 Number (3) 100,055 33,362 2,269 7,040 14,232 8,428 870 10,036 1,839 28,548 Amount (4) 750,718 232,802 15,626 95,036 23,272 49,422 4,904 85,943 16,116 227,566 Number (11) 13,281 4,558 306 971 1,802 1,201 106 1,367 253 3,629 Amount (12) 83,813 27,684 1,655 9,824 2,350 6,143 374 8,023 2,585 25,175 166 Number (19) 15,101 4,828 336 1,140 2,205 1,304 121 1,536 275 4,310 Amount (20) 103,069 31,340 1,794 12,894 3,817 6,488 627 11,086 3,033 31,987 Amount (26) 204,803 61,507 3,227 21,393 5,392 12,846 1,392 32,564 1,303 65,162 Number (27) 14,303 4,708 334 979 2,037 1,089 128 1,453 226 4,256 Amount (28) 124,629 40,004 2,892 13,925 2,909 7,242 1,320 15,619 964 39,736 17,636 5,995 364 1,175 2,218 1,497 153 2,040 250 5,181 ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. 166 Tax-Exempt Bonds, 1996-2002 Table 3.--Computation of Lendable Proceeds for Long-Term Governmental Bonds, by Purpose of Bond, 2002 [Money amounts are in millions of dollars] Entire issue Purpose of bond Number (1) Total............................................................ Education........................................................ Health and hospital......................................... Transportation................................................. Public safety................................................... Environment.................................................... Housing........................................................... Utilities............................................................ Bond and tax/revenue anticipation notes........ Other bonds ¹.................................................. 18,652 6,256 423 1,150 2,358 1,588 168 2,208 239 5,593 price Amount (2) 275,657 73,996 4,831 41,608 6,392 18,570 1,246 42,155 1,147 85,716 Bond issuance costs Number (3) 12,158 4,285 237 845 848 1,160 101 1,808 169 3,954 Amount (4) 2,563 691 57 386 68 178 13 417 3 749 Credit enhancement Number (5) 5,099 2,224 87 301 315 431 ** 748 ** 1,503 Amount (6) 1,069 152 39 205 20 63 ** 310 ** 277 Allocation to reserve fund Number (7) 1,386 247 41 84 62 146 ** 353 ** 461 Nonrefunding proceeds Amount (8) 3,693 342 155 445 55 209 ** 1,358 ** 1,112 Total lendable Purpose of bond proceeds Proceeds used to refund prior issues Number (9) Total........................................................................................................... Education........................................................................................................ Health and hospital......................................................................................... Transportation................................................................................................ Public safety................................................................................................... Environment................................................................................................... Housing.......................................................................................................... Utilities............................................................................................................ Bond and tax/revenue anticipation notes........................................................ Other bonds ¹.................................................................................................. 18,652 6,256 423 1,150 2,358 1,588 168 2,208 239 5,593 Amount (10) 268,333 72,811 4,579 40,573 6,248 18,119 1,215 40,069 1,144 83,578 Number (11) 6,154 2,247 117 378 375 726 65 1,074 25 1,952 Amount (12) 124,962 28,637 1,309 22,921 2,289 9,986 340 20,745 85 38,649 Number (13) 14,312 4,589 350 945 2,150 1,120 129 1,463 229 4,379 Amount (14) 143,371 44,173 3,269 17,652 3,959 8,133 876 19,324 1,058 44,930 **Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. NOTE: Detail may not add to totals because of rounding. 167 Tax-Exempt Bonds, 1996-2002 Table 4.--New Money Long-Term Governmental Bonds, by Purpose of Bond and Size of Issue, 2002 [Money amounts are in millions of dollars, except for size of issue, which is in whole dollars] Size of issue Purpose of bond All issues Under $500,000 Number (1) Total........................................................... Education........................................................ Health and hospital......................................... Transportation................................................ Public safety................................................... Environment................................................... Housing.......................................................... Utilities............................................................ Tax/revenue anticipation notes....................... Bond anticipation notes.................................. Other bonds ¹.................................................. 14,312 4,589 350 945 2,150 1,120 129 1,463 72 157 4,379 Amount (2) 148,101 45,005 3,459 18,265 4,054 8,383 900 20,534 726 335 46,443 Number (3) 5,194 1,397 85 289 1,337 315 22 329 5 53 1,424 $10,000,000 under $25,000,000 Number (11) 1,142 540 26 66 66 83 11 120 ** ** 366 Amount (12) 15,325 7,184 305 539 641 672 117 1,446 ** ** 4,298 Amount (10) 9,267 3,746 191 321 532 514 96 1,100 66 59 2,643 Number (13) 762 373 30 54 49 67 11 92 ** ** 249 Amount (4) 1,212 331 21 60 292 72 6 80 1 14 333 (5) 1,759 497 54 112 237 135 13 196 8 35 518 $25,000,000 under $75,000,000 Amount (14) 26,418 12,882 849 1,068 783 1,196 238 2,382 ** ** 6,859 Number (15) 438 148 20 81 28 58 10 60 ** ** 146 Number $500,000 under $1,000,000 Amount (6) 1,191 342 37 68 154 86 8 123 6 25 343 (7) 3,523 1,045 103 262 313 343 46 464 42 51 1,183 $75,000,000 or more Amount (16) 86,841 18,208 1,845 15,748 1,114 5,231 344 14,508 ** ** 29,459 Number $1,000,000 under $5,000,000 Amount (8) 7,847 2,312 210 462 537 612 90 894 122 98 2,507 Size of issue--continued $5,000,000 Purpose of bond Number (9) Total........................................................... Education........................................................ Health and hospital......................................... Transportation................................................ Public safety................................................... 1,494 589 32 81 120 119 16 202 10 10 493 under $10,000,000 168 Environment................................................... Housing.......................................................... Utilities............................................................ Tax/revenue anticipation notes....................... Bond anticipation notes.................................. Other bonds ¹.................................................. **Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. NOTE: Detail may not add to totals because of rounding. 168 Tax-Exempt Bonds, 1996-2002 Table 5.--Total New Money Long-Term Governmental Bonds, by State of Issue and Purpose, 1996-2002 [Money amounts are in millions of dollars] Purpose of bond State of Issue Total Number (1) All States....................... 100,055 Alabama............................. 1,867 Alaska................................ 226 Arizona............................... 1,633 Arkansas............................ 1,385 California............................ 8,393 Colorado............................ 2,140 Connecticut........................ 775 Delaware............................ 246 District of Columbia............ 35 Florida................................ 2,487 Georgia.............................. 2,122 Hawaii................................ 138 Idaho.................................. 733 Illinois................................. 5,576 Indiana............................... 2,589 Iowa................................... 2,229 Kansas............................... 1,950 Kentucky............................ 1,440 Louisiana............................ 1,539 Maine................................. 717 Maryland............................ 974 Massachusetts................... 1,454 Michigan............................. 4,542 Minnesota.......................... 4,051 Mississippi......................... 1,617 Missouri............................. 2,344 Montana............................. 472 Nebraska............................ 3,161 Nevada............................... 400 New Hampshire................. 418 New Jersey........................ 2,618 New Mexico....................... 833 New York........................... 4,248 North Carolina.................... 2,749 North Dakota...................... 721 Ohio................................... 2,643 Oklahoma........................... 1,879 Oregon............................... 1,203 Pennsylvania...................... 4,087 Rhode Island...................... 340 South Carolina................... 1,577 South Dakota..................... 450 Tennessee......................... 1,583 Texas................................. 7,476 Utah................................... 1,141 Vermont............................. 344 Virginia............................... 1,638 Washington........................ 2,022 West Virginia..................... 698 Wisconsin.......................... 3,664 Wyoming............................ 296 Puerto Rico........................ 165 U.S. Possessions other than Puerto Rico............ 27 Footnotes at end of table. Education Number (3) 33,362 385 51 657 821 3,749 453 378 34 6 336 492 6 157 2,527 1,027 590 501 536 304 302 284 620 1,476 713 501 832 147 397 85 158 1,422 326 2,146 411 206 1,029 1,219 371 1,525 85 407 143 312 2,679 220 38 550 504 93 979 157 10 5 Amount (4) 232,802 3,139 847 4,659 1,791 25,852 4,196 2,976 440 42 12,501 5,537 249 849 13,792 6,138 1,750 2,754 1,958 2,169 432 3,025 2,446 13,425 5,285 1,615 3,915 319 1,177 2,822 581 8,291 1,370 10,656 7,029 281 7,667 2,178 3,598 12,295 438 4,229 555 2,360 29,603 1,457 182 5,390 4,857 429 2,838 187 204 31 Health and hospital Number (5) 2,269 75 13 20 35 184 49 ** 6 ** 32 63 36 36 31 80 88 94 ** 72 6 48 14 76 85 76 66 14 45 12 ** 25 9 59 75 3 72 80 28 18 5 54 ** 45 131 27 -29 94 20 66 20 25 3 Amount (6) 15,626 729 49 81 49 2,062 602 ** 5 ** 680 260 49 53 380 392 155 183 ** 411 38 146 143 198 220 288 379 34 45 91 ** 20 44 3,068 389 3 490 253 294 48 17 1,051 ** 290 613 128 -199 377 22 378 71 68 40 Transportation Number (7) 7,040 101 36 148 36 355 131 95 81 ** 210 57 ** 175 277 144 295 322 53 130 111 84 158 340 253 109 203 23 173 29 28 90 52 242 122 38 209 49 84 189 46 70 59 93 349 113 11 133 145 21 729 12 17 ** Amount (8) 95,036 386 206 1,930 708 5,264 2,995 1,550 564 ** 3,987 2,594 ** 67 2,236 797 321 1,079 373 942 269 880 5,649 1,895 1,454 276 2,655 13 119 1,406 279 9,984 1,262 14,433 764 37 3,357 1,240 801 2,873 319 2,153 40 100 5,387 1,279 14 2,656 2,439 584 1,546 3 2,415 ** Public safety Number (9) 14,232 284 22 227 92 781 383 201 52 ** 547 277 11 117 485 453 212 163 240 382 132 272 269 436 242 155 371 44 170 49 84 468 118 720 1,003 ** 459 120 191 757 73 377 39 214 834 127 53 338 314 315 516 20 14 -Amount (10) 23,272 293 23 248 229 2,351 506 186 48 ** 953 852 6 150 812 738 191 206 436 469 73 589 229 564 434 262 719 43 173 449 60 923 175 1,781 680 ** 784 291 557 907 105 248 61 276 1,261 236 12 802 652 264 854 82 21 -- Environment Number (11) 8,428 67 ** 61 91 377 80 108 50 ** 158 436 7 87 209 237 321 233 42 143 85 142 260 821 297 54 184 47 90 49 25 180 66 200 215 64 143 ** 62 665 35 93 38 79 425 120 116 126 168 104 718 10 12 ** Amount (12) 49,422 1,100 ** 529 254 4,011 359 124 163 ** 3,637 3,546 197 99 1,587 1,441 600 613 641 644 131 631 3,361 4,884 1,086 84 962 38 70 1,589 24 1,111 180 2,793 1,063 165 1,295 ** 629 2,167 367 356 84 278 1,394 220 66 1,121 1,123 205 2,048 7 161 ** Amount (2) 750,718 11,199 3,212 12,122 4,156 87,750 15,257 12,416 1,847 2,790 38,255 18,523 4,345 1,493 41,055 11,992 5,470 7,192 7,692 8,785 1,868 9,082 23,346 26,124 16,292 5,332 11,380 858 4,626 9,507 2,104 27,719 5,051 69,522 15,182 1,266 20,887 6,296 8,729 29,407 2,354 12,235 1,023 10,651 60,741 5,460 882 16,401 20,907 2,090 15,255 485 11,247 857 169 Tax-Exempt Bonds, 1996-2002 Table 5.--Total New Money Long-Term Governmental Bonds, by State of Issue and Purpose, 1996-2002--Continued [Money amounts are in millions of dollars] Purpose of bond--continued State of issue Housing Number (13) All States..................................... Alabama........................................... Alaska.............................................. Arizona............................................. Arkansas.......................................... California.......................................... Colorado.......................................... Connecticut...................................... Delaware.......................................... District of Columbia.......................... Florida.............................................. Georgia............................................ Hawaii.............................................. Idaho................................................ Illinois............................................... Indiana............................................. Iowa................................................. Kansas............................................. Kentucky.......................................... Louisiana.......................................... Maine............................................... Maryland.......................................... Massachusetts................................. Michigan........................................... Minnesota........................................ Mississippi....................................... Missouri........................................... Montana........................................... Nebraska.......................................... Nevada............................................. New Hampshire............................... New Jersey...................................... New Mexico..................................... New York......................................... North Carolina.................................. North Dakota.................................... Ohio................................................. Oklahoma......................................... Oregon............................................. Pennsylvania.................................... Rhode Island.................................... South Carolina................................. South Dakota................................... Tennessee....................................... Texas............................................... Utah................................................. Vermont........................................... Virginia............................................. Washington...................................... West Virginia................................... Wisconsin........................................ Wyoming.......................................... Puerto Rico...................................... U.S. Possessions other than Puerto Rico.......................... 870 6 6 ** 3 88 ** 14 5 -33 ** ** 3 15 9 8 3 ** ** 3 20 17 8 163 6 ** -4 ** 7 9 3 20 25 5 26 12 19 16 5 ** 36 6 38 5 4 14 69 ** 29 5 --Amount (14) 4,904 11 363 ** 50 1,062 ** 46 8 -248 ** ** 20 436 15 13 3 ** ** 2 117 29 28 237 34 ** -1 ** 16 21 14 250 47 9 46 270 124 112 17 ** 32 32 155 113 5 122 253 ** 25 11 --Utilities Number (15) 10,036 325 22 111 243 471 191 32 10 -296 140 8 41 348 142 266 335 323 127 53 66 167 211 477 83 328 47 201 28 18 99 72 129 254 289 152 218 118 192 20 147 41 490 1,345 250 63 139 255 29 586 22 9 7 Amount (16) 85,943 3,281 292 1,868 740 17,266 1,729 512 69 -6,912 2,675 92 46 1,594 906 367 632 1,400 362 30 476 448 1,372 826 229 888 55 1,651 818 46 344 256 8,882 1,965 492 1,107 985 594 1,476 167 1,389 74 2,222 10,352 693 34 1,187 3,380 263 776 63 1,565 97 Tax/revenue anticipation notes Number (17) 649 27 ** 23 14 262 ---** ** ** -3 5 6 9 --** 5 ** 4 ** 157 3 ----** --5 -** 6 -3 33 ** ** --3 18 ** -10 -31 ---Amount (18) 11,447 62 ** 58 8 10,264 ---** ** ** -1 78 6 12 --** 3 ** 3 ** 381 5 ----** --5 -** 5 -17 118 ** ** --2 8 ** -7 -68 ---Bond anticipation notes Number (19) 1,190 5 ** ** -11 ** ** 5 -** ** -11 5 51 85 29 33 11 22 ** 16 ** 36 4 ** -132 ** 13 19 -65 4 -40 ** 50 56 ** ** ** 106 -11 ** 49 78 ** 168 3 --Amount (20) 4,669 8 ** ** -106 ** ** 25 -** ** -22 43 98 137 59 236 26 69 ** 529 ** 24 2 ** -103 ** 11 27 -225 13 -91 ** 83 117 ** ** ** 487 -44 ** 337 449 ** 682 4 --Other bonds¹ Number (21) 28,548 685 75 437 80 2,186 840 321 46 26 913 748 67 105 1,775 444 703 658 210 394 173 484 651 1,191 1,761 629 389 155 1,999 152 123 601 200 873 821 109 608 178 285 765 149 449 89 382 1,834 267 57 536 414 113 1,258 47 82 11 Amount (22) 227,566 2,189 1,422 2,662 327 19,511 4,729 6,958 526 2,205 9,255 2,771 3,499 187 20,097 1,460 1,923 1,661 2,612 3,743 820 2,824 10,510 3,752 6,346 2,536 1,841 357 1,287 2,302 1,081 6,996 1,749 27,430 3,233 271 6,044 991 2,031 9,295 915 2,800 165 4,582 11,975 1,282 566 4,587 7,371 318 6,040 56 6,814 664 170 ** Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. NOTE: Detail may not add to totals because of rounding. 170 Tax-Exempt Bonds, 1996-2002 Table 6.--New Money Long-Term Governmental Bonds: All Bond Issues and Education Bonds, by State and Issue Year, 1996-2002 [Money amounts are in millions of dollars] 1996 State of issue All issues Number (1) All States......................... Alabama............................... Alaska................................... Arizona................................. Arkansas............................... California.............................. Colorado............................... Connecticut........................... Delaware.............................. District of Columbia.............. Florida.................................. Georgia................................. Hawaii................................... Idaho..................................... Illinois................................... Indiana.................................. Iowa...................................... Kansas.................................. Kentucky............................... Louisiana.............................. Maine.................................... Maryland............................... Massachusetts...................... Michigan............................... Minnesota............................. Mississippi............................ Missouri................................ Montana................................ Nebraska.............................. Nevada................................. New Hampshire.................... New Jersey........................... New Mexico.......................... New York.............................. North Carolina...................... North Dakota........................ Ohio...................................... Oklahoma............................. Oregon.................................. Pennsylvania........................ Rhode Island........................ South Carolina...................... South Dakota........................ Tennessee............................ Texas.................................... Utah...................................... Vermont................................ Virginia................................. Washington........................... West Virginia........................ Wisconsin............................. Wyoming.............................. Puerto Rico........................... U.S. Possessions other than Puerto Rico............... Footnotes at end of table. 13,375 202 26 254 180 1,064 243 102 45 ** 376 267 13 79 931 299 286 261 231 203 89 159 194 633 530 237 339 84 367 58 35 346 108 489 359 74 349 204 198 558 43 205 64 254 960 141 36 228 276 94 527 35 32 ** Amount (2) 78,745 1,015 461 990 463 8,470 1,156 1,802 247 ** 4,523 1,427 490 217 4,099 1,255 537 666 576 727 217 1,536 2,228 2,904 1,939 480 1,128 170 305 1,067 167 2,660 581 6,893 1,771 76 2,361 496 1,447 3,265 144 812 99 1,438 7,230 442 164 2,260 1,868 189 1,991 69 988 ** Education issues Number (3) 4,629 45 7 123 112 467 72 54 5 ** 49 51 ** 18 459 122 102 61 97 37 32 46 84 211 122 52 162 29 81 10 13 194 36 194 52 22 156 122 77 202 13 62 16 51 340 24 6 85 60 14 160 15 ** ** Amount (4) 24,956 442 89 478 199 1,865 590 549 81 ** 1,500 419 ** 127 1,509 905 182 259 246 230 19 331 171 1,849 674 107 391 94 90 398 27 612 158 1,053 818 21 830 152 476 1,432 47 446 41 281 3,045 173 2 590 408 30 362 54 ** ** All issues Number (5) 13,281 238 34 230 163 1,191 240 111 38 ** 322 290 13 105 759 313 298 240 174 213 75 123 184 603 531 204 287 59 370 42 62 344 121 615 419 91 359 212 131 547 35 218 59 248 884 136 40 259 302 106 584 28 26 ** Amount (6) 83,813 943 328 1,405 500 9,433 998 1,297 274 ** 4,255 2,717 688 131 4,443 1,191 528 792 499 822 237 1,203 2,749 3,051 1,658 645 1,018 97 358 949 135 2,489 625 8,763 2,109 217 2,776 544 613 4,035 199 967 115 1,549 5,930 983 47 1,981 2,844 182 1,541 31 1,434 ** 1997 Education issues Number (7) 4,558 64 6 104 111 576 60 44 5 ** 44 88 ** 13 339 116 81 75 61 43 31 45 76 186 107 59 106 19 33 7 26 194 51 330 62 25 156 132 32 206 4 66 21 49 307 28 3 89 81 14 170 10 ** -Amount (8) 27,684 271 123 831 233 2,869 445 340 70 ** 1,131 1,013 ** 64 2,141 664 173 393 226 295 19 398 209 1,619 578 200 464 31 107 314 37 707 154 1,391 919 52 960 216 151 1,944 7 416 67 236 3,066 300 (¹) 772 665 41 343 11 ** -Number (9) 15,411 303 26 288 192 1,334 324 113 30 7 359 351 27 110 766 416 322 293 198 219 112 142 229 660 564 339 362 60 641 51 46 397 118 615 386 133 444 251 165 694 68 235 68 209 1,155 166 59 230 341 120 602 31 36 4 1998 All issues Amount (10) 109,055 1,435 220 1,938 375 11,903 1,650 1,206 185 822 5,747 2,574 526 247 4,016 1,941 686 826 1,148 1,388 251 1,150 3,273 3,536 2,134 1,277 1,641 199 730 1,139 211 3,432 764 15,710 2,110 186 3,576 1,517 1,025 5,039 299 1,355 105 1,520 7,461 861 167 1,961 2,542 492 1,916 109 2,272 263 171 Tax-Exempt Bonds, 1996-2002 Table 6.--New Money Long-Term Governmental Bonds: All Bond Issues and Education Bonds, by State and Issue Year, 1996-2002--Continued [Money amounts are in millions of dollars] 1998--continued State of issue Education issues Number (11) All States........................ Alabama.............................. Alaska................................. Arizona................................ Arkansas............................. California............................. Colorado.............................. Connecticut......................... Delaware............................. District of Columbia............. Florida................................. Georgia............................... Hawaii................................. Idaho................................... Illinois.................................. Indiana................................. Iowa..................................... Kansas................................ Kentucky.............................. Louisiana............................. Maine.................................. Maryland............................. Massachusetts.................... Michigan.............................. Minnesota............................ Mississippi........................... Missouri............................... Montana.............................. Nebraska............................. Nevada................................ New Hampshire................... New Jersey......................... New Mexico......................... New York............................. North Carolina..................... North Dakota....................... Ohio..................................... Oklahoma............................ Oregon................................ Pennsylvania....................... Rhode Island....................... South Carolina..................... South Dakota....................... Tennessee........................... Texas................................... Utah..................................... Vermont............................... Virginia................................ Washington......................... West Virginia....................... Wisconsin............................ Wyoming............................. Puerto Rico......................... U.S. Possessions other than Puerto Rico.............. Footnotes at end of table. 5,272 65 5 117 122 610 93 59 7 ** 41 67 -32 334 167 89 82 71 51 43 37 91 207 107 187 130 18 144 11 18 201 54 302 53 40 174 150 44 232 17 57 27 46 473 19 8 78 89 12 174 13 ** ** Amount (12) 31,677 504 66 727 214 3,047 608 388 57 ** 1,848 767 -124 1,676 906 292 258 191 409 59 542 254 2,020 611 649 701 54 205 148 19 941 161 1,451 1,150 21 962 319 370 1,991 38 320 51 271 3,782 184 61 660 940 104 504 36 ** ** All issues Number (13) 15,101 311 40 252 231 1,279 319 127 40 9 358 336 17 116 820 401 318 321 222 248 123 125 246 716 569 208 342 60 444 59 72 381 118 659 430 119 393 297 210 598 54 215 79 236 1,086 172 56 246 322 98 529 50 17 7 Amount (14) 103,069 2,541 559 1,639 433 10,667 2,276 1,556 184 269 4,561 2,651 456 204 5,864 1,322 592 1,362 1,231 1,173 310 1,178 3,494 3,206 2,014 705 1,223 70 910 1,320 497 4,174 691 10,482 1,754 184 2,434 803 1,471 4,351 406 1,611 150 1,863 8,517 724 100 2,192 3,590 354 1,677 87 613 373 1999 Education issues Number (15) 4,828 69 9 107 136 554 46 65 5 ** 43 68 -24 384 164 70 81 84 38 49 38 104 217 87 53 117 17 34 11 32 215 46 333 58 42 149 185 52 208 15 59 26 43 339 34 ** 85 62 16 118 32 -** Amount (16) 31,340 875 126 710 206 3,062 762 316 69 ** 1,187 561 -83 2,734 755 194 482 424 224 34 401 343 1,162 672 127 468 23 169 562 66 1,067 128 1,508 670 40 935 248 737 1,538 102 401 62 347 4,868 182 ** 653 560 28 396 27 -** All issues Number (17) 14,272 251 41 201 196 1,138 343 111 34 4 341 305 22 103 736 376 340 255 216 240 105 138 212 646 600 221 337 81 449 76 70 365 134 681 383 116 342 295 214 519 49 234 67 243 1,107 165 48 233 271 87 448 52 28 3 Amount (18) 103,305 792 639 1,292 562 9,831 2,751 1,943 355 198 5,645 2,726 388 113 6,280 1,728 742 1,239 1,368 1,212 298 874 4,896 3,312 2,747 640 1,733 143 695 1,898 320 5,034 720 8,610 2,188 214 2,365 870 1,618 3,225 386 1,352 158 1,377 8,436 507 75 2,573 2,082 312 1,929 46 1,805 62 2000 Education issues Number (19) 4,778 57 10 70 116 511 48 51 5 -52 67 ** 18 314 145 86 69 87 39 45 42 96 233 98 38 116 25 42 27 28 211 46 369 70 27 113 210 68 214 13 55 17 54 394 30 7 84 88 11 121 36 ** -Amount (20) 32,136 152 155 216 209 3,619 243 567 45 -1,887 534 ** 38 1,949 845 288 421 353 347 109 403 362 2,006 832 160 585 46 241 241 89 633 216 1,971 1,183 36 816 318 492 1,737 125 757 71 464 4,102 171 1 785 585 81 436 17 ** -- 172 172 Tax-Exempt Bonds, 1996-2002 Table 6.--New Money Long-Term Governmental Bonds: All Bond Issues and Education Bonds, by State and Issue Year, 1996-2002--Continued [Money amounts are in millions of dollars] 2001 State of issue All issues Number (21) Amount (22) Education issues Number (23) Amount (24) All issues Number (25) Amount (26) 2002 Education issues Number (27) 4,589 44 8 72 116 545 63 59 ** -54 88 ** 24 326 150 91 61 57 56 56 42 83 198 87 59 95 14 29 10 28 200 46 277 59 32 148 220 37 231 12 57 17 29 387 48 6 61 54 14 112 22 3 -Amount (28) 45,005 297 196 831 333 7,008 883 481 ** -3,239 1,374 ** 194 1,799 871 384 493 228 511 163 466 439 2,293 962 153 587 36 158 557 180 2,637 311 1,439 1,084 77 1,551 575 348 1,947 68 1,445 172 225 5,291 206 115 932 799 68 400 9 (¹) -- All States............................. 14,303 124,629 4,708 40,004 14,312 148,101 Alabama................................... 266 1,882 41 598 296 2,591 Alaska....................................... 29 394 6 92 30 610 Arizona..................................... 186 2,243 64 865 222 2,615 Arkansas................................... 209 870 108 398 214 953 California.................................. 1,150 13,852 486 4,382 1,237 23,594 Colorado................................... 359 3,543 71 664 312 2,883 Connecticut............................... 92 1,957 46 337 119 2,654 Delaware.................................. 38 320 6 79 21 282 District of Columbia.................. 5 310 --** ** Florida...................................... 356 5,503 53 1,709 375 8,022 Georgia..................................... 299 2,472 63 869 274 3,957 Hawaii....................................... 29 1,024 ** ** ** ** Idaho......................................... 106 310 28 220 114 271 Illinois....................................... 782 7,796 371 1,985 782 8,558 Indiana...................................... 407 2,313 163 1,192 377 2,243 Iowa.......................................... 324 1,474 71 237 341 912 Kansas...................................... 295 1,137 72 447 285 1,169 Kentucky................................... 214 1,857 79 290 185 1,015 Louisiana.................................. 200 1,873 40 152 216 1,591 Maine........................................ 96 187 46 30 117 368 Maryland................................... 133 1,316 34 483 154 1,824 Massachusetts.......................... 190 2,308 86 669 199 4,397 Michigan................................... 656 5,657 224 2,477 628 4,458 Minnesota................................. 629 2,965 105 956 628 2,836 Mississippi................................ 208 928 53 219 200 656 Missouri.................................... 320 2,390 106 720 357 2,247 Montana.................................... 76 94 25 34 52 85 Nebraska.................................. 443 781 34 207 447 847 Nevada..................................... 53 1,888 9 603 61 1,245 New Hampshire........................ 45 326 13 163 88 447 New Jersey............................... 387 3,072 207 1,694 398 6,858 New Mexico.............................. 123 776 47 240 111 894 New York.................................. 612 9,286 341 1,843 577 9,777 North Carolina.......................... 389 2,525 57 1,205 383 2,726 North Dakota............................ 81 179 18 33 107 210 Ohio.......................................... 378 3,750 133 1,613 378 3,625 Oklahoma................................. 302 975 200 350 318 1,092 Oregon...................................... 161 1,617 61 1,024 124 937 Pennsylvania............................ 580 5,055 232 1,707 591 4,438 Rhode Island............................ 44 360 11 50 47 561 South Carolina.......................... 231 3,203 51 444 239 2,936 South Dakota............................ 60 169 19 91 53 227 Tennessee................................ 215 1,632 40 536 178 1,272 Texas........................................ 1,157 10,688 439 5,448 1,127 12,480 Utah.......................................... 160 803 37 242 201 1,140 Vermont.................................... 46 113 ** ** 59 215 Virginia..................................... 225 2,376 68 997 217 3,058 Washington.............................. 282 4,460 70 901 228 3,522 West Virginia............................ 90 257 12 75 103 304 Wisconsin................................. 519 2,292 124 396 455 3,909 Wyoming.................................. 54 77 29 33 46 65 Puerto Rico............................... 7 926 ** ** 19 3,209 U.S. Possessions other than Puerto Rico................... 5 68 --** ** **Data not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals. ¹ Less than $500,000. NOTE: Detail may not add to totals because of rounding. 173 Tax-Exempt Bonds, 1996-2002 Table 7.--Volume of Private Activity Bonds by Type, Term, and Issue Year, 1996-2002 [Money amounts are in millions of dollars] Type and term of issue All years Number (1) All issues, total...................................... Short-term........................................... Long-term............................................ New money issues, total....................... Short-term........................................... Long-term............................................ Refunding issues, total......................... Short-term........................................... Long-term............................................ Type and term of issue Number (9) All issues, total...................................... Short-term........................................... Long-term............................................ New money issues, total....................... Short-term........................................... Long-term............................................ Refunding issues, total......................... Short-term........................................... Long-term............................................ 5,045 101 4,944 3,973 45 3,928 1,725 61 1,664 32,361 690 31,671 24,983 356 24,627 11,202 362 10,840 1999 Amount (10) 80,876 1,613 79,262 47,930 523 47,408 32,945 1,091 31,855 Number (11) 4,427 130 4,297 3,655 69 3,586 1,201 64 1,137 Amount (2) 548,908 7,513 541,394 305,758 2,254 303,504 243,150 5,260 237,890 Number (3) 4,215 60 4,155 3,055 24 3,031 1,607 40 1,567 2000 Amount (12) 69,980 931 69,048 41,688 297 41,392 28,292 635 27,657 Number (13) 4,455 159 4,296 3,534 94 3,440 1,388 70 1,318 Issue year 1996 Amount (4) 60,083 418 59,665 31,410 148 31,262 28,672 270 28,402 Number (5) 4,581 57 4,524 3,528 21 3,507 1,564 38 1,526 2001 Amount (14) 83,501 1,447 82,054 49,948 591 49,356 33,554 856 32,698 Number (15) 4,350 109 4,241 3,252 62 3,190 1,656 54 1,602 1997 Amount (6) 69,860 760 69,101 37,672 122 37,550 32,188 638 31,550 Number (7) 5,288 74 5,214 3,986 41 3,945 2,061 35 2,026 2002 Amount (16) 92,979 1,882 91,097 50,648 400 50,248 42,331 1,482 40,849 1998 Amount (8) 91,629 462 91,167 46,462 173 46,288 45,167 289 44,878 Issue year--continued NOTE: Detail may not add to totals because of rounding. 174 174 Tax-Exempt Bonds, 1996-2002 Table 8.--Long-Term Private Activity Bonds, by Purpose of Bond and Issue Year, 1996-2002 [Money amounts are in millions of dollars] All years Purpose of bond All issues Number (1) 31,671 682 207 3 136 328 981 4,318 93 23 9 -6 633 16 10 16 ** ** 2,063 44 9,640 334 27 2,770 9,811 3 71 Amount (2) 541,394 44,637 8,120 188 2,018 2,982 22,552 48,550 4,393 208 172 -163 28,768 40 88 260 ** ** 90,525 3,704 20,610 17,790 214 108,048 136,624 47 585 1997 All issues Number (9) 4,524 93 30 -14 47 126 535 24 ** ** --113 4 n.a. n.a. n.a. n.a. 278 6 1,640 43 8 449 1,186 -10 Amount (10) 69,101 5,541 1,228 -198 332 3,412 5,458 1,127 ** ** --3,493 8 n.a. n.a. n.a. n.a. 11,130 1,536 3,591 2,187 97 16,435 13,241 -20 New money issues Number (11) 3,507 67 19 -9 44 98 280 17 ** ** --6 4 n.a. n.a. n.a. n.a. 182 ** 1,447 29 4 357 1,003 -10 Amount (12) 37,550 3,793 664 -115 295 1,795 2,709 318 ** ** --78 8 n.a. n.a. n.a. n.a. 5,111 ** 2,930 1,553 23 8,855 8,730 -20 All issues Number (13) 5,214 120 31 -20 52 157 653 14 3 --3 99 4 n.a. n.a. n.a. n.a. 300 6 1,667 53 4 559 1,546 -15 Amount (14) 91,167 7,034 1,174 -328 372 4,016 6,922 564 26 --42 4,210 9 n.a. n.a. n.a. n.a. 11,945 308 3,679 2,481 11 25,616 22,390 -39 New money issues Number (3) 24,627 463 129 3 88 259 732 2,614 42 13 ** -6 34 16 10 16 ** ** 1,208 18 8,373 236 11 2,276 8,457 ** 61 Amount (4) 303,504 26,697 4,817 188 1,139 1,691 11,447 25,331 882 101 ** -158 623 40 86 260 ** ** 32,883 1,198 17,030 11,474 56 65,994 100,952 ** 221 All issues Number (5) 4,155 87 35 -21 55 120 557 13 -** --82 -n.a. n.a. n.a. n.a. 257 3 1,588 42 5 397 988 ** 8 Amount (6) 59,665 4,500 1,410 -362 559 3,173 6,750 491 -** --3,578 -n.a. n.a. n.a. n.a. 10,473 87 3,623 1,860 38 11,971 10,712 ** 48 1998 New money issues Number (15) 3,945 83 18 -9 36 101 371 5 ** --3 3 4 n.a. n.a. n.a. n.a. 164 ** 1,447 36 ** 451 1,272 -11 Amount (16) 46,288 4,606 448 -150 180 1,616 3,018 182 ** --37 77 9 n.a. n.a. n.a. n.a. 4,215 ** 3,024 1,351 ** 13,833 13,436 -23 Issue year 1996 New money issues Number (7) 3,031 64 26 -17 48 102 212 10 -** --10 -n.a. n.a. n.a. n.a. 161 3 1,297 31 ** 311 816 ** 8 Amount (8) 31,262 2,741 1,091 -184 400 1,644 1,936 230 -** --156 -n.a. n.a. n.a. n.a. 4,841 87 2,759 1,363 ** 6,503 7,268 ** 48 Total............................................................... Airport................................................................. Docks and wharves............................................ Mass commuting................................................ Water................................................................. Sewage.............................................................. Solid waste disposal.......................................... Residential rental............................................... Local furnishing of electricity/gas....................... Local heating/cooling facilities........................... Hazardous waste facilities.................................. High-speed railway............................................. Hydroelectric environmental facilities................. Tax Reform Act transition property..................... Enterprise zone.................................................. District of Columbia Enterprise Zone................. New empowerment zone.................................... Public educational facilities................................ Liberty................................................................ Mortgage............................................................ Veterans' mortgage............................................ Small issue......................................................... Student loan....................................................... Redevelopment.................................................. Section 501(c)(3) hospital.................................. Other section 501(c)(3)...................................... Nongovernmental output property...................... Other bonds ¹..................................................... Issue year--continued Purpose of bond Total............................................................... Airport................................................................. Docks and wharves............................................ Mass commuting................................................ Water................................................................. Sewage.............................................................. Solid waste disposal.......................................... Residential rental............................................... Local furnishing of electricity/gas....................... Local heating/cooling facilities........................... Hazardous waste facilities.................................. High-speed railway............................................. Hydroelectric environmental facilities................. Tax Reform Act transition property..................... Enterprise zone.................................................. District of Columbia Enterprise Zone................. New empowerment zone.................................... Public educational facilities................................ Liberty................................................................ Mortgage............................................................ Veterans' mortgage............................................ Small issue......................................................... Student loan....................................................... Redevelopment.................................................. Section 501(c)(3) hospital.................................. Other section 501(c)(3)...................................... Nongovernmental output property...................... Other bonds ¹..................................................... Footnotes at end of table. 175 Tax-Exempt Bonds, 1996-2002 Table 8.--Long-Term Private Activity Bonds, by Purpose of Bond and Issue Year, 1996-2002--Continued [Money amounts are in millions of dollars] Issue year--continued Purpose of bond 1999 All issues Number (17) 4,944 107 41 -16 48 147 680 7 6 --** 108 ** 3 ** n.a. n.a. 278 7 1,482 55 ** 403 1,618 -10 Amount (18) 79,262 5,600 1,146 -154 385 2,753 7,272 181 59 --** 4,460 ** 19 ** n.a. n.a. 13,605 475 3,381 2,266 ** 15,399 22,004 -82 2001 All issues Number (25) Total................................................................... Airport..................................................................... Docks and wharves................................................ Mass commuting.................................................... Water..................................................................... Sewage.................................................................. Solid waste disposal.............................................. Residential rental................................................... Local furnishing of electricity/gas........................... Local heating/cooling facilities............................... Hazardous waste facilities...................................... High-speed railway................................................. Hydroelectric environmental facilities..................... Tax Reform Act transition property......................... Enterprise zone...................................................... District of Columbia Enterprise Zone..................... New empowerment zone........................................ Public educational facilities.................................... Liberty.................................................................... Mortgage................................................................ Veterans' mortgage................................................ Small issue............................................................. Student loan........................................................... Redevelopment...................................................... Section 501(c)(3) hospital...................................... Other section 501(c)(3).......................................... Nongovernmental output property.......................... Other bonds ¹......................................................... 4,296 100 23 ** 20 45 149 621 9 5 ** -** 79 ** 3 ** n.a. n.a. 278 7 1,127 42 -312 1,529 -8 Amount (26) 82,054 8,807 744 ** 316 465 3,483 6,926 818 69 ** -** 3,913 ** 39 ** n.a. n.a. 14,112 459 2,141 2,590 -13,358 23,509 -42 New money issues Number (27) 3,440 58 13 ** 13 34 112 416 ** ** ** -** 5 ** 3 ** n.a. n.a. 156 ** 1,007 35 -276 1,340 -8 Amount (28) 49,356 5,366 362 ** 115 265 1,672 4,276 ** ** ** -** 118 ** 39 ** n.a. n.a. 4,694 ** 1,826 1,801 -9,549 18,773 -42 All issues Number (29) 4,241 85 25 -26 32 143 677 13 4 ** -** 96 ** -4 ** ** 376 4 837 48 7 384 1,518 ** 14 Amount (30) 91,097 7,542 1,348 -513 603 2,793 9,299 715 20 ** -** 6,101 ** -69 ** ** 15,852 277 1,320 3,999 58 15,125 24,911 ** 319 New money issues Number (19) 3,928 83 26 -12 37 102 433 3 ** --** 3 ** 3 ** n.a. n.a. 180 ** 1,276 34 ** 340 1,440 -7 Amount (20) 47,408 3,814 604 -117 183 1,513 3,891 57 ** --** 46 ** 19 ** n.a. n.a. 4,428 ** 2,857 1,358 ** 10,782 17,533 -14 All issues Number (21) 4,297 90 22 ** 19 49 139 595 13 3 3 --56 3 4 8 n.a. n.a. 296 11 1,299 51 ** 266 1,426 -6 Amount (22) 69,048 5,613 1,070 ** 147 267 2,923 5,924 496 12 45 --3,013 8 30 176 n.a. n.a. 13,409 562 2,875 2,407 ** 10,144 19,856 -35 2002 New money issues Number (31) 3,190 46 12 -14 20 110 500 ** ** ** -** 6 ** -4 ** ** 185 ** 686 37 3 307 1,282 ** 11 Amount (32) 50,248 3,443 717 -343 169 1,729 5,855 ** ** ** -** 136 ** -69 ** ** 4,623 ** 985 2,555 21 9,981 19,229 ** 39 2000 New money issues Number (23) 3,586 62 15 ** 14 40 107 402 4 3 3 --** 3 4 8 n.a. n.a. 180 ** 1,213 34 ** 234 1,304 -6 Amount (24) 41,392 2,934 932 ** 115 198 1,479 3,646 35 12 45 --** 8 28 176 n.a. n.a. 4,971 ** 2,647 1,494 ** 6,491 15,984 -35 Total................................................................... Airport..................................................................... Docks and wharves................................................ Mass commuting.................................................... Water..................................................................... Sewage.................................................................. Solid waste disposal.............................................. Residential rental................................................... Local furnishing of electricity/gas........................... Local heating/cooling facilities............................... Hazardous waste facilities...................................... High-speed railway................................................. Hydroelectric environmental facilities..................... Tax Reform Act transition property......................... Enterprise zone...................................................... District of Columbia Enterprise Zone..................... New empowerment zone........................................ Public educational facilities.................................... Liberty.................................................................... Mortgage................................................................ Veterans' mortgage................................................ Small issue............................................................. Student loan........................................................... Redevelopment...................................................... Section 501(c)(3) hospital...................................... Other section 501(c)(3).......................................... Nongovernmental output property.......................... Other bonds ¹......................................................... Issue year--continued 176 Purpose of bond 176 **Data not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals. n.a.--Indicates type of bond not available for particular revision year of Form 8038. ¹ Category includes all issues for which a specific purpose either did not apply or was not clearly indicated on the return. NOTE: Detail may not add to totals because of rounding. Tax-Exempt Bonds, 1996-2002 Table 9.--Computation of Lendable Proceeds for Long-Term Private Activity Bonds, by Selected Purpose of Bond, 2002 [Money amounts are in millions of dollars] Selected purpose of bond Entire issue price Number (1) Total................................................. Airport................................................... Docks and wharves.............................. Water.................................................... Sewage................................................. Solid waste disposal............................. Residential rental.................................. Mortgage............................................... Veterans' mortgage............................... Small issue........................................... Student loan.......................................... Redevelopment..................................... Section 501(c)(3) hospital..................... Other section 501(c)(3)......................... All other bonds ².................................... 4,241 85 25 26 32 143 677 376 4 837 48 7 384 1,518 140 Amount (2) 91,097 7,542 1,348 513 603 2,793 9,299 15,852 277 1,320 3,999 58 15,125 24,911 7,456 Bond issuance costs Number (3) 2,243 78 19 17 19 100 128 63 ** 252 27 ** 307 1,245 25 Amount (4) 678 73 10 5 2 26 25 22 ** 14 16 ** 146 322 15 Credit enhancement Number (5) 998 48 12 ** ** 36 45 7 -107 8 5 140 583 10 Amount (6) 456 47 7 ** ** 6 9 (¹) -4 1 (¹) 146 228 5 Allocation to reserve fund Number (7) 607 31 5 ** ** 5 45 51 -8 14 ** 115 341 8 Amount (8) 1,326 169 40 ** ** 13 16 79 -1 16 ** 397 583 9 Selected purpose of bond Total lendable proceeds Number (9) Amount (10) 88,637 7,253 1,290 505 599 2,749 9,249 15,751 277 1,300 3,966 57 14,436 23,778 7,428 Proceeds used to refund prior issues Number (11) 1,602 47 16 16 18 45 203 298 ** 164 30 ** 164 528 113 Amount (12) 40,208 3,957 602 169 433 1,061 3,440 11,175 ** 335 1,436 ** 4,976 5,465 6,944 Nonrefunding proceeds Number (13) 3,237 50 12 14 20 110 503 193 ** 687 39 ** 310 1,307 33 Amount (14) 48,430 3,296 688 336 166 1,688 5,809 4,575 ** 965 2,530 ** 9,460 18,313 483 Total................................................................................................... Airport..................................................................................................... Docks and wharves................................................................................ Water...................................................................................................... Sewage................................................................................................... Solid waste disposal............................................................................... Residential rental.................................................................................... Mortgage................................................................................................. Veterans' mortgage................................................................................. Small issue............................................................................................. Student loan............................................................................................ Redevelopment....................................................................................... Section 501(c)(3) hospital....................................................................... Other section 501(c)(3)........................................................................... All other bonds ²...................................................................................... 4,241 85 25 26 32 143 677 376 4 837 48 7 384 1,518 140 **Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ Less than $500,000. ² For purposes of this table, this category includes all issues for which a specific purpose either did not apply or was not clearly indicated on the return, as well as: bonds for facilities for the local furnishing of energy, bonds for facilities issued under a transitional rule of the Tax Reform Act of 1986, qualified Enterprise Zone facility bonds, qualified empowerment zone facility bonds, District of Columbia Enterprise Zone facility bonds, qualified public educational facilities bonds, mass commuting facilities, local district heating or cooling facilities, hazardous waste facilities, high-speed intercity rail facilities, environmental enhancements of hydroelectric generating facilities, qualified liberty bonds, and nongovernmental output property bonds. NOTE: Detail may not add to totals because of rounding. 177 Tax-Exempt Bonds, 1996-2002 Table 10.--New Money Long-Term Private Activity Bonds, by Selected Purpose of Bond and Size of Issue, 2002 [Money amounts are in millions of dollars, except for size of issue, which is in whole dollars] Size of issue Selected purpose of bond All issues Number (1) 3,190 46 12 14 20 110 500 6 4 185 686 37 3 307 1,282 25 Amount (2) 50,248 3,443 717 343 169 1,729 5,855 136 69 4,623 985 2,555 21 9,981 19,229 393 Under $1,000,000 Number (3) 530 3 ---** 12 --6 399 -** 11 90 6 Amount (4) 140 1 ---** 6 --2 66 -** 8 52 2 $1,000,000 under $10,000,000 Number (5) 1,419 13 5 ** 8 40 278 -** 11 287 -** 97 672 11 Amount (6) 6,065 46 22 ** 21 190 1,569 -** 83 918 -** 389 2,751 47 $10,000,000 under $50,000,000 Number (7) 926 14 4 10 9 61 191 ** ** 116 -10 ** 116 404 5 Amount (8) 17,191 355 89 167 103 1,189 3,166 ** ** 1,968 -217 ** 2,500 7,178 144 $50,000,000 under $100,000,000 Number (9) 182 3 -** -4 14 ** -34 -17 ** 49 65 ** Amount (10) 9,559 230 -** -183 783 ** -1,114 -906 ** 2,802 3,327 ** $100,000,000 or more Number (11) 133 13 3 ** 3 ** 5 ** -18 -10 ** 34 51 ** Amount (12) 17,293 2,811 606 ** 45 ** 332 ** -1,457 -1,432 ** 4,283 5,922 ** Total............................................. Airport............................................... Docks and wharves........................... Water................................................ Sewage............................................. Solid waste disposal......................... Residential rental.............................. Tax Reform Act transition property... New empowerment zone.................. Mortgage........................................... Small issue....................................... Student loan...................................... Redevelopment................................. Section 501(c)(3) hospital................. Other section 501(c)(3)..................... All other bonds ¹................................ ** Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, this category includes all issues for which a specific purpose either did not apply or was not clearly indicated on the return, as well as: bonds for mass commuting facilities, local district heating or cooling facilities, hazardous waste facilities, high-speed intercity rail facilities, facilities for the local furnishing of energy, qualified enterprise zone facility bonds, District of Columbia Enterprise Zone facility bonds, qualified public educational facilities bonds, environmental enhancements of hydroelectric generating facilities, qualified liberty bonds, veterans' mortgage bonds, and nongovernmental output property bonds. NOTE: Detail may not add to totals because of rounding. 178 178 Tax-Exempt Bonds, 1996-2002 Table 11.--Total New Money Long-Term Private Activity Bonds, by State of Issue and Selected Purpose, 1996-2002 [Money amounts are in millions of dollars] Total Airport Number (1) All States....................... Alabama............................. Alaska................................ Arizona............................... Arkansas............................ California............................ Colorado............................. Connecticut........................ Delaware............................ District of Columbia............ Florida................................ Georgia.............................. Hawaii................................ Idaho.................................. Illinois................................. Indiana................................ Iowa.................................... Kansas............................... Kentucky............................. Louisiana............................ Maine.................................. Maryland............................. Massachusetts................... Michigan............................. Minnesota........................... Mississippi.......................... Missouri.............................. Montana............................. Nebraska............................ Nevada............................... New Hampshire.................. New Jersey......................... New Mexico........................ New York............................ North Carolina.................... North Dakota...................... Ohio.................................... Oklahoma........................... Oregon............................... Pennsylvania...................... Rhode Island...................... South Carolina.................... South Dakota...................... Tennessee.......................... Texas.................................. Utah.................................... Vermont.............................. Virginia............................... Washington........................ West Virginia...................... Wisconsin........................... Wyoming............................ Puerto Rico......................... U.S. Possessions other than Puerto Rico............. Footnotes at end of table. Selected purpose of bond Docks and wharves Number (5) 129 4 ** -** 10 ----34 ** ** -** ** ---15 -----** -----3 --** -4 -** ** -** --12 --3 21 ----** Amount (6) 4,817 114 ** -** 1,766 ----1,142 ** ** -** ** ---186 -----** -----65 --** -17 -** ** -** --283 --273 497 ----** Number (7) 88 ** ** ** -** -** --7 ** ** ** 9 5 ** --** ---5 ** -8 ---** 14 -** ** -** --8 ----5 --** -4 ----Water Amount (8) 1,139 ** ** ** -** -** --126 ** ** ** 83 15 ** --** ---11 ** -112 ---** 288 -** ** -** --177 ----62 --** -54 ----Sewage Number (9) 259 13 ** ** 10 ** ** 3 ** -7 8 --15 18 ** ** ** 19 ** ** ** 5 8 4 ** ** ** -** 10 -6 5 -9 3 ** ** ** 9 ** ** 36 -** 16 7 5 3 -** -Amount (10) 1,691 49 ** ** 17 ** ** 11 ** -89 74 --51 31 ** ** ** 106 ** ** ** 25 23 13 ** ** ** -** 65 -80 21 -24 22 ** ** ** 69 ** ** 450 -** 139 36 21 6 -** -- State of issue Amount (2) 303,504 3,562 1,779 5,396 1,797 27,022 4,366 4,164 1,150 3,304 18,164 8,852 1,150 1,565 14,027 6,485 2,661 2,264 4,154 3,360 1,846 6,032 11,128 9,613 6,833 1,359 6,643 1,362 2,013 1,443 1,960 8,892 1,630 22,668 6,223 1,590 12,276 3,218 3,109 17,828 1,737 2,817 1,431 6,790 21,078 2,037 1,597 7,110 6,271 1,385 6,152 1,190 802 221 Number (3) 463 3 5 8 4 24 8 4 ** ** 48 9 ** ** 24 7 ** 13 10 3 -7 9 5 7 ** 6 ** 5 6 5 10 ** 36 12 ** 11 8 7 16 ** ** -12 46 ** ** 23 16 3 11 -** ** Amount (4) 26,697 8 213 481 89 2,660 271 276 ** ** 2,386 371 ** ** 1,836 34 ** 95 438 34 -254 1,070 1,196 618 ** 344 ** 4 162 72 992 ** 3,642 191 ** 406 186 394 910 ** ** -513 3,716 ** ** 712 928 2 141 -** ** 24,627 367 59 284 246 1,441 490 212 64 128 934 710 32 102 1,657 622 1,555 559 336 227 117 404 721 809 907 144 565 98 461 112 189 568 117 1,395 416 153 857 375 198 1,696 107 240 349 372 920 128 87 628 552 118 714 50 26 9 179 Tax-Exempt Bonds, 1996-2002 Table 11.--Total New Money Long-Term Private Activity Bonds, by State of Issue and Selected Purpose, 1996-2002--Continued [Money amounts are in millions of dollars] Selected purpose of bond--continued State of issue Solid waste disposal Number (11) All States....................... Alabama............................. Alaska................................ Arizona............................... Arkansas............................ California............................ Colorado............................. Connecticut........................ Delaware............................ District of Columbia............ Florida................................ Georgia.............................. Hawaii................................ Idaho.................................. Illinois................................. Indiana................................ Iowa.................................... Kansas............................... Kentucky............................. Louisiana............................ Maine.................................. Maryland............................. Massachusetts................... Michigan............................. Minnesota........................... Mississippi.......................... Missouri.............................. Montana............................. Nebraska............................ Nevada............................... New Hampshire.................. New Jersey......................... New Mexico........................ New York............................ North Carolina.................... North Dakota...................... Ohio.................................... Oklahoma........................... Oregon............................... Pennsylvania...................... Rhode Island...................... South Carolina.................... South Dakota...................... Tennessee.......................... Texas.................................. Utah.................................... Vermont.............................. Virginia............................... Washington........................ West Virginia...................... Wisconsin........................... Wyoming............................ Puerto Rico......................... U.S. Possessions other than Puerto Rico............. Footnotes at end of table. Residential rental Number (13) 2,614 19 4 46 28 572 62 16 10 39 230 119 10 6 66 51 19 50 ** 5 7 36 36 27 73 23 64 5 30 56 8 34 29 162 25 ** 99 14 56 17 8 12 3 34 134 24 15 78 124 6 17 ** --Amount (14) 25,331 74 47 390 157 5,873 655 211 87 329 2,263 1,112 178 34 432 306 77 245 ** 42 58 534 765 429 415 166 396 17 143 521 54 586 193 3,238 202 ** 743 104 469 199 49 71 20 161 1,194 154 47 979 676 34 171 ** --- Mortgage Number (15) 1,208 14 6 16 13 60 33 24 7 10 72 26 3 48 37 25 9 13 17 42 25 26 15 6 41 18 20 10 28 20 18 5 26 23 22 19 14 61 11 47 13 6 13 15 109 40 10 ** 18 13 17 19 ** ** Amount (16) 32,883 357 602 450 225 2,704 456 834 233 341 1,404 330 217 962 1,512 531 204 229 580 739 516 724 332 244 800 323 572 432 764 323 472 261 649 1,327 764 902 1,204 657 256 1,281 348 209 588 612 2,203 464 333 ** 315 385 641 752 ** ** Veterans' mortgage Number (17) 18 -** --** --------------------------------** -----7 -----5 ---Amount (18) 1,198 -** --** --------------------------------** -----482 -----170 ---- Small issue Number (19) 8,373 151 -36 105 198 190 26 5 -144 196 ** 14 992 220 1,204 349 81 35 36 70 205 456 218 46 221 ** 294 12 65 190 ** 228 151 57 235 183 24 567 14 107 261 90 68 17 12 149 83 15 319 3 11 -Amount (20) 17,030 520 -147 233 660 166 95 23 -459 687 ** 55 1,178 547 324 315 277 113 115 251 591 1,525 339 204 284 ** 130 46 189 517 ** 840 649 49 787 159 88 1,361 47 477 68 365 321 57 28 522 304 73 721 12 27 -- Amount (12) 11,447 270 ** 127 141 939 13 76 378 -572 494 -89 385 331 53 39 153 143 34 206 123 209 49 111 87 ** 51 62 83 344 ** 516 161 46 639 30 185 694 ** 339 ** ** 1,385 30 ** 417 216 198 123 156 ** 127 180 732 26 ** 13 9 94 3 3 5 -21 29 -6 33 41 7 6 22 25 3 9 12 12 10 9 4 ** 4 4 5 12 ** 24 10 5 27 3 13 19 ** 22 ** ** 77 4 ** 36 16 9 11 4 ** 3 180 Tax-Exempt Bonds, 1996-2002 Table 11.--Total New Money Long-Term Private Activity Bonds, by State of Issue and Selected Purpose, 1996-2002--Continued [Money amounts are in millions of dollars] Selected purpose of bond--continued State of issue Student loan Number (21) All States................................... Alabama......................................... Alaska............................................. Arizona........................................... Arkansas......................................... California........................................ Colorado......................................... Connecticut..................................... Delaware........................................ District of Columbia........................ Florida............................................ Georgia........................................... Hawaii............................................. Idaho............................................... Illinois............................................. Indiana............................................ Iowa................................................ Kansas............................................ Kentucky......................................... Louisiana........................................ Maine.............................................. Maryland......................................... Massachusetts................................ Michigan......................................... Minnesota....................................... Mississippi...................................... Missouri.......................................... Montana.......................................... Nebraska........................................ Nevada........................................... New Hampshire.............................. New Jersey..................................... New Mexico.................................... New York........................................ North Carolina................................ North Dakota.................................. Ohio................................................ Oklahoma....................................... Oregon............................................ Pennsylvania.................................. Rhode Island.................................. South Carolina................................ South Dakota.................................. Tennessee...................................... Texas.............................................. Utah................................................ Vermont.......................................... Virginia........................................... Washington..................................... West Virginia.................................. Wisconsin....................................... Wyoming........................................ Puerto Rico..................................... U.S. Possessions other than Puerto Rico......................... 236 ** 6 6 3 17 4 5 ---** ** 3 5 ** 7 -7 5 8 -8 9 ** 6 7 5 --6 8 8 ** 4 ** 5 7 -5 7 4 ** 6 30 7 5 -4 --7 --Amount (22) 11,474 ** 260 215 120 579 107 87 ---** ** 50 70 ** 166 -229 231 336 -650 651 ** 161 302 404 --220 801 210 ** 240 ** 434 188 -550 444 132 ** 416 1,177 341 634 -284 --203 --Section 501(c)(3) hospital Number (23) 2,276 44 ** 38 35 81 34 29 7 6 75 71 5 8 107 49 34 41 40 17 10 23 97 92 54 14 45 23 37 ** 17 53 12 187 54 19 138 23 20 185 20 19 19 28 113 4 10 55 43 26 106 -4 -Amount (24) 65,994 1,395 ** 1,702 542 3,589 1,068 438 193 426 4,044 1,883 227 248 3,718 2,398 636 756 1,526 494 275 636 1,913 3,299 1,164 112 1,292 242 505 ** 265 1,960 348 2,644 1,884 252 4,223 632 631 5,368 401 796 166 1,895 3,957 137 59 1,654 1,269 429 2,069 -116 -Other section 501(c)(3) Number (25) 8,457 101 30 103 40 392 164 105 27 61 306 242 ** 14 386 224 225 87 160 69 39 233 342 205 504 21 188 53 62 9 66 234 23 747 137 51 326 79 64 840 39 64 56 177 300 31 35 269 215 40 253 12 ** -Amount (26) 100,952 738 140 1,684 193 7,851 1,616 2,074 157 1,610 5,625 3,756 ** 50 4,734 2,200 1,103 545 934 1,248 490 3,348 5,588 1,990 3,383 213 3,149 179 388 167 593 2,861 107 10,151 2,073 262 3,764 1,243 975 7,056 387 526 260 2,588 5,657 753 460 2,276 1,297 188 2,108 33 ** -All other bonds, combined¹ Number (27) 219 ** ** 16 ** 4 ** ** ** ** 3 8 6 -** ** 48 ** -4 ** ** ** 7 ** ** ** ** ** ** ** 9 -5 -** ** -5 8 ----12 ** -** 14 --** --Amount (28) 2,852 ** ** 181 ** 28 ** ** ** ** 55 67 317 -** ** 93 ** -13 ** ** ** 34 ** ** ** ** ** ** ** 149 -195 -** ** -18 174 ----190 ** -** 448 --** --- ** Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ This category includes all issues for which a specific purpose either did not apply or was not clearly indicated on the return, as well as: bonds for facilities for the local furnishing of energy, bonds for facilities issued under a transitional rule of the Tax Reform Act of 1986, qualified enterprise zone facility bonds, qualified empowerment zone facility bonds, District of Columbia Enterprise Zone facility bonds, qualified public educational facilities bonds, mass commuting facilities, local district heating or cooling facilities, hazardous waste facilities, high-speed intercity rail facilities, environmental enhancements of hydroelectric generating facilities, qualified liberty bonds, redevelopment bonds, and nongovernmental output property bonds. NOTE: Detail may not add to totals because of rounding. 181 Tax-Exempt Bonds, 1996-2002 Table 12.--New Money Long-Term Private Activity Bonds: All Bond Issues and Section 501(c)(3) Bonds, by State and Year of Issue, 1996-2002 [Money amounts are in millions of dollars] 1996 State of issue All issues Number (1) All States.......................... Alabama................................ Alaska.................................... Arizona.................................. Arkansas............................... California............................... Colorado................................ Connecticut............................ Delaware............................... District of Columbia............... Florida................................... Georgia.................................. Hawaii................................... Idaho..................................... Illinois.................................... Indiana................................... Iowa....................................... Kansas.................................. Kentucky................................ Louisiana............................... Maine..................................... Maryland................................ Massachusetts....................... Michigan................................ Minnesota.............................. Mississippi............................. Missouri................................. Montana................................. Nebraska............................... Nevada.................................. New Hampshire..................... New Jersey............................ New Mexico........................... New York............................... North Carolina....................... North Dakota......................... Ohio....................................... Oklahoma.............................. Oregon.................................. Pennsylvania......................... Rhode Island......................... South Carolina....................... South Dakota......................... Tennessee............................. Texas..................................... Utah....................................... Vermont................................. Virginia.................................. Washington........................... West Virginia......................... Wisconsin.............................. Wyoming............................... Puerto Rico............................ U.S. Possessions other than Puerto Rico................ Footnotes at end of table. 3,031 56 6 28 45 131 51 25 4 7 120 89 ** 8 268 84 235 60 48 24 11 46 68 125 102 22 70 18 54 13 19 65 15 108 51 23 120 53 29 200 8 34 31 50 96 18 9 75 81 13 105 4 ** -Amount (2) 31,262 509 63 330 293 3,463 262 626 145 192 2,517 624 ** 99 1,667 830 158 173 360 351 288 503 691 1,136 422 204 545 100 326 176 132 776 266 1,648 758 260 1,431 270 392 2,130 112 349 369 473 1,593 333 274 753 530 128 721 105 ** -Section 501(c)(3) issues Number (3) 1,076 16 ** 13 15 54 16 15 ** ** 49 31 ** 3 61 28 23 5 17 8 ** 26 32 36 66 3 26 ** 4 -9 25 ** 61 17 13 50 11 8 113 ** 11 9 21 29 4 4 31 31 7 34 -** -Amount (4) 13,771 219 ** 186 158 1,019 75 305 ** ** 1,047 319 ** 4 827 587 58 68 132 125 ** 305 401 737 243 35 283 ** 30 -78 370 ** 771 495 99 745 123 40 1,654 ** 142 38 137 348 94 91 348 154 29 341 -** -All issues Number (5) 3,507 44 8 33 33 173 62 39 12 5 99 93 ** 19 287 101 276 85 50 31 20 54 100 120 104 19 80 10 85 16 22 67 22 175 69 20 122 63 31 256 15 38 74 56 98 17 5 89 73 15 103 10 ** ** Amount (6) 37,550 405 313 328 226 3,015 602 688 347 74 1,642 810 ** 254 1,855 788 309 247 784 506 305 662 1,038 953 740 153 634 81 516 179 177 879 212 3,524 704 298 2,090 266 281 2,645 315 369 330 385 2,894 264 98 1,131 595 146 904 276 ** ** 1997 Section 501(c)(3) issues Number (7) 1,320 13 ** 12 7 49 25 24 6 ** 30 35 ** ** 73 45 41 13 30 9 ** 32 53 41 56 4 19 ** 22 ** 6 34 6 103 25 11 65 15 9 145 7 11 17 25 46 6 ** 38 34 5 47 ** ** -Amount (8) 17,584 143 ** 151 18 843 278 516 29 ** 559 422 ** ** 1,297 535 207 140 547 234 ** 441 559 602 530 51 250 ** 238 ** 91 510 45 1,113 387 98 1,127 91 87 1,817 202 161 44 114 1,698 137 ** 384 155 29 559 ** ** -1998 All issues Number (9) 3,945 51 9 41 28 230 73 37 7 12 128 113 3 13 243 104 242 92 62 31 14 52 138 144 157 28 97 23 88 24 39 108 20 235 66 34 130 51 31 264 17 43 67 53 121 17 8 114 82 21 124 8 3 5 Amount (10) 46,288 626 254 872 219 3,985 397 366 101 463 2,507 1,366 161 200 2,436 849 427 453 730 387 237 998 1,967 2,100 1,144 292 1,213 416 275 295 336 1,378 205 3,670 939 239 1,677 291 623 3,117 203 464 252 896 2,638 173 175 981 1,007 219 760 72 146 91 182 182 Tax-Exempt Bonds, 1996-2002 Table 12.--New Money Long-Term Private Activity Bonds: All Bond Issues and Section 501(c)(3) Bonds, by State and Year of Issue, 1996-2002--Continued [Money amounts are in millions of dollars] 1998--continued State of issue Section 501(c)(3) issues Number (11) All States.......................... Alabama................................ Alaska.................................... Arizona.................................. Arkansas............................... California............................... Colorado................................ Connecticut............................ Delaware............................... District of Columbia............... Florida................................... Georgia.................................. Hawaii................................... Idaho..................................... Illinois.................................... Indiana................................... Iowa....................................... Kansas.................................. Kentucky................................ Louisiana............................... Maine..................................... Maryland................................ Massachusetts....................... Michigan................................ Minnesota.............................. Mississippi............................. Missouri................................. Montana................................. Nebraska............................... Nevada.................................. New Hampshire..................... New Jersey............................ New Mexico........................... New York............................... North Carolina....................... North Dakota......................... Ohio....................................... Oklahoma.............................. Oregon.................................. Pennsylvania......................... Rhode Island......................... South Carolina....................... South Dakota......................... Tennessee............................. Texas..................................... Utah....................................... Vermont................................. Virginia.................................. Washington........................... West Virginia......................... Wisconsin.............................. Wyoming............................... Puerto Rico............................ U.S. Possessions other than Puerto Rico................ Footnotes at end of table. 1,681 22 5 21 12 66 29 18 ** ** 46 49 ** 3 79 41 41 22 35 9 4 32 80 51 90 7 47 17 21 3 17 61 7 146 26 9 63 10 14 158 9 17 11 34 57 ** 5 59 37 16 53 4 ** -Amount (12) 27,269 418 28 641 137 1,932 235 190 ** ** 1,578 735 ** 47 1,541 575 320 321 514 183 133 783 1,517 736 839 47 960 184 200 116 128 892 72 2,638 671 41 1,018 117 307 2,181 52 171 67 731 1,110 ** 8 420 556 94 419 4 ** -All issues Number (13) 3,928 45 13 41 53 232 78 29 11 30 172 123 7 17 260 84 203 100 47 44 19 67 116 121 147 22 98 12 60 20 39 76 18 279 64 26 133 66 31 237 20 41 49 68 137 15 20 95 86 26 119 5 7 -Amount (14) 47,408 550 540 960 285 3,746 692 736 126 461 3,673 1,715 129 223 1,909 1,285 265 360 580 709 346 953 1,547 1,844 1,000 191 667 191 155 272 306 1,470 161 3,546 847 155 1,949 711 547 1,984 262 475 81 1,825 3,294 224 207 831 875 265 1,065 168 52 -1999 Section 501(c)(3) issues Number (15) 1,749 18 7 20 14 68 38 21 6 19 74 61 -** 84 39 35 30 27 20 8 45 64 39 94 5 43 7 16 3 14 36 6 196 32 6 72 21 17 135 11 11 11 29 69 5 8 44 38 13 65 -** -Amount (16) 28,316 374 54 758 127 1,993 423 620 55 323 2,071 1,303 -** 1,351 1,078 178 203 209 501 184 628 767 1,378 635 50 380 43 72 54 65 432 20 2,282 484 19 1,508 563 293 1,303 117 324 45 1,117 1,981 97 98 446 325 137 793 -** -All issues Number (17) 3,586 62 7 48 39 207 73 29 10 26 144 88 4 18 188 89 202 77 40 33 23 55 105 134 137 19 68 13 76 16 24 101 13 244 57 25 115 65 29 259 12 36 49 49 140 19 22 87 69 17 110 8 6 -Amount (18) 41,392 779 155 771 338 3,628 618 371 114 632 2,754 1,207 93 372 1,507 895 593 290 504 363 269 909 1,302 858 1,207 170 768 236 259 146 193 1,388 268 3,140 804 295 1,422 685 310 2,127 191 488 124 1,022 2,527 262 422 1,021 898 341 774 285 297 -2000 Section 501(c)(3) issues Number (19) 1,510 31 3 30 10 62 23 17 6 12 52 36 -3 61 34 42 19 23 12 10 32 72 42 77 5 26 9 11 ** 11 41 4 156 20 12 56 22 12 149 ** 12 5 25 60 8 9 47 32 9 49 ** ** -Amount (20) 22,475 586 12 585 175 1,120 356 191 31 408 1,471 645 -104 1,000 638 424 154 257 110 102 485 1,058 406 860 41 420 38 82 ** 45 885 123 2,104 333 111 849 447 164 1,488 ** 288 67 778 827 161 164 719 301 204 484 ** ** -- 183 Tax-Exempt Bonds, 1996-2002 Table 12.--New Money Long-Term Private Activity Bonds: All Bond Issues and Section 501(c)(3) Bonds, by State and Year of Issue, 1996-2002--Continued [Money amounts are in millions of dollars] 2001 State of issue All issues Number (21) Amount (22) Section 501(c)(3) issues Number (23) Amount (24) All issues Number (25) Amount (26) 50,248 318 269 1,479 227 5,129 1,072 415 271 558 2,788 1,799 218 199 1,909 935 443 415 502 688 194 989 2,297 1,422 1,175 108 869 186 245 153 542 1,164 173 3,854 1,004 223 1,632 646 704 3,133 305 370 132 1,345 3,921 208 236 1,111 848 130 1,079 85 ** ** 2002 Section 501(c)(3) issues Number (27) 1,568 22 4 21 9 78 39 14 9 10 60 51 ** 4 63 41 38 24 31 15 5 40 72 40 90 4 34 10 13 ** 8 37 ** 118 33 7 78 13 16 164 5 8 7 33 55 ** 7 52 36 6 36 ** ** -Amount (28) 29,210 216 17 708 38 2,136 793 150 141 233 1,616 1,227 ** 98 1,184 592 249 212 367 449 93 646 1,866 703 855 19 589 69 124 ** 281 764 ** 2,035 723 126 1,258 383 607 2,320 159 111 103 1,066 1,606 ** 92 755 397 89 841 ** ** -- 184 All States............................................... 3,440 49,356 1,599 28,322 3,190 Alabama..................................................... 60 376 22 176 49 Alaska......................................................... 8 186 4 13 8 Arizona....................................................... 45 654 23 356 48 Arkansas.................................................... 22 209 8 82 26 California.................................................... 230 4,055 90 2,398 238 Colorado..................................................... 74 723 28 524 79 Connecticut................................................. 31 963 20 542 22 Delaware.................................................... 6 47 3 17 14 District of Columbia.................................... 22 925 9 485 26 Florida........................................................ 127 2,283 63 1,327 144 Georgia....................................................... 96 1,330 47 988 108 Hawaii........................................................ ** ** --6 Idaho.......................................................... 16 219 4 19 11 Illinois......................................................... 206 2,745 61 1,252 205 Indiana........................................................ 83 903 37 593 77 Iowa............................................................ 207 465 38 302 190 Kansas....................................................... 69 326 12 201 76 Kentucky..................................................... 49 693 34 433 40 Louisiana.................................................... 30 356 11 142 34 Maine.......................................................... 14 207 6 130 16 Maryland..................................................... 73 1,018 48 696 57 Massachusetts............................................ 101 2,286 58 1,333 93 Michigan..................................................... 95 1,300 35 727 70 Minnesota................................................... 117 1,145 72 585 143 Mississippi.................................................. 22 241 7 83 12 Missouri...................................................... 85 1,945 38 1,558 67 Montana...................................................... 9 154 6 29 13 Nebraska.................................................... 45 237 11 148 53 Nevada....................................................... 12 223 ** ** 11 New Hampshire.......................................... 25 273 16 171 21 New Jersey................................................. 82 1,837 43 968 69 New Mexico................................................ 18 345 8 180 11 New York.................................................... 187 3,286 135 1,852 167 North Carolina............................................ 66 1,167 33 864 43 North Dakota.............................................. 13 119 8 20 12 Ohio............................................................ 126 2,075 71 1,482 111 Oklahoma................................................... 39 350 8 151 38 Oregon....................................................... 21 251 8 109 26 Pennsylvania.............................................. 253 2,691 139 1,663 227 Rhode Island.............................................. 22 350 15 169 13 South Carolina............................................ 28 302 12 125 20 South Dakota.............................................. 45 142 7 62 34 Tennessee.................................................. 48 844 34 540 48 Texas.......................................................... 172 4,210 93 2,043 156 Utah............................................................ 26 573 6 366 16 Vermont...................................................... 12 186 ** ** 11 Virginia....................................................... 93 1,281 50 857 75 Washington................................................ 89 1,517 43 678 72 West Virginia.............................................. 16 156 10 35 10 Wisconsin................................................... 87 849 51 742 66 Wyoming.................................................... 10 199 4 12 5 Puerto Rico................................................. ** ** ** ** ** U.S. Possessions other than Puerto Rico..................................... ** ** --** **Data 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. 184