Tax-Exempt Governmental Bonds, 1991-1995

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