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Tax-Exempt Bonds, 1996-2002 by Cynthia Belmonte

S

tate and local governmental units issued nearly $2.1 trillion of tax-exempt bonds between 1996 and 2002. The majority ($1.5 trillion) trillion) of these tax-exempt bonds were Governmental bonds, the  proceeds of which helped finance public projects (such as schools, schools, streets, and utilities). utilities). The balance, $0.5 trillion, comprised private activity bonds, the  proceeds of which which were used used for qualified qualified facilities (such as airports, docks and wharves, and solid waste disposal facilities), as well as to benefit Internal Revenue Code section 501(c)(3) organizations (such as hospitals and private universities). A bond is an interest-bearing security of indebtedness, i.e., an obligation by the issuer to repay a certain sum of money by a future date, with interest  payable at a specified rate. Section 103 of the Internal Revenue Code allows for the exclusion from gross income of interest on obligations of a State or  local government. government. This means that the interest interest received by bondholders is not subject to Federal income tax. This tax exemption exemption effectively lowers the  borrowing cost of tax-exempt debt issuers, since  bondholders are generally willing to accept an interest interest rate lower than that earned on comparable taxable  bonds. In addition, addition, for State income tax purposes, some States allow for the exclusion from income of  interest from bonds issued by government agencies within their own States, thus increasing the benefit to  bondholders. State and local governments governments use taxtaxexempt bond financing to raise capital for essential  public facilities, infrastructure, and general capital improvements. Tax-exempt bonds bonds are classified classified as either “Governmental” or “private-activity,” depending on whether the proceeds are used and secured by  public or private entities and resources. More than $1.5 trillion of tax-exempt Governmental bonds were issued between 1996 and 2002. 2002. Almost 80 percent of this amount was from long-term  bonds (i.e., those having maturities of of 13 months or  or  more). New money issues accounted for 61.3 percent of the $1.2 trillion of long-term tax-exempt Governmental bond proceeds issued during this pe-

Cynthia Belmonte is an economist with the Special Studies Branch Special Projects Section. This article was written under the direction of Barry Johnson, Chief.

riod, while refunding issues made up the difference (38.7 percent). More than half (55.2 percent) of the the dollar volume of all long-term Governmental bonds issued during this period was used to finance projects related to education, utilities, and transportation. More than $548 billion of tax-exempt private activity bonds were issued during the 7-year period  extending from 1996 through through 2002. Most of these  bond issues issues were long-term. Of the $541.4 billion billion of  long-term tax-exempt private activity bonds issued  during this period, more than half (56.1 percent) were new money issues, and 43.9 percent were used to refund prior issues. While the types of private activities qualified for tax-exemption have increased over  the years, four main types--namely, bonds issued to  benefit entities exempt from income tax under Internal Revenue Code section 501(c)(3), qualified mortgage bonds, residential rental bonds, and airport  bonds--have consistently contributed at least 75  percent of the total total dollar volume of of long-term long-term bonds issued during each of the years included in this article. The annual  Budget of the United States Gov includes estimates of revenue losses associernment  includes ated with various income tax exclusions, deductions, credits, and special tax rates. The exclusion from from gross income of the interest earned on bonds issued   by State and local governmental units represents foregone revenue to the U.S. Treasury. Treasury. For Fiscal Year 2002, the U.S. Treasury Department estimate of this revenue loss was $28.6 billion--$23.5 billion was attributable to tax-exempt Governmental bonds and another $5.1 billion to tax-exempt private activity  bonds [1]. This article includes data on both taxexempt Governmental and private activity bonds for  issue years 1996 through 2002, with particular em phasis on those bonds bonds issued issued in 2002.

Background Since the inception of the modern-day Federal income tax in 1913, an income exclusion from gross income for interest received by holders of debt obligations (i.e., bonds) of States and their political subdivisions has been included in Federal income tax law [2]. This provision, provision, set forth in section 103 103 of the Internal Revenue Code of 1986, excludes private activity bonds that are not “qualified bonds,” “arbitrage bonds,” and bonds not in registered form. 151

Tax-Exempt Bonds, 1996-2002

152

152

Both Governmental and private activity bonds are obligations issued by or on behalf of State and local governmental units; it is the use of proceeds that differentiates the the two. Governmental bond bond proceeds finance essential essential government operations. Private activity bond proceeds are used by a private entity. Internal Revenue Code Section 141 defines a bond as a private activity bond if both of the following criteria are met: 1) more than 10 percent of the bond proceeds are used for a private business purpose; and, 2) more than 10 percent of the bond debt service is derived from private business use and is secured by  privately used used property. The combination of such use use and security in excess of 10 percent is what results in a bond being characterized as a “private activity  bond.” A private activity activity bond’s tax-exempt status then depends on whether it is deemed a “qualified”  bond, as defined by Internal Revenue Code section 141(e). Qualified bonds, termed tax-exempt private activity bonds in this article, include “exempt facility  bonds,” qualified mortgage bonds, qualified veterans’ mortgage bonds, qualified small issue bonds, qualified  student loan bonds, qualified redevelopment bonds, and qualified section 501(c)(3) bonds (all of which are defined in the “Explanation of Terms” section at the end of this this article). The major types of exempt facility bonds are bonds issued for airports; docks and  wharves; sewage facilities; solid waste disposal facilities; qualified residential rental projects; and  facilities for the local furnishing of electricity or gas. Section 501(c)(3) bonds are issued by State and local governments to finance the activities of charitable and similar organizations that are tax-exempt under  Code section 501(c)(3). The primary beneficiaries beneficiaries of  these bonds are hospitals, universities, and organizations that provide low-income housing or assisted  living facilities. Refunding involves the sale of a new issue (the “refunding bond”), the proceeds of which are to be used to pay debt service on and retire an outstanding issue (the “refunded bond”). bond”). Generally, this is done done to save interest, extend the maturity of the debt, or  remove restrictive covenants in security documents. Refunding issues are classified as either “current” or  “advanced,” depending on the time between the issuance of the new bonds and the maturity date (or  specified call date) date) of the outstanding outstanding issue. Call  provisions allow the issuer to to retire all or a portion of 

the bonds prior prior to the stated stated maturity date. Many State and local bonds were issued with call provisions that allowed the issuer to retire the bonds beginning 10 years from the date of issue, usually at par or at a small premium above above par [3]. Current refunding occurs when the new bond is issued within 90 days of the final payment of principal or interest (redemption) on the the prior issue. Advance refunding occurs when the new bond is issued more than 90 days before the final payment of principal or interest (redemption) on the prior issue. issue. Generally, the proceeds of the new (“refunding”) issue are invested in Government securities, which are placed in escrow. The interest and principal repayments on these securities are then used to repay the refunded bonds over time. Advanced refundings result in two sets of bond   proceeds outstanding outstanding for one particular project, for an extended period of time. To limit this, the Tax Reform Act of 1986 imposed restrictions on advance refundings of both Governmental and tax-exempt  private activity bonds. New tax-exempt GovernmenGovernmental bonds are limited to one advance refunding, although there exists a transition rule that allows bonds issued before the effective date of the Tax Reform Act of 1986 to be advance refunded twice (once if  they had already been advance refunded one or more times before that date). Advance refundings refundings are  prohibited with respect respect to all tax-exempt tax-exempt private private activity bonds, except for section 501(c)(3) bonds. Another exception applies to bonds designated as “liberty advance refunding bonds,” which are allowed  one advance refunding [4]. Tax-exempt private activity bonds are subject to State volume limitations limitations (i.e., volume caps). A single unified volume cap (introduced in the Tax Reform Act of 1986) limits the dollar amount of most taxexempt private activity bonds that each State can issue annually [5]. Refunding bonds are not not subject to volume cap limitations, as long as there is no increase in the principal amount of the outstanding  bond. States are allowed to carry over any unused   portion of the the volume cap of a particular particular year for up to 3 years.

Tax-Exempt Governmental Bonds Total Governmental Bond Volume

Between 1996 and 2002, a total of $1.5 trillion of taxexempt Governmental bonds was issued (Table 1).

Tax-Exempt Bonds, 1996-2002

Figure A  Volume of Governmental Governmental Bon ds Issued, by Type and Issu e Year, 1996-20 1996-2002 02

 Aver age An nu al St ate and an d L oc al B on d In ter est Rates, 1996-2002

Billions of dollars

Interest rate ¹

400

7.50 7.25

350

340.1

6.75

300

6.50 264.3

250 200

6.25

227.0 171.7

6.00 183.7

179.5

204.4 169.3

150

7.00

136.8 119.3

117.2

135.7

52.4

62.3 50.5

50

5.09

5.25

5.15 5.04

5.00

134.9

90.2

100

5.71 5.43

5.52

5.50

176.8

133.2

5.76

5.75

4.75

87.4 34.5

4.50 4.25 4.00

0 1996

1997

1998

1999

2000

2001

2002

New money issues issues

1997

1998

1999

2000

2001

2002

Year 

Issue year   All issues

1996

Refunding issues

¹ Data for interest rates obtained obtained from Federal Reserve Reserve Board, "Federal "Federal Statistical Release Release H.15: Selected Interest Interest Rates, Historical Historical Data."

Figure A tracks the year-to-year changes in bond  issuances. The total dollar dollar volume of tax-exempt Governmental bonds issued increased slightly between 1996 and 1997, from $171.7 billion to $179.5  billion, before increasing increasing 26.5 26.5 percent to reach $227.0  billion in 1998. The dollar volume of bonds issued  then decreased steadily each of the next 2 years, down to a low of $169.3 billion for 2000, before rebounding to $264.3 billion for 2001 and a new high of $340.1 billion for 2002. Between 1996 and 2000, there was relatively little year-to-year variation in new money issues of  tax-exempt Governmental bonds. In contrast, between 2000 and 2002, there was a dramatic increase in new money issues. During these 2 years, the the dollar volvolume of new issues increased more than 50 percent. Refunding issues of Governmental bonds ranged  from a low of $34.5 billion for 2000 to a high of 

$135.7 billion for 2002. 2002. Between 1996 and 1998, average annual State and local bond interest rates fell from 5.8 percent to 5.1 percent, then increased to 5.7  percent in 2000, before falling to 5.0 percent for 2002 (Figure A) [6]. The inverse relationship between interest rates and refundings over the time period  covered suggest that issuers took advantage of lower  rates to retire outstanding high-interest bonds. Uses of Governmental Bond Proceeds

For the years covered in this article, the majority of  tax-exempt Governmental bond issues were longterm (i.e., having maturities of 13 months or more). Still, there exist specific purposes for which shortterm Governmental bond issues are issued. Revenue and tax anticipation notes are short-term issues (generally, not more than 1 year between issue date and maturity date), the proceeds of which are to be 153

Tax-Exempt Bonds, 1996-2002

154

154

 paid off from expected lump-sum tax or grant receipts in the near future. Of the $340.1 billion of  tax-exempt Governmental bonds issued for 2002, only $64.4 billion (18.9 percent) were short-term issues, while the remaining $275.7 billion (81.1 percent) were long-term issues. (It is for this reason that the remainder of this article focuses on long-term issues.) More than half (53.7 percent) of the total dollar  volume of long-term bond issues were new money issues, while the remainder were refunding bond issues. For 1996 through 2002, the dollar volume of longterm tax-exempt Governmental bond issues ranged  from $126.5 billion (for 1996) to $275.7 billion (for  2002). During this period, of the total $1.2 billion of  long-term Governmental bonds issued, the proceeds of 55.2 percent, combined, were used for three  purposes: education (28.1 percent), utilities (14.3  percent), and transportation (12.8 percent) (Table 2). Education bonds comprised $232.8 billion, or 31.0  percent, of the total $750.7 billion in new money longterm bonds issued during the period. For 2002 alone, more than $45.0 billion in Governmental bonds were issued for education, accounting for more than 30  percent of the $148.1 billion of new money long-term  bonds issued that year. A portion of bond proceeds is often used to pay for associated issuance costs (e.g., fees paid to trustees and bond counsel), fund reserve accounts, and refund prior bond issues. Table 3 presents uses of tax-exempt long-term Governmental bond proceeds for 2002. Of the $275.7 billion of long-term tax-exempt Governmental bonds issued, issuers used  $2.6 billion (0.9 percent) of the bond proceeds for   bond issuance costs, $1.1 billion (0.4 percent) for  credit enhancement, and $3.7 billion (1.3 percent) for  reserve fund allocations. Of the remaining $268.3  billion, $125.0 billion were used to refund or retire  prior bond issues, leaving $143.4 billion to be used for  new project costs.  New money issues of long-term tax-exempt Governmental bonds have increased every year   between 1996 and 2002, except for 1999, when the total dollar volume dropped from $109.1 billion to $103.1 billion (Table 1). In every year covered by this article, over half of all long-term Governmental  bonds have been new money issues--this proportion has ranged from a low of 53.7 percent in 2002 to a high of 78.3 percent in 2000.

Figure B shows the annual distribution of new money long-term Governmental bond proceeds, by  purpose of bond issue. Education bonds consistently accounted for about 30 percent of the proceeds for  all new money long-term Governmental issues each year. Bonds issued for utilities and transportation each generally ranged between 10 percent and 15  percent of the annual dollar volume of new money long-term Governmental bond issues; however, in 2000, only 7.2 percent of bond proceeds were for  utilities, while 16.6 percent were for transportation. From 1999 to 2000, the total dollar volume of trans portation bonds issued grew by 33.3 percent, a substantial increase over the previous year, almost entirely offset by the 32.9 percent decrease in the total dollar volume of utility bonds issued. This contributed  to the minimal 0.2-percent increase in the total dollar  volume of new money long-term Governmental bond  issuances between 1999 and 2000. The percentage of new money long-term Governmental bonds issued  annually for environmental purposes decreased   between 1996 and 2002, from 8.8 percent to 5.7  percent. Bonds issued for public safety and health and hospital comprised, on average, 3.1 percent and  2.1 percent of annual new money long-term Governmental bond issues, respectively. New Money Issues of Long-Term Governmental Bonds,ClassifiedbySizeofIssue

For 2002, a total of 14,312 new money long-term taxexempt Governmental bonds were issued, with  proceeds totaling $148.1 billion (Table 4). Almost 50  percent of the total number of new money long-term Governmental bond issues were for small bonds with an issue price of less than $1 million. These bonds comprised only 1.6 percent of the total bond proceeds. Bonds with an issue price of less than $5 million accounted for almost 75 percent of the total number of bond issues, but only 6.9 percent of total  bond proceeds. There were 438 bonds (3.1 percent) with an issue price in excess of $75 million. The combined proceeds of these bonds comprised 58.6  percent of the total money issued. Bonds with an issue price of less than $1 million were generally issued by smaller towns for purposes such as school buses, fire trucks, and other unspecified expenditures. Of the issues exceeding $75 million, the top specified uses of the proceeds were

Tax-Exempt Bonds, 1996-2002

Figure B New Money Lon g-Term Govern mental Bo nds , by Selected Pur pose and Issu e Year, 1996-2002 Percent of total doll ar volume issued 40 35 30 25 20 15 10 5 0 Education

Utilities

Transportation

Environment

Public safety

Bond purpose 1996

1997

1998

1999

2000

2001

Health and hospital

 All other bonds, combined ¹

2002

¹ For purposes of this figure, this category is comprised of "other" bonds (obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return), as well as housing bonds, tax and revenue anticipation notes, and bond anticipation notes. These bond purposes are broken out separately in Table 5.

for education ($18.2 billion), transportation ($15.7  billion), and utilities ($14.5 billion) [7]. New Money Issues of Governmental Bonds, ClassifiedByState

Tables 5 and 6 show how the volume of Governmental bond issues varied across the States. Figure C  presents the top 15 States, ranked by the total dollar  volume of new long-term Governmental bonds issued   between 1996 and 2002. Combined, these 15 States accounted for 68.2 percent of the total new money long-term bond issues during the specified period. About $380.6 billion (50.7 percent) of the $750.7  billion of new money long-term bonds issued between 1996 and 2002 were issued in the following eight States: California (11.7 percent), New York  (9.3 percent), Texas (8.1 percent), Illinois (5.5

 percent), Florida (5.1 percent), Pennsylvania (3.9  percent), New Jersey (3.7 percent), and Michigan (3.5 percent). There was some variance in the purposes for  which States issued bonds. On average, between 1996 and 2002, States spent 31.0 percent of new money long-term Governmental bond proceeds on education. During the same period, Michigan spent 51.4 percent of its total new money long-term bond   proceeds on education, compared to the 29.5 percent of total California bond proceeds and 15.3 percent of  total New York bond proceeds for the same purpose. States allocated an average of 12.7 percent of total new money long-term bond proceeds for transportation. New Jersey used the largest percentage of its State’s total new money long-term bond issues (36.0  percent) for transportation, followed by Massachu-

155

Tax-Exempt Bonds, 1996-2002

Figure C Total Volum e of New Money Long -Term Govern mental Bon ds Issued, 1996-2002: Top 15 States, by Selected Purpose of Bon d [Money amounts are in millions of dollars] Selected purpose of bond State of issue

Total

(1) All States..........................

California............................... New York............................... Texas..................................... Illinois.................................... Florida................................... Pennsylvania......................... New Jersey............................ Michigan................................ Massachusetts....................... Washington........................... Ohio....................................... Georgia.................................. Virginia.................................. Minnesota.............................. Colorado................................

750,718

87,750 69,522 60,741 41,055 38,255 29,407 27,719 26,124 23,346 20,907 20,887 18,523 16,401 16,292 15,257

Education

Transportation

Utilities

Environment

Public safety

Health and hospital

(2)

(3)

(4)

(5)

(6)

(7)

95,036

85,943

49,422

23,272

15,626

5,264 14,433 5,387 2,236 3,987 2,873 9,984 1,895 5,649 2,439 3,357 2,594 2,656 1,454 2,995

17,266 8,882 10,352 1,594 6,912 1,476 344 1,372 448 3,380 1,107 2,675 1,187 826 1,729

232,802

25,852 10,656 29,603 13,792 12,501 12,295 8,291 13,425 2,446 4,857 7,667 5,537 5,390 5,285 4,196

4,011 2,793 1,394 1,587 3,637 2,167 1,111 4,884 3,361 1,123 1,295 3,546 1,121 1,086 359

2,351 1,781 1,261 812 953 907 923 564 229 652 784 852 802 434 506

 All other bonds, 1

combined (8)

248,586

2,062 3,068 613 380 680 48 20 198 143 377 490 260 199 220 602

30,943 27,909 12,131 20,654 9,585 9,642 7,044 3,785 11,070 8,080 6,187 3,059 5,046 6,988 4,870

¹ For purposes of this figure, this category is comprised of "other" bonds (obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return), as well as housing bonds, tax and revenue anticipation notes, and bond anticipation notes. These bond purposes are broken out separately in Table 5. NOTE: Detail may not add to totals because of rounding.

156

156

setts and New York, which allocated 24.2 percent and 20.8 percent of their total proceeds, respectively, to transportation. Between 1996 and 2002, Georgia devoted a larger portion of its new money long-term  bond proceeds (19.1 percent) to environmental  projects than any other State. For 2002, more than half (52.8 percent) of the $148.1 billion of new money long-term tax-exempt  bonds was issued in the following eight States: California (15.9 percent), Texas (8.4 percent), New York (6.6 percent), Illinois (5.8 percent), Florida (5.4  percent), New Jersey (4.6 percent), Michigan (3.0  percent), and Pennsylvania (3.0 percent). According to 2002 Census estimates, together, these eight States accounted for 47.3 percent of the total U.S.  population [8]. Figure D presents a per capita breakdown of all new money long-term bond issuances for 2002, classified by State. Alaska ($952), New Jersey ($800), Connecticut ($767), Wisconsin ($719), and  South Carolina ($715) accounted for the largest amounts of new long-term tax-exempt Governmental  bonds on a per capita basis. Montana and Wyoming accounted for the smallest amounts of new long-term

tax-exempt Governmental bonds on both total dollar  volume and per capita bases. On a per capita basis, Wyoming issued $130 and Montana issued $94 of  new long-term tax-exempt Governmental bonds. Generally, Governmental bonds are not subject to the volume cap; however, if more than $15 million of the  proceeds are used in private use or disproportionate use, then the amount in excess of $15 million is sub ject to the volume cap, and issuers are required to report the amount of the State volume cap allocated  to the Governmental issue [9]. For 2002, issuers reported allocating a combined $169.1 million of State volume cap to the total $340.1 billion of Governmental bond issues.

Tax-ExemptPrivateActivityBonds TotalPrivateActivityBondVolume

Between 1996 and 2002, a total of $548.9 billion of  tax-exempt private activity bonds were issued (Table 7). Figure E illustrates the trends for the intervening years, which follow a pattern similar to that of  Governmental bonds issued over the same period. The dollar volume of private activity bonds issued  increased slightly between 1996 and 1997, from a low

Tax-Exempt Bonds, 1996-2002

Figure F Long -Term Pr ivate Acti vit y Bon ds, by Type and Is sue Year, 1996-2002 [Money amounts are i n billions of dollars]

Percent of total

100% 90% 80%

$28.4

$31.6

$44.9

$31.3

$37.6

$46.3

1996

1997

1998

$31.9

$27.7

$32.7

$47.4

$41.4

$49.4

1999

2000

2001

$40.8

70% 60% 50% 40% 30%

$50.2

20% 10% 0% 2002

Issue year 

New money issues

residential rental bonds (8.3 percent), and small issue  bonds (5.6 percent). For 2002, the top uses of new money proceeds included section 501(c)(3) projects (58.1 percent), residential rental bonds (11.7 percent), and single-family mortgages (9.2 percent) (Figure G). NewMoneyIssuesofPrivateActivityBonds, ClassifiedbyState

During the period covered, the volume of new money long-term tax-exempt private activity bonds issued  varied across the States (Tables 11 and 12). Figure H presents the top 15 States, ranked by the total dollar volume of new money long-term issues between 1996 and 2002. These 15 States accounted  for 65.5 percent of the total new money long-term  bond issues during the specified period. About $153.8 billion (50.7 percent) of the $303.5 billion of  new money long-term bonds issued between 1996 and 2002 were issued in the following nine States: California (8.9 percent), New York (7.5 percent), Texas (6.9 percent), Florida (6.0 percent), Pennsyl-

Refunding issues

vania (5.9 percent), Illinois (4.6 percent), Ohio (4.0  percent), Massachusetts (3.7 percent), and Michigan (3.2 percent). Texas alone accounted for 10.3 percent of all new money long-term student loan bonds and 12.1  percent of all new money long-term solid waste  bonds issued between 1996 and 2002. In addition, Texas, one of only five States eligible to issue veterans’ mortgage bonds, accounted for 40.2 percent of  the total dollar volume for these types of issues [10]. Together, Michigan, Pennsylvania, and Illinois accounted for almost one-fourth of all new money longterm small-issue bonds issued during the same period. For a majority of States, more than half of all new money long-term issues were used to finance section 501(c)(3) projects, including hospitals. For 2002, more than half (52.7 percent) of the $50.2 billion of new money long-term tax-exempt  private activity bonds were issued in the following nine States: California (10.2 percent), Texas (7.8  percent), New York (7.7 percent), Pennsylvania (6.2  percent), Florida (5.5 percent), Massachusetts (4.6 159

Tax-Exempt Bonds, 1996-2002

Figure G Long-Term Private Activity Bonds, by Issue Year, Type, and Selected Purpose of Bond, 1996-2002 [Money amounts are in millions of dollars] Issue year 

Type of issue and purpose of bond 1996 (1) All issu es.............................................................................

59,665

1997 (2)

1998 (3)

69,101

91,167

1999 (4) 79,262

2000 (5) 69,048

2001 (6) 82,054

2002 (7) 91,097

Bond purpose, as a percent of to tal money issued:

Total.................................................................................... Other section 501(c)(3) (excluding hospitals)........................ Mortgage............................................................................... Section 501(c)(3) hospital...................................................... Residential rental...................................................................  Airport..................... ......................... ......................... ............. Tax Reform Act transition property........................................ Student loan........................................................................... Solid waste disposal.............................................................. Docks and wharves...............................................................  All other bonds, combined ¹....................... ......................... ... New money issues..............................................................

100.0 18.0 17.6 20.1 11.3 7.5 6.0 3.1 5.3 2.4 8.8 31,262

100.0 19.2 16.1 23.8 7.9 8.0 5.1 3.2 4.9 1.8 10.1 37,550

100.0 24.6 13.1 28.1 7.6 7.7 4.6 2.7 4.4 1.3 5.9 46,288

100.0 27.8 17.2 19.4 9.2 7.1 5.6 2.9 3.5 1.4 6.0 47,408

100.0 28.8 19.4 14.7 8.6 8.1 4.4 3.5 4.2 1.5 6.8 41,392

100.0 28.7 17.2 16.3 8.4 10.7 4.8 3.2 4.2 0.9 5.6 49,356

100.0 27.3 17.4 16.6 10.2 8.3 6.7 4.4 3.1 1.5 4.5 50,248

Bond purpose, as a percent of to tal new money issued:

160

Total.................................................................................... 100.0 Other section 501(c)(3) (excluding hospitals)........................ 23.2 Mortgage............................................................................... 15.5 Section 501(c)(3) hospital...................................................... 20.8 Residential rental................................................................... 6.2  Airport..................... ......................... ......................... ............. 8.8 Student loan........................................................................... 4.4 Solid waste disposal.............................................................. 5.3 Docks and wharves............................................................... 3.5 Small issue............................................................................ 8.8  All other bonds, combined ¹....................... ......................... ... 3.6 ¹ Data for other bond purposes are broken out separately in Table 8.

100.0 23.2 13.6 23.6 7.2 10.1 4.1 4.8 1.8 7.8 3.8

100.0 29.0 9.1 29.9 6.5 10.0 2.9 3.5 1.0 6.5 1.6

100.0 37.0 9.3 22.7 8.2 8.0 2.9 3.2 1.3 6.0 1.3

100.0 38.6 12.0 15.7 8.8 7.1 3.6 3.6 2.3 6.4 2.0

100.0 38.0 9.5 19.3 8.7 10.9 3.6 3.4 0.7 3.7 2.1

100.0 38.3 9.2 19.9 11.7 6.9 5.1 3.4 1.4 2.0 2.3

NOTE: Detail may not add to 100 percent because of rounding.

160

 percent), Illinois (3.8 percent), Georgia (3.6 percent), and Ohio (3.2 percent). According to 2002 Census estimates, together, these nine States accounted for  50.0 percent of the total U.S. population [8]. Most new money private activity bond issues were subject to State volume cap limitations determined by population [5]. States have leeway in allocating the cap among the various qualified pur poses subject to the cap. Private activity bonds not subject to the unified State volume cap included all new money issues for airports, docks and wharves, Governmentally-owned solid waste facilities, hydroelectric generating facilities, and high-speed intercity rail facilities. Current refunding bonds are not figured  into the total for the cap, as long as there is no increase in the principal amount of the outstanding  bond. In addition, carryforward rules allow States to apply any unused amount of the cap to certain types of new money issues up to 3 years into the future.

For this reason, it is legitimately possible for a State to issue new money bonds in an amount that exceeds its cap for a given year. Section 501(c)(3) bonds (other than qualified hospital bonds) were subject to a separate cap of $150 million per organization. Qualified veterans’ mortgage bonds were subject to their  own special volume limitations, as were empowerment zone facility bonds and qualified public educational facility bonds.

Summary Tax-exempt Governmental bond volume almost doubled during the 7-year period extending from 1996 through 2002, from $171.7 billion issued for 1996 to $340.1 billion for 2002. A total of $1.5 trillion of  Governmental bonds were issued during this time frame. Long-term issues, bonds with maturities of 13 months or more, made up 80 percent of this total. Almost half (48.9 percent) of total Governmental

Tax-Exempt Bonds, 1996-2002

Figure H Total New Money Long-Term Priv ate Activi ty Bon ds Issued, 1996-2002: Top 15 States, by Selected Purpose of B ond [Money amounts are in millions o dollars]

Selected purpose of bond State of issue

All States ...................

California............................ New York............................ Texas.................................. Florida................................ Pennsylvania...................... Illinois................................. Ohio.................................... Massachusetts................... Michigan............................. New Jersey......................... Georgia.............................. Virginia............................... Minnesota........................... Tennessee.......................... Missouri..............................

Total

Other section 501(c)(3) ¹

(1)

(2)

303,504

100,952

27,022 22,668 21,078 18,164 17,828 14,027 12,276 11,128 9,613 8,892 8,852 7,110 6,833 6,790 6,643

7,851 10,151 5,657 5,625 7,056 4,734 3,764 5,588 1,990 2,861 3,756 2,276 3,383 2,588 3,149

Section 501(c)(3) hospital (3) 65,994

3,589 2,644 3,957 4,044 5,368 3,718 4,223 1,913 3,299 1,960 1,883 1,654 1,164 1,895 1,292

Mortgage

 Airport

 Residential rental

Small issue

Student loan

 Solid waste disposal

(4)

(5)

(6)

(7)

(8)

(9)

32,883

2,704 1,327 2,203 1,404 1,281 1,512 1,204 332 244 261 330 ** 800 612 572

26,697

2,660 3,642 3,716 2,386 910 1,836 406 1,070 1,196 992 371 712 618 513 344

25,331

5,873 3,238 1,194 2,263 199 432 743 765 429 586 1,112 979 415 161 396

17,030

660 840 321 459 1,361 1,178 787 591 1,525 517 687 522 339 365 284

11,474

579 ** 1,177 -550 70 434 650 651 801 ** -** 416 302

11,447

939 516 1,385 572 694 385 639 123 209 344 494 417 49 ** 87

**Data not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals. ¹ This category includes section 501(c)(3) bonds issued for exempt organizations other than hospitals.

 bond proceeds issued during this period were new money long-term issues. Bonds to refund prior  Governmental issues accounted for 33.4 percent of  the total $1.5 trillion issued between 1996 and 2002. More than half of all long-term Governmental bonds issued during this period were to finance projects related to education, transportation, and utilities. Education bonds alone made up 28.1 percent of all long-term Governmental bond issues. Between 1996 and 2002, tax-exempt private activity bond issues increased 54.8 percent, from $60.1 billion to $93.0 billion. There was a decrease in overall issuance between 1998 and 2000, but the  period between 2000 and 2002 was one of rapid  growth in tax-exempt private activity bond issuance. A total of $548.9 billion in new money and refunding tax-exempt private activity bonds was issued between 1996 and 2002, of which $541.4 billion were long-term in nature. Refunding issues accounted for  44.3 percent of the total amount issued. Bonds issued for use by section 501(c)(3) organizations and  those to promote the development and purchase of  affordable housing (through residential rental and  single-family mortgage bonds) accounted for 70.9  percent of all long-term private activity bonds issued  during this period.

DataSourcesandLimitations The data presented in this article are based on the  populations of Forms 8038,  Information Return for  Tax-Exempt Private Activity Bond Issues, and  Forms 8038-G,  Information Return for Tax-Exempt  Governmental Obligations, filed with the Internal Revenue Service for bonds issued during each of the Calendar Years 1996 through 2002. Bond issuers were required to file these returns by the 15 th day of  the second calendar month after the close of the calendar quarter in which the bond was issued. The data do not include Form 8038-G returns with a total issue price less than $100,000, since issuers of these  bonds are instructed to file Form 8038-GC, Information Return for Small Tax-Exempt Governmental  Bond Issues, Leases, and Installment Sales. Because the entire populations of both Forms 8038 and Forms 8038-G were used, there is no sampling error. Returns filed for commercial paper transactions are excluded from the statistics, as are issues that are loans from the proceeds of another taxexempt issue (pooled financings). During statistical processing, returns were sub ject to thorough testing and correction procedures to ensure accuracy and validity. Further checks were conducted to identify and exclude duplicate and 

161

Tax-Exempt Bonds, 1996-2002

Table 4.--New Money Long-Term Governmental Bonds, by Purpose of Bond and Size of Issue, 2002 [Money amounts are in millions of dollars, except for size of issue, which is in whole dollars]

Size of issue $500,000

 All issues

Purpose of bond

Under  $500,000

$1,000,000

under 

under 

$1,000,000

$5,000,000

Number

Amount

Number

Amount

Number

Amount

Number

Amount

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Total...........................................................

14,312

148,101

5,194

1,212

1,759

1,191

3,523

7,847

Education........................................................

4,589

45,005

1,397

331

497

342

1,045

2,312

Health and hospital.........................................

350

3,459

85

21

54

37

103

210

Transportation................................................

945

18,265

289

60

112

68

262

462

Public safety...................................................

2,150

4,054

1,337

292

237

154

313

537

Environment................................................... Housing..........................................................

1,120 129

8,383 900

315 22

72 6

135 13

86 8

343 46

612 90

Utilities............................................................ Tax/revenue anticipation notes.......................

1,463 72

20,534 726

329 5

80 1

196 8

123 6

464 42

894 122

Bond anticipation notes.................................. Other bonds ¹..................................................

157 4,379

335 46,443

53 1,424

14 333

35 518

25 343

51 1,183

98 2,507

Size of issue--continued $5,000,000

$10,000,000

$25,000,000

under 

under

under

or

$10,000,000

$25,000,000

$75,000,000

more

Purpose of bond Number (9)

168

Amount (10)

Number (11)

Amount (12)

Number (13)

$75,000,000

Amount (14)

Number (15)

  Amount (16)

Total...........................................................

1,494

9,267

1,142

15,325

762

26,418

438

86,841

Education........................................................

589

3,746

540

7,184

373

12,882

148

18,208

Health and hospital.........................................

32

191

26

305

30

849

20

1,845

Transportation................................................

81

321

66

539

54

1,068

81

15,748

Public safety...................................................

120

532

66

641

49

783

28

1,114

Environment...................................................

119

514

83

672

67

1,196

58

5,231

Housing..........................................................

16

96

11

117

11

238

10

344

Utilities............................................................ Tax/revenue anticipation notes.......................

202 10

1,100 66

120 **

1,446 **

92 **

2,382 **

60 **

14,508 **

Bond anticipation notes..................................

10

59

**

**

**

**

**

**

Other bonds ¹..................................................

493

2,643

366

4,298

249

6,859

146

29,459

**Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. NOTE: Detail may not add to totals because of rounding.

168

Tax-Exempt Bonds, 1996-2002

Table 5.--Total New Money Long-Term Governmental Bonds, by State of Issue and Purpose, 1996-2002 [Money amounts are in millions of dollars] Purpose of bond Total

State of Issue

E du cat io n

Hea lt h a nd h osp it al

T rans po rta ti on

Public safety

Environment

Number

Amount

Number

Amount

Number

Amount

Number

Amount

Number

Amount

Number

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

750,718 11,199 3,212 12,122 4,156 87,750 15,257 12,416 1,847 2,790 38,255 18,523 4,345 1,493 41,055 11,992 5,470 7,192 7,692 8,785 1,868 9,082 23,346 26,124 16,292 5,332 11,380 858 4,626 9,507 2,104 27,719 5,051 69,522 15,182 1,266 20,887 6,296 8,729 29,407 2,354 12,235 1,023 10,651 60,741 5,460 882 16,401 20,907 2,090 15,255 485 11,247

33,362 385 51 657 821 3,749 453 378 34 6 336 492 6 157 2,527 1,027 590 501 536 304 302 284 620 1,476 713 501 832 147 397 85 158 1,422 326 2,146 411 206 1,029 1,219 371 1,525 85 407 143 312 2,679 220 38 550 504 93 979 157 10

232,802 3,139 847 4,659 1,791 25,852 4,196 2,976 440 42 12,501 5,537 249 849 13,792 6,138 1,750 2,754 1,958 2,169 432 3,025 2,446 13,425 5,285 1,615 3,915 319 1,177 2,822 581 8,291 1,370 10,656 7,029 281 7,667 2,178 3,598 12,295 438 4,229 555 2,360 29,603 1,457 182 5,390 4,857 429 2,838 187 204

2,269 75 13 20 35 184 49 ** 6 ** 32 63 36 36 31 80 88 94 ** 72 6 48 14 76 85 76 66 14 45 12 ** 25 9 59 75 3 72 80 28 18 5 54 ** 45 131 27 -29 94 20 66 20 25

15,626 729 49 81 49 2,062 602 ** 5 ** 680 260 49 53 380 392 155 183 ** 411 38 146 143 198 220 288 379 34 45 91 ** 20 44 3,068 389 3 490 253 294 48 17 1,051 ** 290 613 128 -199 377 22 378 71 68

7,040 101 36 148 36 355 131 95 81 ** 210 57 ** 175 277 144 295 322 53 130 111 84 158 340 253 109 203 23 173 29 28 90 52 242 122 38 209 49 84 189 46 70 59 93 349 113 11 133 145 21 729 12 17

95,036 386 206 1,930 708 5,264 2,995 1,550 564 ** 3,987 2,594 ** 67 2,236 797 321 1,079 373 942 269 880 5,649 1,895 1,454 276 2,655 13 119 1,406 279 9,984 1,262 14,433 764 37 3,357 1,240 801 2,873 319 2,153 40 100 5,387 1,279 14 2,656 2,439 584 1,546 3 2,415

14,232 284 22 227 92 781 383 201 52 ** 547 277 11 117 485 453 212 163 240 382 132 272 269 436 242 155 371 44 170 49 84 468 118 720 1,003 ** 459 120 191 757 73 377 39 214 834 127 53 338 314 315 516 20 14

23,272 293 23 248 229 2,351 506 186 48 ** 953 852 6 150 812 738 191 206 436 469 73 589 229 564 434 262 719 43 173 449 60 923 175 1,781 680 ** 784 291 557 907 105 248 61 276 1,261 236 12 802 652 264 854 82 21

8,428 67 ** 61 91 377 80 108 50 ** 158 436 7 87 209 237 321 233 42 143 85 142 260 821 297 54 184 47 90 49 25 180 66 200 215 64 143 ** 62 665 35 93 38 79 425 120 116 126 168 104 718 10 12

49,422 1,100 ** 529 254 4,011 359 124 163 ** 3,637 3,546 197 99 1,587 1,441 600 613 641 644 131 631 3,361 4,884 1,086 84 962 38 70 1,589 24 1,111 180 2,793 1,063 165 1,295 ** 629 2,167 367 356 84 278 1,394 220 66 1,121 1,123 205 2,048 7 161

857

5

31

3

40

**

**

--

--

**

**

All States ....................... 100,055  Alabama............................. 1,867  Alaska............................ .... 226  Arizona............................... 1,633  Arkansas............................ 1,385 California............................ 8,393 Colorado............................ 2,140 Connecticut........................ 775 Delaware............................ 246 District of Columbia............ 35 Florida................................ 2,487 Georgia.............................. 2,122 Hawaii................................ 138 Idaho.................................. 733 Illinois................................. 5,576 Indiana............................... 2,589 Iowa................................... 2,229 Kansas............................... 1,950 Kentucky............................ 1,440 Louisiana............................ 1,539 Maine................................. 717 Maryland............................ 974 Massachusetts................... 1,454 Michigan............................. 4,542 Minnesota.......................... 4,051 Mississippi......................... 1,617 Missouri............................. 2,344 Montana............................. 472 Nebraska............................ 3,161 Nevada............................... 400 New Hampshire................. 418 New Jersey........................ 2,618 New Mexico....................... 833 New York........................... 4,248 North Carolina.................... 2,749 North Dakota...................... 721 Ohio................................... 2,643 Oklahoma........................... 1,879 Oregon............................... 1,203 Pennsylvania...................... 4,087 Rhode Island...................... 340 South Carolina................... 1,577 South Dakota..................... 450 Tennessee......................... 1,583 Texas................................. 7,476 Utah................................... 1,141 Vermont............................. 344 Virginia............................... 1,638 Washington........................ 2,022 West Virginia..................... 698 Wisconsin.......................... 3,664 Wyoming............................ 296 Puerto Rico........................ 165 U.S. Possessions other  than Puerto Rico............ 27

Amount (12)

Footnotes at end of table.

169

Tax-Exempt Bonds, 1996-2002

Table 5.--Total New Money Long-Term Governmental Bonds, by State of Issue and Purpose, 1996-2002--Continued [Money amounts are in millions of dollars] Purpose of bond--continued Housing

State of issue

170

All States.....................................  Alabama................................. ..........  Alaska............................ ..................  Arizona..................................... ........  Arkansas................................... ....... California.......................................... Colorado.......................................... Connecticut...................................... Delaware.......................................... District of Columbia.......................... Florida.............................................. Georgia............................................ Hawaii.............................................. Idaho................................................ Illinois............................................... Indiana............................................. Iowa................................................. Kansas............................................. Kentucky.......................................... Louisiana.......................................... Maine............................................... Maryland.......................................... Massachusetts................................. Michigan........................................... Minnesota........................................ Mississippi....................................... Missouri........................................... Montana........................................... Nebraska.......................................... Nevada............................................. New Hampshire............................... New Jersey...................................... New Mexico..................................... New York......................................... North Carolina.................................. North Dakota.................................... Ohio................................................. Oklahoma......................................... Oregon............................................. Pennsylvania.................................... Rhode Island.................................... South Carolina................................. South Dakota................................... Tennessee....................................... Texas............................................... Utah................................................. Vermont........................................... Virginia............................................. Washington...................................... West Virginia................................... Wisconsin........................................ Wyoming.......................................... Puerto Rico...................................... U.S. Possessions other  than Puerto Rico..........................

Tax/revenue anticipation notes

Utilities

Bond anticipation notes

Other bonds¹

Number

Amount

Number

Amount

Number

Amount

Number

Amount

Number

(13)

(14)

(15)

(16)

(17)

(18)

(19)

(20)

(21)

(22)

870 6 6 ** 3 88 ** 14 5 -33 ** ** 3 15 9 8 3 ** ** 3 20 17 8 163 6 ** -4 ** 7 9 3 20 25 5 26 12 19 16 5 ** 36 6 38 5 4 14 69 ** 29 5 --

4,904 11 363 ** 50 1,062 ** 46 8 -248 ** ** 20 436 15 13 3 ** ** 2 117 29 28 237 34 ** -1 ** 16 21 14 250 47 9 46 270 124 112 17 ** 32 32 155 113 5 122 253 ** 25 11 --

10,036 325 22 111 243 471 191 32 10 -296 140 8 41 348 142 266 335 323 127 53 66 167 211 477 83 328 47 201 28 18 99 72 129 254 289 152 218 118 192 20 147 41 490 1,345 250 63 139 255 29 586 22 9

85,943 3,281 292 1,868 740 17,266 1,729 512 69 -6,912 2,675 92 46 1,594 906 367 632 1,400 362 30 476 448 1,372 826 229 888 55 1,651 818 46 344 256 8,882 1,965 492 1,107 985 594 1,476 167 1,389 74 2,222 10,352 693 34 1,187 3,380 263 776 63 1,565

649 27 ** 23 14 262 ---** ** ** -3 5 6 9 --** 5 ** 4 ** 157 3 ----** --5 -** 6 -3 33 ** ** --3 18 ** -10 -31 ---

11,447 62 ** 58 8 10,264 ---** ** ** -1 78 6 12 --** 3 ** 3 ** 381 5 ----** --5 -** 5 -17 118 ** ** --2 8 ** -7 -68 ---

1,190 5 ** ** -11 ** ** 5 -** ** -11 5 51 85 29 33 11 22 ** 16 ** 36 4 ** -132 ** 13 19 -65 4 -40 ** 50 56 ** ** ** 106 -11 ** 49 78 ** 168 3 --

4,669 8 ** ** -106 ** ** 25 -** ** -22 43 98 137 59 236 26 69 ** 529 ** 24 2 ** -103 ** 11 27 -225 13 -91 ** 83 117 ** ** ** 487 -44 ** 337 449 ** 682 4 --

28,548 685 75 437 80 2,186 840 321 46 26 913 748 67 105 1,775 444 703 658 210 394 173 484 651 1,191 1,761 629 389 155 1,999 152 123 601 200 873 821 109 608 178 285 765 149 449 89 382 1,834 267 57 536 414 113 1,258 47 82

227,566 2,189 1,422 2,662 327 19,511 4,729 6,958 526 2,205 9,255 2,771 3,499 187 20,097 1,460 1,923 1,661 2,612 3,743 820 2,824 10,510 3,752 6,346 2,536 1,841 357 1,287 2,302 1,081 6,996 1,749 27,430 3,233 271 6,044 991 2,031 9,295 915 2,800 165 4,582 11,975 1,282 566 4,587 7,371 318 6,040 56 6,814

--

--

7

97

--

--

--

--

11

664

** Data not shown to avoid disclosure of information for specific bonds. However, the data are included in the appropriate totals. ¹ For purposes of this table, "other" bonds refer to obligations for which a specific purpose either did not apply or was not clearly indicated on the Form 8038-G return. NOTE: Detail may not add to totals because of rounding.

170

Amount

Tax-Exempt Bonds, 1996-2002

Table 12.--New Money Lon g-Term Priv ate Activi ty Bon ds: All Bon d Issues and Section 501(c)(3) Bonds, by State and Year of Issue, 1996-2002 [Money amounts are in millions of dollars] 1996 State of issue

 All issues Number (1)

All States..........................

182

182

 Alabama............................... .  Alaska......................... ...........  Arizona..................................  Arkansas............................... California............................... Colorado................................ Connecticut............................ Delaware............................... District of Columbia............... Florida................................... Georgia.................................. Hawaii................................... Idaho..................................... Illinois.................................... Indiana................................... Iowa....................................... Kansas.................................. Kentucky................................ Louisiana............................... Maine..................................... Maryland................................ Massachusetts....................... Michigan................................ Minnesota.............................. Mississippi............................. Missouri................................. Montana................................. Nebraska............................... Nevada.................................. New Hampshire..................... New Jersey............................ New Mexico........................... New York............................... North Carolina....................... North Dakota......................... Ohio....................................... Oklahoma.............................. Oregon.................................. Pennsylvania......................... Rhode Island......................... South Carolina....................... South Dakota......................... Tennessee............................. Texas..................................... Utah....................................... Vermont................................. Virginia.................................. Washington........................... West Virginia......................... Wisconsin.............................. Wyoming............................... Puerto Rico............................ U.S. Possessions other  than Puerto Rico................ Footnotes at end of table.

3,031

1997

Section 501(c)(3) issues

Amount (2)

Number (3)

Amount (4) 13,771

 All issues Number (5) 3,507

1998

Section 501(c)(3) issues

Amount (6) 37,550

Number (7) 1,320

Amount (8) 17,584

 All issues Number (9) 3,945

Amount (10)

31,262

1,076

56 6 28 45 131 51 25 4 7 120 89 ** 8 268 84 235 60 48 24 11 46 68 125 102 22 70 18 54 13 19 65 15 108 51 23 120 53 29 200 8 34 31 50 96 18 9 75 81 13 105 4 **

509 63 330 293 3,463 262 626 145 192 2,517 624 ** 99 1,667 830 158 173 360 351 288 503 691 1,136 422 204 545 100 326 176 132 776 266 1,648 758 260 1,431 270 392 2,130 112 349 369 473 1,593 333 274 753 530 128 721 105 **

16 ** 13 15 54 16 15 ** ** 49 31 ** 3 61 28 23 5 17 8 ** 26 32 36 66 3 26 ** 4 -9 25 ** 61 17 13 50 11 8 113 ** 11 9 21 29 4 4 31 31 7 34 -**

219 ** 186 158 1,019 75 305 ** ** 1,047 319 ** 4 827 587 58 68 132 125 ** 305 401 737 243 35 283 ** 30 -78 370 ** 771 495 99 745 123 40 1,654 ** 142 38 137 348 94 91 348 154 29 341 -**

44 8 33 33 173 62 39 12 5 99 93 ** 19 287 101 276 85 50 31 20 54 100 120 104 19 80 10 85 16 22 67 22 175 69 20 122 63 31 256 15 38 74 56 98 17 5 89 73 15 103 10 **

405 313 328 226 3,015 602 688 347 74 1,642 810 ** 254 1,855 788 309 247 784 506 305 662 1,038 953 740 153 634 81 516 179 177 879 212 3,524 704 298 2,090 266 281 2,645 315 369 330 385 2,894 264 98 1,131 595 146 904 276 **

13 ** 12 7 49 25 24 6 ** 30 35 ** ** 73 45 41 13 30 9 ** 32 53 41 56 4 19 ** 22 ** 6 34 6 103 25 11 65 15 9 145 7 11 17 25 46 6 ** 38 34 5 47 ** **

143 ** 151 18 843 278 516 29 ** 559 422 ** ** 1,297 535 207 140 547 234 ** 441 559 602 530 51 250 ** 238 ** 91 510 45 1,113 387 98 1,127 91 87 1,817 202 161 44 114 1,698 137 ** 384 155 29 559 ** **

51 9 41 28 230 73 37 7 12 128 113 3 13 243 104 242 92 62 31 14 52 138 144 157 28 97 23 88 24 39 108 20 235 66 34 130 51 31 264 17 43 67 53 121 17 8 114 82 21 124 8 3

46,288

626 254 872 219 3,985 397 366 101 463 2,507 1,366 161 200 2,436 849 427 453 730 387 237 998 1,967 2,100 1,144 292 1,213 416 275 295 336 1,378 205 3,670 939 239 1,677 291 623 3,117 203 464 252 896 2,638 173 175 981 1,007 219 760 72 146

--

--

--

--

**

**

--

--

5

91

Tax-Exempt Bonds, 1996-2002

Table 12.--New Money Lon g-Term Priv ate Activi ty Bon ds: All Bon d Issues and Section 501(c)(3) Bonds, by Stat e and Year of Issue, 1996-2002--Contin ued [Money amounts are in millions of dollars] 1998--continued State of issue

 Section 501(c)(3) issues Number (11)

All States..........................

 Alabama............................... .  Alaska......................... ...........  Arizona..................................  Arkansas............................... California............................... Colorado................................ Connecticut............................ Delaware............................... District of Columbia............... Florida................................... Georgia.................................. Hawaii................................... Idaho..................................... Illinois.................................... Indiana................................... Iowa....................................... Kansas.................................. Kentucky................................ Louisiana............................... Maine..................................... Maryland................................ Massachusetts....................... Michigan................................ Minnesota.............................. Mississippi............................. Missouri................................. Montana................................. Nebraska............................... Nevada.................................. New Hampshire..................... New Jersey............................ New Mexico........................... New York............................... North Carolina....................... North Dakota......................... Ohio....................................... Oklahoma.............................. Oregon.................................. Pennsylvania......................... Rhode Island......................... South Carolina....................... South Dakota......................... Tennessee............................. Texas..................................... Utah....................................... Vermont................................. Virginia.................................. Washington........................... West Virginia......................... Wisconsin.............................. Wyoming............................... Puerto Rico............................ U.S. Possessions other  than Puerto Rico................ Footnotes at end of table.

1999

Amount (12)

All issues Number (13)

2000

Section 501(c)(3) issues

Amount (14)

Number (15) 1,749

Amount (16) 28,316

 All issues Number (17) 3,586

 Section 501(c)(3) issues

Amount (18) 41,392

Number (19) 1,510

Amount (20)

1,681

27,269

3,928

47,408

22 5 21 12 66 29 18 ** ** 46 49 ** 3 79 41 41 22 35 9 4 32 80 51 90 7 47 17 21 3 17 61 7 146 26 9 63 10 14 158 9 17 11 34 57 ** 5 59 37 16 53 4 **

418 28 641 137 1,932 235 190 ** ** 1,578 735 ** 47 1,541 575 320 321 514 183 133 783 1,517 736 839 47 960 184 200 116 128 892 72 2,638 671 41 1,018 117 307 2,181 52 171 67 731 1,110 ** 8 420 556 94 419 4 **

45 13 41 53 232 78 29 11 30 172 123 7 17 260 84 203 100 47 44 19 67 116 121 147 22 98 12 60 20 39 76 18 279 64 26 133 66 31 237 20 41 49 68 137 15 20 95 86 26 119 5 7

550 540 960 285 3,746 692 736 126 461 3,673 1,715 129 223 1,909 1,285 265 360 580 709 346 953 1,547 1,844 1,000 191 667 191 155 272 306 1,470 161 3,546 847 155 1,949 711 547 1,984 262 475 81 1,825 3,294 224 207 831 875 265 1,065 168 52

18 7 20 14 68 38 21 6 19 74 61 -** 84 39 35 30 27 20 8 45 64 39 94 5 43 7 16 3 14 36 6 196 32 6 72 21 17 135 11 11 11 29 69 5 8 44 38 13 65 -**

374 54 758 127 1,993 423 620 55 323 2,071 1,303 -** 1,351 1,078 178 203 209 501 184 628 767 1,378 635 50 380 43 72 54 65 432 20 2,282 484 19 1,508 563 293 1,303 117 324 45 1,117 1,981 97 98 446 325 137 793 -**

62 7 48 39 207 73 29 10 26 144 88 4 18 188 89 202 77 40 33 23 55 105 134 137 19 68 13 76 16 24 101 13 244 57 25 115 65 29 259 12 36 49 49 140 19 22 87 69 17 110 8 6

779 155 771 338 3,628 618 371 114 632 2,754 1,207 93 372 1,507 895 593 290 504 363 269 909 1,302 858 1,207 170 768 236 259 146 193 1,388 268 3,140 804 295 1,422 685 310 2,127 191 488 124 1,022 2,527 262 422 1,021 898 341 774 285 297

31 3 30 10 62 23 17 6 12 52 36 -3 61 34 42 19 23 12 10 32 72 42 77 5 26 9 11 ** 11 41 4 156 20 12 56 22 12 149 ** 12 5 25 60 8 9 47 32 9 49 ** **

22,475

586 12 585 175 1,120 356 191 31 408 1,471 645 -104 1,000 638 424 154 257 110 102 485 1,058 406 860 41 420 38 82 ** 45 885 123 2,104 333 111 849 447 164 1,488 ** 288 67 778 827 161 164 719 301 204 484 ** **

--

--

--

--

--

--

--

--

--

--

183

Tax-Exempt Bonds, 1996-2002

Table 12.--New Money Long-Term Private Activity B onds: All Bond Issues and Section 501(c)(3) Bonds, by Stat e and Year of Issue, 1996-2002--Contin ued [Money amounts are in millions of dollars] 2001 State of issue

 All issues Number (21)

184

184

Amount (22)

2002 Section 501(c)(3) issues Number (23)

Amount (24)

All issues Number (25)

All States............................................... 3,440 49,356 1,599 28,322 3,190  Alabama............................... ...................... 60 376 22 176 49  Alaska............................ ...................... ....... 8 186 4 13 8  Arizona................................... .................... 45 654 23 356 48  Arkansas................................... ................. 22 209 8 82 26 California.................................................... 230 4,055 90 2,398 238 Colorado..................................................... 74 723 28 524 79 Connecticut................................................. 31 963 20 542 22 Delaware.................................................... 6 47 3 17 14 District of Columbia.................................... 22 925 9 485 26 Florida........................................................ 127 2,283 63 1,327 144 Georgia....................................................... 96 1,330 47 988 108 Hawaii........................................................ ** ** --6 Idaho.......................................................... 16 219 4 19 11 Illinois......................................................... 206 2,745 61 1,252 205 Indiana........................................................ 83 903 37 593 77 Iowa............................................................ 207 465 38 302 190 Kansas....................................................... 69 326 12 201 76 Kentucky..................................................... 49 693 34 433 40 Louisiana.................................................... 30 356 11 142 34 Maine.......................................................... 14 207 6 130 16 Maryland..................................................... 73 1,018 48 696 57 Massachusetts............................................ 101 2,286 58 1,333 93 Michigan..................................................... 95 1,300 35 727 70 Minnesota................................................... 117 1,145 72 585 143 Mississippi.................................................. 22 241 7 83 12 Missouri...................................................... 85 1,945 38 1,558 67 Montana...................................................... 9 154 6 29 13 Nebraska.................................................... 45 237 11 148 53 Nevada....................................................... 12 223 ** ** 11 New Hampshire.......................................... 25 273 16 171 21 New Jersey................................................. 82 1,837 43 968 69 New Mexico................................................ 18 345 8 180 11 New York.................................................... 187 3,286 135 1,852 167 North Carolina............................................ 66 1,167 33 864 43 North Dakota.............................................. 13 119 8 20 12 Ohio............................................................ 126 2,075 71 1,482 111 Oklahoma................................................... 39 350 8 151 38 Oregon....................................................... 21 251 8 109 26 Pennsylvania.............................................. 253 2,691 139 1,663 227 Rhode Island.............................................. 22 350 15 169 13 South Carolina............................................ 28 302 12 125 20 South Dakota.............................................. 45 142 7 62 34 Tennessee.................................................. 48 844 34 540 48 Texas.......................................................... 172 4,210 93 2,043 156 Utah............................................................ 26 573 6 366 16 Vermont...................................................... 12 186 ** ** 11 Virginia....................................................... 93 1,281 50 857 75 Washington................................................ 89 1,517 43 678 72 West Virginia.............................................. 16 156 10 35 10 Wisconsin................................................... 87 849 51 742 66 Wyoming.................................................... 10 199 4 12 5 Puerto Rico................................................. ** ** ** ** ** U.S. Possessions other  than Puerto Rico..................................... ** ** --** **Data not shown to avoid disclosure about specific bonds. However, the data are included in the appropriate totals. NOTE: Detail may not add to totals because of rounding.

 Section 501(c)(3) issues

Amount (26)

Number (27)

Amount (28)

50,248 318 269 1,479 227 5,129 1,072 415 271 558 2,788 1,799 218 199 1,909 935 443 415 502 688 194 989 2,297 1,422 1,175 108 869 186 245 153 542 1,164 173 3,854 1,004 223 1,632 646 704 3,133 305 370 132 1,345 3,921 208 236 1,111 848 130 1,079 85 **

1,568 22 4 21 9 78 39 14 9 10 60 51 ** 4 63 41 38 24 31 15 5 40 72 40 90 4 34 10 13 ** 8 37 ** 118 33 7 78 13 16 164 5 8 7 33 55 ** 7 52 36 6 36 ** **

29,210 216 17 708 38 2,136 793 150 141 233 1,616 1,227 ** 98 1,184 592 249 212 367 449 93 646 1,866 703 855 19 589 69 124 ** 281 764 ** 2,035 723 126 1,258 383 607 2,320 159 111 103 1,066 1,606 ** 92 755 397 89 841 ** **

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