U.S. Bridges Falling Down Get No Help From Record ’15 Muni Sales
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The cheapest borrowing costs in five decades aren’t enough of an incentive for states and cities to address their crumbling bridges and roads.
While municipalities have issued a record $130 billion of long-term, fixed-rate bonds this year, an unprecedented 70 percent of the deals have gone to refinance higher-cost debt, rather than fund capital expenditures, according to Bloomberg and Bank of America Merrill Lynch data.