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One of the Biggest Bond Market Players Has No Employees

  • Wisconsin authority financed projects in 15 states last year
  • Critics say issuer allows deals to skirt state oversight
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One of the most prolific issuers in the $3.7 trillion municipal market is a Wisconsin agency with no employees, coveted tax-exempt bond status and a nationwide client list.

The Public Finance Authority last year issued bonds for more than 30 charter schools, senior living facilities, universities and real estate developers in 15 states. None were from Wisconsin. The University of Kansas sold $327 million of tax-exempt bonds last week through the authority for the first time so it didn’t have to wait on the legislature’s approval to raise money for a new 285,000 square-foot science building, a student union and housing.