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13 Letter from W. G. Coward, Acting Director, Division of Local Government, April 5, 1966.

14See Advisory Commission on Intergovernmental Relations, State Technical Assistance to Local Debt Management, pp. 21-22. A detailed account of the activity of the Commission may be found in Robert S. Rankin, The Government and Administration of North Carolina (New York: Thomas Y. Crowell Company, 1955).

15 Rankin, op. cit., p. 386.

16 Letter from Ellen Marie Coggins, Esquire, Chief, Bond Division, Bureau of Municipal Affairs, Department of Internal Affairs, Commonwealth of Pennsylvania, Harrisburg, Pennsylvania, April 4, 1966.

17 Letter from W. R. Snodgrass, Comptroller of the Treasury, State of Tennessee, April 12, 1966.

18 Chapter 177 of the Acts of the Assembly (1950).

19"State Aid to Counties and Municipalities in Debt Services," Address by J. Gordon Bennett, Virginia Auditor of Public Accounts and Member of the Virginia State Commission on Local Debt, Municipal Finance Commission, Annual Seminar, Lansing, Michigan, May 8, 1962.

20 Advisory Commission on Intergovernmental Relations, op. cit., p. 58.

21New Jersey Statutes Annotated, 1965 Cumulative Supplementary Pamphlet,

Title 40 A: 2-31.

22 Ibid., Title 40 A: 2-30.

23 Consolidated Laws of New York Annotated, Book 33, sections 57.00-59.00. 24 Advisory Commission on Intergovernmental Relations, op. cit., p. 31.

25Data based on interviews with George C. Skillman and William G. Coward of the Division of Local Government (February 5, 1965) and documents supplied by the Division.

26 The International City Managers' Association, Post-Entry Training in the Local Public Service (Chicago: The International City Managers' Association, 1963), p. 22. 27 William L. Frederick and Marilyn Gittell, State Technical Assistance to Local Governments (Chicago: The Council of State Governments, 1962), pp. 41-45.

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29 Correspondence from officials in Alabama, Arizona, Connecticut, Florida, Georgia, Massachusetts, Mississippi, Montana, North Dakota, Oklahoma, South Carolina, South Dakota, and Washington indicates that these states have no established agencies responsible for providing positive assistance on a regular basis to municipalities attempting to market bond issues.

30National League of Cities, National Municipal Policy (Washington, D.C.: National League of Cities, 1967), p. 50.; The Council of State Governments, Suggested State Legislation, Vol. XXV (Chicago: The Council of State Governments, 1965), pp. 146-152; and Advisory Commission on Intergovernmental Relations, 1966 State Legislative Program of the Advisory Commission on Intergovernmental Relations (Washington, D.C.: U.S. Government Printing Office, 1965), pp. 58-65.

31Public Law 345, 84th Congress, 69 Stat. 642; 42 U.S.C. 1941.

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Month January February March

April

May

June

July

A Bonds

Population

Population Under 10,000 10, 000 to 250,000 3.258 (14)* 3.167 (45)* 2.999 (4) 3.086 (85) 3.094 (5) 3.061 (88) 2.962 (12) 2.969 (78) 3.014 (14) 2.974 (63) 3.208 (12) 3.096 (36) 3.246 (5) 3.152 (18) August 3.232 (2) 3.109 (17) September 3.049 (7) 2.925 (16) October 2.837 (4) 2.847 (16) November 2.915 (4) 2.922 (29) December 3.051 (8) 2.952 (50) Average 3.086 (91) 3.030 (541)

*Number of Issues.

Source: Investment Bankers Association of America.

77-699 O 68 vol. 2 - 3

Population Population Under 10,000 10,000 to 250,000 3.479 (10)* 3.366 (63)* 3.487 (13) 3.220 (99) 3.536 (8) 3.167 (96) 3.403 (9) 3.104 (77) 3.265 (21) 3.210 (78) 3.565 (6) 3.236 (43) 3.440 (4) 3.340 (7) 3.313 (3) 3.162 (14) 3.338 (7) 3.083 (17) 3.003 (3) 3.090 (14) 3.142 (4) 3.040 (34) 3.412 (11) 3.150 (57) 3.386 (99) 3.188 (599)

Population Under 10,000 3.683 (13)* 3.505 (35) (6) 3.406 (32) 3.310 (9) 3.399 (21) 3.278 3.627 (6) 3.459 (8) 3.516 (16) 3.279 (2) 3.280 (2) 3.579 (3) 3.541 (11) 3.662

Unrated Bonds

Population

10, 000 to 250,000 3.397 (5)*

3.333

(9)

(2)

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Population Under 10,000 10,000 to 250,000 3.495 (6)* 3.242 (60)* 3.686 (3) 3.135 (67) 3.602 (12) 3.324 (87) 3.473 (7) 3.276 (46) 3.452 (6) 3.347 (63) 3.589 (11) 3.360 (75) 3.682 (12) 3.393 (57) 3.575 (6) 3.361 (52) 3.628 (8) 3.633 (34) 3.594 (6) 3.539 (16) 3.731 (7) 3.599 3.868 (5) 3.774 3.503 (89) 3.386

Population

Population

Unrated Bonds

Under 10,000

3.414 3.434 (18)

3.617 (32) 3.476 (8) 3.520 (11) 3.567 (29)

Population

10,000 to 250,000

(28)*

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3.753 (31)

(71)

3.787

3.474 (8) 3.344 (21) 3.731 (19) 3.554 (13) 3.709 (20) 3.529 (10) 3.608 (21) 3.274 (7) 3.805 (34) 3.554 (16) 3.698 (18) (27) 3.611 (11)

(38)

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(666)

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*Number of Issues.

Source: Investment Bankers Association of America.

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