Among the many economic stimulus provisions in the American Reinvestment and Renewal Act of 2009 is a short-term program to expand financing alternatives for state and local governments. The legislation creates a new category of taxable municipal bonds (Build America Bonds or BABs), designed to facilitate financing of state capital expenditures and operations. New issues of BABs, which must be issued before 2011, already are reaching the market, with implications many investors should ...

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