One distinction between the markets for corporate and municipal bonds involves institutional constraints that apply to some municipal bond issues. This research focuses on how public finance institutions, in particular explicit debt limits and referenda requirements, affect the borrowing cost of individual school district bond issues. The…

Asserting that school district officials facing the need of extensive capital expenditures must analyze all sources of funding, this paper focuses on the predominant local funding mechanism of the school district bond issue. It presents a bond rating model with three separate stages that relate to the different choices facing a school district…