Abstract
The public debt, represented by the interest-bearing securities of Municipal Governments, is rapidly approaching the $100 billion mark. The marketing of new issues and secondary offerings is increasingly important. There is a consequent need for a wider dissemination of knowledge in the area of municipal bonds. | Too often one meets well-educated persons who are not aware of the existence of securities that earn interest that is not subject to Federal Income Taxes. The Local Governments of which we are citizens benefit by this exemption. We benefit as citizens. We can also benefit as investors. | I seek to make a small contribution to the written material on the subject of municipal bonds by writing the attached case study, THE SALE OF THE SCHOOL BUILDING BONDS OF THE SCHOOL DISTRICT OF THE CITY OF ST. PAUL IN HOWARD COUNTY, NEBRASKA. I sincerely hope that it may, in spite of its shortcomings, benefit some newcomer to the finance industry.