WASHINGTON--No matter what fate befalls the urban aid tax bill, the municipal bond market got much further on the legislative front this year than anyone might have dreamed possible.

Even if the tax bill has vetoed or many of the favorable tax-exempt bond provisions are dropped from the final bill, 1992 can be considered the year when the municipal market made its greatest strides forwaard in the dark days after imposition of the 1986 tax reform curbs.

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