Low interest rates continued to make the summe sizzle in the municipal bond market, with bond sales jumping 38% in August, to $15.62 billion from $11.29 billion the year before, according to figures compiled by Securities Data Co./Bond Buyer.

August sales pushed the new-issue total for the year to $102.92 billion through the first eight months, up to 27% from $80.98 billion a year ago. The eight-month total is the second-highest one on record, exceeded only by the $108.3 billion sold in the January-through-August period of 1986. That year, issuers rushed $30.91 billion of bonds to market in August to beat the Sept. 1 effective date for new restrictions in the Tax Reform Act of 1986.

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