BALTIMORE -- Walk down the street here, and you may encounter a homeless man rummaging through the dumpsters near what is known locally as "the Block," a collection of adult entertainment establishments.

The man, and the strip of flesh joints, is just a block from city hall, where yesterday Major Kurt L. Schmoke, the Public Securities Association, investment bankers -- and, by proxy, Gov. William Donald Schaefer -- gathered for a created reception to trumpet the advantages of tax-exempt financing.

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