WATERVILLE VALLEY, N.H. -- The state treasurers and public finance officials who gathered here this week for a conference entitled "State/Federal Partnerships" said that most of those partnerships need improvement.

The prevailing sentiment among treasurers and other bond issuers was that the federal government has cut the tax-exempt market some much-needed slack by postponing the effective date for new reimbursement rules and by easing arbitrage rebate regulations.

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