The following excerpts are taken from a speech delivered to the National Association of State Treasurers' State Debt. Management Network on Sept. 10 in Orlando, Fla. The second part will appear next Monday and their part on Nov. 16.

There are numerous instances of new approaches to accomplish public finance objectives, in order to achieve ether lower cost of capital or to improve the efficiency or prospects for government finance capability. In this connection, I will discuss the various applications of interest rate swaps. Some are worth noting now:

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