WASHINGTON -- The municipal lease market will continue to grow despite higher interest rates and voter revolts against long-term debt obligations, said the incoming chairman of the board of the Association of Governmental Leasing & Finance.

"If the interest rates continue to rise, [the certificates of participation lease] market will continue to be a little depressed," but that won't have the same impact on equipment lease deals because municipalities will continue to need to replace aging equipment, said Neal E. Skiver, vice president at LaSalle National Bank in Santa Fe, N.M.

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