It is no secret that state and local governments face a number of challenges that may constrain their ability to issue debt to finance the myriad of infrastructure projects that are becoming increasingly difficult to ignore.

Traditional, tax-backed resources are drying up due to the combination of pressures that prevent officials from following the usual routes to raise capital. The continuing shift of spending responsibilities from Washington to states and localities, a sharp slowdown in economic growth, increasing public investment needs, and widespread voter resistance to tax increases have hampered the ability to issue bonds.

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