CHICAGO - The biggest impact on municipal bond law this year has been the explosion in the volume of bond issues rather than any new regulations or court cases, Richard Chirls, a partner with Orrick, Herrington & Sutcliffe, told bond lawyers in a meeting yesterday.

Municipal bond volume for the year is likely to exceed $200 billion and to surpass the record that was set in 1985, Mr. Chirls told those attending the bond attorneys' workshop sponsored by the National Association of Bond Lawyers.

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