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Municipal bond market is a mess

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The Ellis County Press

FERRIS – City leaders aren’t looking at expanding their library and sports fields anytime soon.

The stock market, where municipal and school bond packages are sold and traded, is in disarray, according to the City of Ferris’ underwriters.

"First, the municipal bond market is a mess," stated First Southwest Securities director Boyd London to city council members in an email sent recently.

"If there is a bright spot, so are all the other markets except U.S. governments, which is screaming."

The country’s worst economic crisis in history according to U.S. Treasury Secretary Henry Paulson on NBC’s Meet The Press last week is making local government finance difficult.

With rising fuel costs being added to the budgets and Ferris’ recent five-cent tax hike approved, local governments are struggling to provide services while trying to balance budgets.

"It wouldn’t be prudent to try anything with the volatile market the way it is," said London. "We’re two months from even thinking about this. We’ll just wait and see."

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