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SEC says cities, states must now disclose bank loans

States and localities looking to fund projects such as roads, schools and bridges are turning to bank loans for cheaper financing in recent years. Such loans total roughly $40 billion to $50 billion in annual issuance, according to consulting firm Municipal Market Analytics. Bank loans are cheaper than issuing debt in the public markets in part because they don’t require a rating, which can cost a municipality tens of thousands of dollars, and typically don’t carry the same disclosure requirements.

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