Comments on: Expanding the force field Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 By: Cate_Long Fri, 16 Sep 2011 14:10:04 +0000 In Pennsylvania for instance, the banks pitched at least 500 deals involving interest rate swaps, totaling $12 billion. “Most of the transactions – which
occurred outside the state’s largest cities of Philadelphia and Pittsburgh – have been made without public bidding, which means that banks and advisers
privately arranged the deals with small school districts.”

One in five school districts and 86 other local governments in Pennslyvania have swap agreements according to a report issued by the Auditor General’s office. The Department of Community and Economic Development’s records indicate that 626 swap filings were made in Pennsylvania between October 2003 and June 2009, which related to $14.9 billion in debt.

No one has yet completely categorized all the outstanding swap deals entered into by local and state governments but a cursory search of a small sample Comprehensive Annual Financial Reports (CAFRs) revealed multiple swaps issued in at least 32 jurisdictions in 12 states.

Table 1 below includes some examples of these swaps within the State of California. Table 2 looks at locations outside of California. %20Rate%20Swap%20Report%2003%2022%202010 .pdf