A Wall Street Journal analysis shows municipal bonds are often underpriced: “That’s money being left on the table that costs taxpayers and rate payers and governments. That’s not the way it’s supposed to go.”
When the West Contra Costa Unified School District in California needed money to repair and upgrade deteriorating classrooms, it hired Piper Jaffray Cos. to sell $191 million of municipal bonds.
As far as school officials knew, the March 2016 sale went off flawlessly, enabling the district to refinance older debt and tackle tasks such as removing asbestos and upgrading science labs.
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