Includes “Investors seeking higher returns and lower taxes are scooping up debt sold by state and local governments, pushing borrowing costs to record lows and boosting funding from California to Connecticut. … Due to the high demand, Illinois, the only state to use the Federal Reserve’s pandemic emergency lending facility, recently sold its three-year bond at a yield of nearly 1%. Another boost comes from the tax reforms proposed by the Biden administration, which could make municipal bonds more attractive to investors. … Moody’s Investors Service raised the outlook for state and local governments from ‘negative’ to ‘stable’ after the $ 1.9 trillion pandemic bailout bill was passed in March, funding to stabilize state finances and local governments.“