Editor’s Note
W. Bartley Hildreth

The State Capital Funding Structure:
Its Effects On the Operating Budget and Capital Spending Growth
Jun Peng

FHA Multifamily Defaults Soar:
An Update on FHA Project Loan Defaults and Prepayments
Kurt Van Kuller

Municipal Insolvencies:
An Article on theTreatment of Municipalities Under Chapter 9 of the U.S. Bankruptcy Code
Alexander M. Laughlin

More Geographic Bias Seen in Affordable Loans:
State Prepayment Differentials
Kurt Van Kuller

Accounting Developments:
GASB Update
Catherine L. Staples