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JIRONMENTAL DESIGN LIBRARY

HEARINGS

BEFORE THE

SUBCOMMITTEE ON ECONOMIC PROGRESS

OF THE

JOINT ECONOMIC COMMITTEE
CONGRESS OF THE UNITED STATES

NINETIETH CONGRESS

FIRST SESSION

DECEMBER 5, 6, AND 7, 1967

VOLUME I

Printed for the use of the Joint Economic Committee

U.S. GOVERNMENT PRINTING OFFICE

88-649

WASHINGTON : 1968

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402 - Price 55 cents

DEC 01 1989

JOINT ECONOMIC COMMITTEE
(Created pursuant to sec. 5 (a) of Public Law 304, 79th Cong.)

WILLIAM PROXMIRE, Wisconsin, Chairman

WRIGHT PATMAN, Texas, Vice Chairman
SENATE

HOUSE OF REPRESENTATIVES
JOHN SPARKMAN, Alabama

RICHARD BOLLING, Missouri
J. W. FULBRIGHT, Arkansas

HALE BOGGS, Louisiana
HERMAN E. TALMADGE, Georgia

HENRY S. REUSS, Wisconsin
STUART SYMINGTON, Missouri

MARTHA W. GRIFFITHS, Michigan
ABRAHAM RIBICOFF, Connecticut

WILLIAM S. MOORHEAD, Pennsylvania
JACOB K. JAVITS, New York

THOMAS B. CURTIS, Missouri
JACK MILLER, Iowa

WILLIAM B. WIDNALL, New Jersey
LEN B. JORDAN, Idaho

DONALD RUMSFELD, Illinois
CHARLES H. PERCY, Illinois

W. E. BROCK III, Tennessee
John R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research

WILLIAM H. MOORE

ECONOMISTS
JOHN B. HENDERSON
DONALD A. WEBSTER (Minority)

GEORGE R. IDEN

SUBCOMMITTEE ON ECONOMIC PROGRESS

WRIGHT PATMAN, Texas, Chairman
HOUSE OF REPRESENTATIVES

SENATE
MARTHA W. GRIFFITHS, Michigan

WILLIAM PROXMIRE, Wisconsin
WILLIAM S. MOORHEAD, Pennsylvania J. W. FULBRIGHT, Arkansas
THOMA'S B. CURTIS, Missouri

HERMAN E. TALMADGE, Georgia
W. E. BROCK III, Tennessee

LEN B. JORDAN, Idaho

CHARLES H. PERCY, Illinois
ARNOLD H. DIAMOND, Economic Consultant
II

FINANCING MUNICIPAL FACILITIES

TUESDAY, DECEMBER 5, 1967

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CONGRESS OF THE UNITED STATES,
SUBCOMMITTEE ON ECONOMIC PROGRESS
OF THE JOINT ECONOMIC COMMITTEE,

Washington, D.C. The subcommittee met at 10 a.m., pursuant to notice, in room S-407, the Capitol, Hon. Wright Patman (chairman of the subcommittee) presiding.

Present: Representatives Patman and Brock.

Also present: John R. Stark, executive director, and Arnold H. Diamond, consulting economist.

Chairman PATMAN. The Subcommittee on Economic Progress will please come to order.

Our hearings today are concerned with a very important problem that faces our towns, cities, and counties. They all face serious difficulties in marketing their bonds. According to earlier studies of this subcommittee, the problem will very likely get more serious. We estimate that over the next 10 years State and local public agencies will have to invest over $300 billion in public facilities. Most of this money has to be financed by borrowing in the municipal securities market.

It is appropriate that the subcommittee hear first from those who are directly affected by the credit problems of small municipalities the mayors and municipal officials. At the same time, the problem affects all cities, big and small-particularly such problems as bond ratings. For that reason, we have invited representatives of some large cities.

We had hoped that Mayor Vern W. Miller, of Salem, Oreg., would be able to join our witnesses today, but he is a surgeon as well as a mayor, and his medical duties have delayed him in Oregon. We have, therefore, arranged for him to appear with other witnesses on Thursday.

At this point, without objection, I would like to submit a longer statement for the record outlining some of the background to our hearings, particularly our findings in the two volume study entitled “State and Local Public Facility Needs and Financing” which we published a year ago. Copies of these volumes have been made available at the press table.

We will also include notice of hearings and schedule of witnesses. (The documents referred to follow :)

STATEMENT OF HON. WRIGHT PATMAN, CHAIRMAN OF THE

SUBCOMMITTEE ON ECONOMIC PROGRESS

Chairman PATMAN. One of the important responsibilities of the Joint Economic Committee is to carry on a continuing assessment of

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