This course provides a broad survey of federal and state constitutional and statutory issues governing financing through the issuance of taxable and tax exempt bonds by state and local governments as well as public authorities, hospital and educational institutions. We will look at major reforms in municipal finance in the past twenty-five years, including legal analysis of the capital financing programs, the development of securitization concepts, public/private partnerships and derivative financing structures and the expanding role sought by the Securities and Exchange Commission in regulating the municipal bond market. The role of the Department of the Treasury and federal tax laws regulating municipal bonds will also be examined. Corporate finance is not a prerequisite but would be helpful background. A research paper will be required.