The Executive Board of the Government Finance Officers Association of the United States and Canada at its November 10, 1973, meeting unanimously supported the recommendations of the GFOA Committee on Debt Administration in favor of allowing commercial banks to underwrite revenue bonds. The Board also indicated clearly that it does not support industrial revenue bonds.

Recommendations of Committee on Debt Administration:

• "In order to promote competition and to lower the costs of borrowing for state and local government obligations, and because revenue bonds comprise a substantial portion of the borrowing of state and local governments,
• "Now Therefore be it resolved that the GFOA supports legislation to permit commercial banks to underwrite the revenue bond obligations of state and local governments."

• Publication date: January 1973