Abstract
This article reviews the theory of individual preferences between tax and bond finance of municipal expenditures and tests the hypotheres that cities' borrowing will vary in relation to the cities' capital expenditures, median income, bond rating, and the population level, growth, mobility, and age composition. Differences in bond ratings, population, and population growth did not prove significant, but median income, capital expenditures, and population mobility were found to have statistically significant effects on the percentage of city expenditures financed by borrowing.
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