ARE STADIUM BONDS IN A PROLONGED SLUMP?

     In a feature examining the use of bond issues to help
finance new stadiums, Kara Fitzsimmons of the WALL STREET JOURNAL
concludes that such issues are "moving at a snail's pace -- yet
another set back for the world of tax-exempt bonds and the mutual
funds that hold them."  Much of the "problem" stems from
legislation proposed by U.S. Sen. Pat Moynihan, which would
prohibit the use of tax-exempt financing for stadiums.  While
Fitzsimmons notes that Moynihan has since revised that bill,
making an exception for deals underway before the legislation was
introduced June 14, the bill still has "cast a pall" over several
impending issues.  A Moynihan spokesperson conceded the
legislation is "dead this year," but that they plan to
reintroduce it January (WALL STREET JOURNAL, 8/20).