``While municipalities have issued a record $130 billion of long-term, fixed-rate bonds this year, an unprecedented 70 percent of the deals have gone to refinance higher-cost debt, rather than fund capital expenditures, according to Bloomberg and Bank of America Merrill Lynch data... The country requires about $3.6 trillion of investment in infrastructure by 2020, according to the American Society of Civil Engineers. The group's 2013 report gave the country a "D+" grade.''

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