A risky new breed of tax-exempts.

The article discusses the issuance of tax-exempt commercial paper by New York City's Municipal Assistance Corp. (MAC) in July 1982. It notes that MAC's 100 million U.S. dollar program has joined a list of municipalities using short-term unsecured notes to borrow low-cost funds for investment. Authorizations for tax-exempt commercial-paper programs reportedly soared 57% to 2.3 billion U.S. dollars in the first half of 1982 and is seen to exceed three billion U.S. dollars by yearend. A chart showing how money fund growth fuels tax-exempt paper is provided.