Beginning 2004:Q1, level from FR Board, CM, based on data available by subscription from Mergent on the sum of long-term new capital municipal bonds outstanding for health care and 8% of long-term new capital municipal bonds outstanding for education. Unadjusted flow is the change in the level; data for the most recent years show no significant seasonality. Prior to 2004:Q1, unadjusted flow based on proprietary Thomson Reuters' database, nonprofit-backed tax-exempt bonds for hospitals and student loans.
