A Multiple-Objective Programming Technique for Structuring Tax-Exempt Serial Revenue Debt Issues

A multiple-objective decision model to structure tax-exempt serial revenue bonds is presented in this paper. Based on goals dealing with true interest cost, marketability, debt coverage, production, and level debt, we define a goal programming model to generate a maturity schedule and coupon rate assignment for a municipal bond issue. The model is designed to be a flexible interactive decision making tool to aid in the development of a minimal-risk, cost-effective issue.