This course is an advanced public financial management course that explores the various ways state and local governments in the United States raise funds for their infrastructure and operating budget needs. The course is grounded in modern financial and economic theories. The course is presented mainly from the sell-side of the financial markets (i.e., “issuers” of financial instruments rather than “buyers”). Students are introduced to the role and mechanics of the municipal securities market, the primary financial market used by US subnational governments to meet their financings needs, as well as other financing strategies. Students will learn how to analyze sophisticated bond credits and develop innovative financing techniques. Students will acquire the ability to create financial instruments and analyze capital financing decisions. The objectives of the course are achieved by using case studies and practical exercises that complement the assigned readings and class discussions.