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Highlights the advantages and disadvantages of investing in the extendible commercial paper market, as discussed at the Thomson Financial Short-Term Municipal Forum at the Roosevelt Hotel in New York. Investors' demand for greater diversity in terms of liquidity credit providers; Resetting of extendible commercial papers to a longer maturity date.

Reports on the issuance of commercial papers in Florida. Request for the expansion of the paper-backed pool of the Sunshine State Governmental Financing Commission; Creation of a commercial paper program by the Hillsborough County.

Reports that the University of North Carolina (UNC) in Chapel Hill and the North Carolina State University in Raleigh have received approval from the Board of Governors of UNC to issue commercial papers upto 100 million dollars. Aim of universities behind getting the approval; Estimated interest rate and savings from the commercial paper issues; Maximum limit for sale of commercial papers for the universities.

Johns Hopkins University of Baltimore, Maryland has expanded its commercial paper program and plans to price a series of tax-exempt bonds that amounts to between 10 million dollar and 12 million dollar. The program is broken into four series—Series A and B are tax-exempt and are to be issued by the Maryland Health and Higher Educational Facility Authority, while the C and D series are taxable and are to be issued by Johns Hopkins. The program's expansion is designed to improve cash management. Standard & Poor's Corp. has rated the commercial paper program A1-plus.

Reports on the expected sale of the tax-exempt commercial paper notes by state of Massachusetts as of December 2001. Reasons for the sale of tax-exempt commercial paper notes; Dealers for the series notes; Introduction of the state's fourth commercial paper program; Rating of the program according to Moody's Investors Service Inc.

Reports that the Harris County, Texas Toll Road Authority will sell commercial papers under a multi-million dollar short-term borrowing program approved by County commissioners in September 2001. Ways in which proceeds of the sale will be utilized; Dealer and bond counsel for the sale; Ratings of the commercial papers by various rating agencies.

Discloses that Los Angeles County is launching the first lease-backed commercial paper program undertaken by a California county. Use of proceeds of the issuance to refund existing bond anticipation notes; Growing interest of municipal governments in commercial paper; Unique features of the Los Angeles County program.

Reports the plans of North Texas Tollway Authority and Harris County Toll Road Authority to implement commercial paper program in Dallas, Texas. Benefits of the commercial paper program to the authority; Rating of the program by the Standard & Poor's; Proceeds of the program.

Focuses on United States-based local governments' plan to take legal action over investments in defaulted commercial paper sold by California-based utility Pacific Gas & Electric Co. State of Tennessee's struggle to close its fiscal 2001 budget gap; Fountain Hill, Arizona officials' outrage over an investment made for the city by BNY Western Trust Co.

Reports on Florida issuers' increased interest in commercial paper programs, according to industry professionals and government officials.