Currently, "the market seems well equipped to absorb this growth," said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. "A renewed wave of retail investor interest combined with an expansion of institutional demand suggests that increased issuance could be smoothly integrated without disruption and as municipalities gear up to modernize and invest in long overdue projects, the municipal market is positioned to play a central role in infrastructure finance and in financing the next era of public investment," he said.

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