Reuters reports that California's San Diego school system on Tuesday sold the nation's first new bonds that pay investors a tax credit but no interest, one of its financial advisers said. Congress included $22 billion of this new kind of debt to help build and upgrade schools over the next two years in its economic stimulus plan. But many states and agencies have instead leaped on another part of the plan, the Build America Bond program, because the issuers of this taxable debt get partial federal interest rate subsidies.

With the new tax credit bonds, the San Diego Unified School

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