WASHINGTON - More than half the municipal bonds sold between 1996 and 2005 have been delinquent in filing financial disclosures, showing the secondary market disclosure system for the municipal market is flawed, mostly because there are "no consequences for not filing," Peter J. Schmitt, president of DPC Data Inc., said yesterday about a new study released by his firm.

The study shows that more than 50% of bonds sold between 1996 and 2005 have one or more years of disclosure delinquency and that more than 25% are in chronic delinquency, missing three or more years of disclosures.

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