BRADENTON, Fla. — Gilt-edged Tennessee's long-time debt manager retires Friday, and though Mary-Margaret Collier says it's time for a rest, she is preoccupied by the prospect that municipal bonds could lose their tax exemption under tax reform being considered by Congress.

"I think the thing that concerns me most for state and local governments is the loss of tax-exempt status," Collier said. "I fear that we won't be able to keep up with our infrastructure."

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