Lack of refund activity drives muni bond issues down. (Wisconsin municipal bond market)

Reaching its lowest level in five years, Wisconsin's municipal bond market dove almost 50 percent compared with last year's dollar volume.

Wisconsin issued roughly $2 billion in municipal debt through November of this year, compared with $3.9 billion for the first 11 months of last year, according to Securities Data Co. Inc., Newark, N.J.

States and local governments issue municipal debt to pay for building bridges, roads, schools, sewers and other projects.

Most of the municipal debt decline came from a lack of refund activity. Municipal refunds work much like mortgage refinancings. When interest rates fell in 1992 and 1993, many cities and towns refunded …