They engage in the big business of government - huge contracts and big bond transactions worth millions and millions of dollars.

And he recommended essentially extending the two companies' contracts for the fiscal year that ended June 30 until after the two bond transactions have been completed.

City officials are counting on the proceeds from the bond transaction to help reduce the city's swelling budget deficits.

By contrast, the public finance section had been hurt because of a continued decline in municipal bond transactions over the last few years.

"I have looked further into the bond transaction," announced Hebler.

It was pertinent to the case, since Denry Melwin is another person who knows about the bond transaction.

It extended the closing for the bond transaction to Nov. 25.

City officials say their rosy expectations were created by PaineWebber, the lead underwriter, when it described the bond transaction.

The S.E.C. tried in 1978 to force brokerage firms to give investors information about the costs of bond transactions.

In 2011, Piper Jaffray acted as underwriter or financial advisor on 900 municipal bond transactions totaling more than $51.47 billion.