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For a community to have a large rainy day fund and no debt is the situation that any local government official would truly die for.

Donald F. Kettl, dean of the University of Maryland School of Public Policy, referring to Gaithersburg, Md., a Washington suburb, which has zero debt and $33 million in its rainy day fund. The city has been debt-free since the early 1970s.

Donald F. Kettl, dean of the University of Maryland School of Public Policy, referring to Gaithersburg, Md., a Washington suburb, which has zero debt and $33 million in its rainy day fund. The city has been debt-free since the early 1970s.

Caroline Cournoyer is GOVERNING's senior web editor.
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