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Barber told the Times Union the ban was focused on protecting children from second-hand smoke as well as the temptation to smoke themselves. And he disagrees that e-cigarettes are harmless to the non-users who are in the vicinity of vaping. "Children watch and observe, and vaping might look like something they would want to do someday," Barber says. "And the aerosol from electronic cigarettes can contain nicotine and other carcinogens that can be inhaled by people sharing the park. E-cigarettes are just not consistent with a family-friendly park." The new law imposes a $50 fine for the first violation, while repeat offenders could find themselves paying $200-$500. "We don't need the revenue from the fines," Barber said, adding that he was confident locals would comply with the ban. The nonprofit group Capital District Tobacco Free Communities praised the ban. "Soon, all park visitors, both human and canine, will be able to breathe easier as they enjoy walking, playing, swimming, cross-country skiing, picnicking and all the other activities the town parks support," the group said in a statement. It listed some encouraging stats: Between 2000 and 2014, New York's high school youth smoking rate decreased by 73 percent to an all-time low of 7.3 percent of that population.

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The sector has benefited from an imbalance in supply and demand. Two-thirds of the $10.5 billion investors added to the municipal market this year flowed into high-yield funds, according to Lipper U.S. Fund Flows data. Meanwhile, just $2.5 billion unrated or speculative grade municipal bonds has been issued through the third quarter, a 50 percent decline from the same period last year, according to data compiled by Bloomberg. “You just buy anything under the sun because you have to utilize your cash," said Mikhail Foux, head of municipal strategy in New York at Look no further than the American Dream, a mega mall and entertainment complex being built in New Jersey after more than a decade of delays. In a year full of retail bankruptcies, the deal was postponed so the underwriter, Goldman Sachs Group Inc., could drum up more buyers. Since American Dream’s $1.1 billion bonds were sold in June, prices on the longest-maturity securities have risen to 116 cents on the dollar from 103 cents. It’s “one of the last really exciting and last really cheap deals priced in the high yield area with size and liquidity in the last couple of months," said John Miller, Nuveen’s co-head of fixed income. Nuveen’s $15.6 billion high yield fund owned $370 million American Dream bonds as of August 31.

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