The GFOA recommends that state and local governments balance what aspects in bond issuance?

The correct choice focuses on balancing the yield for each maturity and the takedown during bond issuance. This is essential because a government must effectively manage how much it pays for the debt over time while ensuring that it attracts sufficient investment interest.

Balancing the yield for each maturity allows the issuer to target specific investor needs and market conditions, which can vary significantly based on the maturity date of the bonds. Investors often have different preferences for risk and return, and structuring bonds with varying yields can help to meet these diverse demands. The "takedown" refers to the compensation paid to underwriters for marketing and selling the bonds, which also plays a crucial role in how attractive the bond offering is perceived in the market.

This balance is vital for ensuring that the issuance is successful and that the cost of borrowing remains manageable for the issuing government. Properly balancing these factors can lead to lower overall borrowing costs and a well-received bond offering, ultimately supporting better financial management and planning.