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The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and

The Senate Finance Committee kicked off next year’s looming tax debate Thursday during a hearing that highlighted the Democrats’ priority of eliminating tax-avoidance strategies employed by high earners and the Republican pledge to extend tax breaks built into the 2017 Tax Cuts and Jobs Act. “In a matter of months, the Congress will begin a

The Indiana Budget Committee last month approved $101 million more for an innovation development district in the city of Lebanon, including $50 million in seed funding for a bond-financed water pipeline from Indianapolis to Lebanon, where the Indiana Economic Development Corporation wants to bring more tenants to one of the state’s two IDDs.  The Lebanon

A $70 million bond issue for a central Arizona town is the target of a lawsuit that claims the debt’s approval last month violated the state constitution.   Council members in Payson, a town of about 16,680 in Gila County, passed a resolution for the sale of the tax-exempt, fixed-rate “pledged revenue obligations” in a 6-1

California’s massive size and tax structure has long given it municipal bond market protection against credit challenges like its well-known tax revenue volatility. The state government’s strengths, providing relatively liquid paper through high volume in a specialty state with high marginal tax rates, often outweigh its credit weaknesses for investors. But massive deficits during the

Over a storied career, Mark Page has crafted more than his share of public finance innovations.  As deputy director and general counsel of New York City’s Office of Management and Budget, he led the first tobacco settlement securitization. As OMB director during former Mayor Michael Bloomberg’s administration, Page helped form the World Trade Center Captive

Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for

North Carolina and Georgia grant anticipation revenue vehicle bonds were upgraded to Aa3 from A2 by Moody’s Ratings. Simultaneously Georgia’s grant anticipation reimbursement bonds were upgraded to Aa3 from A1. The outlooks are stable. The North Carolina upgrade affects $846 million of debt and the action on Georgia affects $375 million. Moody’s upgraded Georgia’s Garvee

The American Bankers Association is pushing back hard against proposed rule for the controversial Financial Data Transparency Act, accusing the Securities and Exchange Commission and other federal agencies of overstepping their authority in seeking to replace the current identifier system for financial securities, including municipal bonds. The proposed FDTA rule, unveiled Aug. 1, would replace

After three years of preparation and just over three months after the official implementation date, the move to a T+1 settlement cycle is beginning to show signs of success. That’s according to a white paper issued by the Securities Industry and Financial Markets Association, a key stakeholder and thought leader in preparing the market for

Dallas will contribute $11 billion to its Police and Fire Pension System over 30 years under a plan approved Wednesday by the city council to comply with a Texas law aimed at keeping the system, which is just 39% funded, with a $3.2 billion unfunded liability, solvent.  The 14-1 vote came after the retirement system

North Carolina’s Local Government Commission approved about $320 million in bonds and $15 million of other financings, such as state revolving loans and installment purchases. The commission, headed by State Treasurer Dale Folwell, approved $73 million of limited obligation bonds for Rowan County to repair and replace school facilities in the Rowan-Salisbury school system and

House Republicans are squabbling over legislation that ties keeping the government open past Sept. 30 to legislation that would strengthen voting rules, as state and local governments brace for a possible curtailment of federal funding.  The bill, labeled as the “Safeguard American Voter Eligibility Act” adds additional obstacles to prevent non-U.S. citizens from voting in