Chicago voters will choose between Paul Vallas, a former city budget director and Chicago Public Schools chief, and Cook County Board Commissioner Brandon Johnson to replace Mayor Lori Lightfoot who lost her bid for a second term as the city’s upward fiscal momentum took a backseat to worries over crime. Vallas won 33.9% of the
Bonds
The Boston Medical Center sold $232 million of revenue bonds at the end of February to finance green modifications to several of its facilities in pursuit of a net-zero carbon initiative. The new credit carried a sustainability designation from Kestrel Verifiers as it contained elements of both green and social bonds. The issuance was the
The bulk of the whopping $4.6 trillion of COVID-19 relief allocated since the onset of the pandemic has been obligated and spent, though $90.8 billion remains available and roughly $24 billion of unobligated funds have now expired. That’s according to a Feb. 28 report from the Government Accountability Office, which tracks pandemic aid spending, obligation,
The Oversight Board’s proposed plan of adjustment is not “patently” illegal and the judge in the Puerto Rico Electric Power Authority bankruptcy said she would approve the board’s related proposed disclosure statement with minor revisions and directed the parties to engage in more mediation. Judge Laura Taylor Swain, in an oral ruling in Tuesday’s disclosure
Rather than get entangled in controversy over environmental, social and governance issues, Louisiana decided to avoid any problems for its upcoming sale of $275 million of general obligation bonds. The state Bond Commission voted at its Feb. 24 meeting to move ahead with the GO deal via a competitive sale rather than a negotiated transaction
Federal Reserve Bank of Atlanta President Raphael Bostic called for continued interest-rate hikes to above 5% ensure that inflation returns to the central bank’s target and doesn’t reaccelerate in a pattern similar to the 1970s. “I think we will need to raise the federal funds rate to between 5% and 5.25% and leave it there
The NFL’s Tennessee Titans are one step closer to a new taxpayer-subsidized stadium after Nashville Mayor John Cooper and representatives of the team finalized plans for a venue backed by $1.26 billion in public funds. The plan first announced last year carries a total price tag of $2.1 billion and calls for a covered, 1.7
State highway and transportation officials are wresting with a $3.5 billion accounting speed bump that has thwarted the progress of Infrastructure Investment and Jobs Act funds winding their way to the nation’s highways. The problem, which has been germinating for nearly twenty years, has come to a head according to officials attending the annual American
Municipals were steady to end a month that saw anemic supply and muni yields selling off. U.S. Treasuries were firmer out long, and equities ended down. The three-year muni-UST ratio was at 62%, the five-year at 63%, the 10-year at 66% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. ET read. ICE
Central bankers must augment what they learn from incoming data with clues gleaned from the real economy and avoid putting too much weight on financial markets, said Federal Reserve Bank of Chicago President Austan Goolsbee. In his first public speech since taking office last month, Goolsbee acknowledged it was tempting to lean on the instant
Citing Kansas’ “very strong” combined general fund and budget stabilization fund balance, S&P Global Ratings on Tuesday revised the outlook on the state’s ratings to positive from stable. The outlook change covers the state’s AA-minus issuer rating, A-plus appropriation-backed debt rating, and AA Kansas Department of Transportation highway revenue bond rating. “The positive outlook reflects
February municipal bond issuance dropped 42% year-over-year, led by a steep decline in taxables and refundings, as issuers dealt with continued market uncertainty, still too-high inflation and states and local governments’ ability to wait due to flush coffers. Total volume for the month was $18.303 billion in 391 issues versus $31.602 billion in 877 issues
The Biden administration this week released revamped guidance on how state departments of transportation spend federal transportation infrastructure funds in the wake of a controversial memo that opponents said tried to limit state flexibility. The revised document from new Federal Highway Administration chief Shailen Bhatt, released Friday, emphasizes the authority that state departments of transportation
While the toxic East Palestine, Ohio, train derailment doesn’t threaten bondholders, the wreck raises the specter of so-called “black swan” events and has the potential to influence credit analysis, ESG analysis and investing, risk disclosure, and how federal infrastructure funds are spent. Local, state and federal authorities remain on the scene overseeing frequent water and
Fritz Stradling, who co-founded Stradling Yocca Carlson & Rauth’s public finance practice, died peacefully in his sleep on Feb. 17. He was 96. He and his fellow co-founders of Stradling’s public finance practice, John Murphy and Tom Clark, are credited with helping to give California bond law firms stature in the public finance world. “Before
MassachusettsGov. Maura Healey unveileda tax relief proposal Monday, a key feature of her administration’s fiscal year 2024 budget due to be presented to lawmakers on Wednesday. “This proposal centers affordability, competitiveness, and equity each step of the way, delivering relief to those who need it most and making reforms that will attract and retain more
Municipals were little changed, no more than a basis point or two in spots, while U.S. Treasuries were better and equities ended up. The three-year muni-UST ratio was at 62%, the five-year at 63%, the 10-year at 66% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had
Chicago Public Schools will tap its investment-grade dedicated capital improvement tax credit for the first time in five years in a $529 million issue pricing Tuesday. The Dedicated Capital Improvement Tax bonds, which offer several layers of protections that insulate pledged revenues from the school district’s operations, carry an A rating and stable outlook
Puerto Rico Electric Power Authority bankruptcy Judge Laura Taylor Swain will hear arguments on whether the proposed plan of adjustment is unconfirmable on unequal treatment grounds. Parties should be ready to discuss, as argued by PREPA bank trustee U.S. Bank National, whether the board’s plan is “patently unconfirmable” because the bond’s trust agreement precludes “individualized
The University of Minnesota plans to ask the state for $950 million to acquire and operate its flagship academic health care facilities now operated under an affiliation agreement with Fairview Health Services. Fairview plans to merge with South Dakota-based Sanford Health. The university, which previously said it intended to seek state help but had not
The Chicago Civic Federation named Sarah Wetmore to serve as acting president during a search for a permanent leader for the research organization after the unexpected Feb. 4 death of Laurence Msall. Wetmore, the federation’s vice president and research director, worked closely with Msall. Wetmore will assume Msall’s former duties including serving as the spokesperson