Suzanne Shank, president and CEO of Siebert Williams Shank & Co. LLC, has been chosen as chair of the 2024 Mackinac Policy Conference, the Detroit Regional Chamber announced Thursday. Joined by Michigan Gov. Gretchen Whitmer, Chamber president and CEO Sandy Baruah said Shank would also become first vice chair of the chamber’s board of directors.
Bonds
Two Missouri-based hospital operators, BJC HealthCare and Saint Luke’s Health System, are the latest to join the trend of large-system mergers. The two signed a letter of intent to form an integrated not-for-profit Missouri-based health system Wednesday. The systems will work to reach a definitive agreement “in the coming months” with a closing anticipated by the
Massachusetts state senators approved a $56 billion budget for the fiscal year 2024 last week, forwarding along for final debate a package that preserves many of the central features of Gov. Maura Healey’s landmark tax relief package. Senators followed in step with their counterparts in Massachusetts’ House in approving a package along the lines of
Political brinkmanship has the nation’s credit rating headed towards a race against the clock in the U.S. Senate, though the crisis now appears near resolution after the House Wednesday night passed the 99-page Fiscal Responsibility Act of 2023, a bipartisan effort to avoid default. Municipal market participants are moved to cautious optimism about the latest events.
Nevada lawmakers are weighing a $380 million public financing package to help pay for a stadium if the Oakland Athletics Major League Baseball team relocates to Las Vegas. If the deal moves forward, the state will have wooed away the California city’s professional baseball team and its professional football team, the Raiders, a National Football
The city of St. Louis recently launched a revolutionary approach for evaluating businesses seeking economic development incentives. The new “scorecard” relies on an innovative, community benefits evaluation model for projects to shape future growth and increase transparency in how the city distributes tax incentives. The underlying issue behind the need for the St. Louis scorecard is
A lawsuit against the Oklahoma Turnpike Authority over the initial disclosure to the general public of its $5 billion, bond-financed extension project ended in defeat Wednesday with the state Supreme Court overturning a lower court ruling that found the agency violated the Open Meeting Act. The ruling comes as the high court continues to weigh
U.S. District Judge Laura Taylor Swain set the topics to be discussed in the Puerto Rico Electric Power Authority bond claim estimation hearing in early June. Swain has said the size of the bondholders’ claim should guide how much money the plan of adjustment should give them. On Tuesday afternoon she said June 6 will
Pending state legislation that boosts Milwaukee’s revenue raising prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said in cutting the city’s general obligation bond rating by two notches. Fitch dropped the rating Tuesday to BBB-plus from A and warned of the potential for further deterioration by
Despite a cloudy national economic forecast, officials in Atlanta expect a warm welcome from the municipal marketplace for their planned housing bond sale. Pending a vote in the largely supportive Atlanta City Council, the city will come to market in early to mid-summer with $100 million of bonds by negotiated sale, one of several expected
Typhoon Mawar’s negative impact on Guam’s tourism industry is likely to persist for at least two years, the Guam Visitors Bureau said Tuesday. Mawar brought sustained wind speeds greater than 140 miles per hour to the island last week, equivalent to the second most intense category of hurricanes. The bureau predicted the island would see
The DuPage County Water Commission said a decision over whether it decides to end its 40-year relationship with Chicago and build its own pipeline to tap directly into Lake Michigan for water hinges on contract negotiations with the city. A draft consultant’s study was presented to the commission board, which serves a region west of
The California Senate approved a measure that would repeal a law prohibiting the use of taxpayer dollars for travel to states that discriminate against LGBTQ+ people in favor of spending on programs to foster acceptance. Senate Bill 447, authored by Senate President pro Tempore Toni Atkins, D-San Diego, passed out of the Senate on a
Municipals ended the month of May on a firmer note, with triple-A yields falling along with U.S. Treasuries, amid a busier new-issue slate led by New York City’s $1.4 billion of general obligation bonds, which saw yields fall in a repricing. Equities ended down. Triple-A yields fell by two to four basis points while UST
May municipal bond issuance dropped 29% year-over-year in May as issuers dealt with rising interest rates stemming from debt ceiling concerns, Federal Reserve policy uncertainty and overall market volatility. Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data. Tax-exempt issuance
Oklahoma, which has been prevented from issuing bonds due to a delayed annual audit, could turn to a new state-financed revolving loan fund for capital projects under a bill passed by lawmakers last week. House Bill 1002X, which heads to the governor, would be a way to self-fund capital improvements as the state has been
The Municipal Securities Rulemaking Board has received approval from the Securities and Exchange Commission to shorten the settlement cycle to one business day, following the adoption of amendments to Rules G-12 on uniform practices and G-15 on confirmation, clearance and settlement practices. The amendments bring the MSRB Rules into line with recent amendments to SEC
A bill seeking to restrict bond issuance for a multi-billion-dollar light rail project in Austin did not advance to final passage in the Texas Legislature, but the city, which is considering an initial phase of the plan, is keeping an eye out in case it resurfaces. A Senate amendment to House Bill 3899 that would
Enjoy complimentary access to top ideas and insights — selected by our editors. Transcription: Chip Barnett (00:03):Hi and welcome to a special podcast. The focus is on veterans and their important place in the municipal bond market. I’m Chip Barnett and today The Bond Buyer commemorates Memorial Day and the wrap up of Military Appreciation
Municipals were firmer Tuesday as U.S. Treasuries rallied on improved chances that Congress will raise the debt ceiling and avoid a U.S. default. Equities ended mixed. Triple-A yields fell three to 10 basis points, depending on the scale, underperforming U.S. Treasuries, which improved by five to 14 basis points with the largest gains on the
The Illinois Supreme Court will have the final say on the constitutionality of the state’s 2019 consolidation of suburban and downstate police firefighter pension fund assets. A group of police funds challenged the legislation, which has so far cleared two legal hurdles. Kane County Circuit Court Judge Robert Villa upheld the law in May 2022 and