Bonds

The Oklahoma Supreme Court upheld the dismissal of a lawsuit challenging a turnpike extension plan while it weighs whether initial bonds to finance the $5 billion, 15-year project are valid. In an opinion Tuesday, the high court left intact a December decision by a Cleveland County District Court judge granting the Oklahoma Turnpike Authority’s motion

While most U.S. states came out of the pandemic in relatively good economic shape, some warning signs are starting to emerge as money flowing into state coffers starts to slow. Municipal bond issuers may see their revenue streams come under pressure from a variety of possible threats. Inflation obscured the impact of declining revenue in

S&P Global Ratings Services raised the city of Miami, Florida’s long-term and underlying ratings on its limited ad valorem bonds and non-ad valorem bonds to AA from AA-minus. The outlook is stable. “The upgrade reflects our view of Miami’s economic growth and income improvement, coupled with moderation of debt,” S&P said last week. “While everyone is

A ruling by federal officials that could make or break New Jersey’s first major offshore wind farm project is expected this summer. On Monday, the U.S. Department of Environmental Protection’s Bureau of Ocean Energy Management released its Final Environmental Impact Statement for the $1.6 billion Ocean Wind 1 project, a state-supported plan by Danish energy

Municipals resumed their selloff Tuesday, while U.S. Treasuries were slightly weaker and equities ended down as debt ceiling negotiations and Fed policy uncertainties hang over financial markets. Triple-A yields rose from two to five basis points on the one-year and up to 10 basis points across the rest of the curve. Municipal to UST ratios

The latest battle between the Puerto Rico Oversight Board and Puerto Rico Electric Power Authority bondholders came in filings this week in which the bondholders said the board’s stated “obstacles” to collections have nothing to do with what they are owed. The board, in turn, said the bondholders’ arguments are “erroneous.” In filings late Monday,

Chicago-based CommonSpirit Health’s third quarter financial results highlight the persistent strain inflation poses on not-for-profit hospital balance sheets, with cascading effects on borrowing plans and operational strategies. The sector’s struggles have led to calls in Illinois to increase the Medicaid hospital reimbursement rate and at the federal level advocacy groups say more support is needed.

A financing plan for a multi-billion-dollar Austin light-rail project, already under attack in the Texas Legislature, now faces concerns about its legality raised by the state attorney general.  The controversy involves the Austin Transit Partnership, a corporation created by the city and Capital Metro Transportation Authority, and its ability to help finance the Project Connect

How can women execs ascend to board leadership for nonprofits — and beyond? Jill Schwartz, a senior Bank of America investment banker who sits on the Women’s Bond Club board, discusses how she became a board director and what roles women are playing on boards and in finance now, in conversation with Chana Schoenberger, American

The effects of diversity, equity, and inclusion on public finance is growing as issuer leaders explore best practices for defining, measuring, and implementing the policies. The Government Finance Officers Association has made DEI an area of focus, an effort that’s expected to continue as the group changes leadership. Reckoning with the issue has been a priority

Regulators who are charged with shaping the looming Financial Data Transparency Act are encouraging cities and states worried about the controversial new law to begin to share their concerns now, ahead of the rulemaking process. “We want to hear from you,” said Adam Wendell, deputy director of the Office of Municipal Securities at the Securities

A decline in the commercial real estate sector, particularly among offices, is expected to hit city government finances in coming years, analysts say. “Office use nationally is not going to return to pre-COVID levels,” said HilltopSecurities Head of Public Policy and Municipal Strategy Tom Kozlik. Nationally, office use is about half of pre-COVID levels, according

Governor Brian Kemp of Georgia on Thursday announced the recipients of $225 million of federal health and public facilities development grants funded by the American Rescue Plan Act of 2021. The state selected142 projects from a crowded field of proposals submitted by local governments and nonprofit organizations as per federal regulation that would help “improve

After selling off last week, municipals saw some pressure ease as triple-A yields rose only a few basis points while U.S. Treasuries were weaker and equities ended mixed. Municipal to UST ratios were steady. The two-year muni-Treasury ratio Monday was at 71%, the three-year at 72%, the five-year at 71%, the 10-year at 69% and

The governors of California, Nevada and Arizona announced an agreement to cut Colorado River water use to prevent a crisis at the country’s largest reservoirs. The plan developed by Arizona’s Katie Hobbs, California’s Gavin Newsom and Nevada’s Joe Lombardo would conserve 3 million acre-feet over the next three years with the aim of protecting the

After a long period of extremely low yields, municipals finally appear to be in a range that offers an attractive entry point for investors, particularly retail, if they can move past outside factors such as the debt ceiling fight and the banking crisis that has kept many sidelined so far this year.   “Ultimately, the

Hoping to fill some of its 784 vacant positions, the Kansas state government held a virtual job fair last week that attracted 204 participants. “These are good-paying jobs with excellent benefits, and we look forward to finding high-quality candidates that are passionate about contributing their talents for the betterment of Kansas,” Lt. Gov. and Secretary

With advance refunding currently dead in the water, muni leaders see a change in the regulation of bank-qualified bonds as low-hanging fruit that could help attract more Republicans to get involved in public finance issues. The Government Finance Officers Association federal advocates advanced this position during the meeting of the group’s Committee on Governmental Debt

Limited offering exemptions, once a common exemption from the official statement requirements under the federal securities laws, may soon be rarely utilized by underwriters for fear that compliance risks are too high. That’s according to representatives from dealer groups speaking at the 2023 GFOA Annual Conference, who bemoaned the speed and volume with which the

Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s a “close call” for him if the central bank should raise interest rates next month or pause while it monitors the outlook for inflation. “I think right now it’s a close call, either way, versus raising another time in June or skipping. What’s important to

An effort by House Republicans to recoup unspent pandemic aid is unlikely to reach into local coffers, a move that would be politically unpopular and difficult to implement, according to municipal market advocates. “The political reality is that’s impossible and no Republican wants to do that,” said Emily Brock, federal liaison for the Government Finance