Bonds

Holders of restructured bonds of the Clare Oaks senior living community in Illinois are giving the facility some breathing room and funds to support capital needs under a forbearance agreement that staves off any punitive actions allowed after a payment default on $50 million of municipal bond debt. Clare Oaks’ previous fiscal struggles resulted in

Arizona Gov. Katie Hobbs vetoed a bill that would have prevented public entities in the state from requiring a company to implement an environmental, social, and governance policy as a condition for obtaining or renewing a government contract for goods or services.  The measure passed the Republican-controlled legislature in tight votes of 16-12 in the

Several market participants have revised their initial 2023 supply projections downward as rising interest rates have sent taxable and refunding issuance plummeting, and continued market volatility has kept some issuers on the sidelines. All the firms The Bond Buyer spoke to agree issuance will not hit the highs seen in 2020 and 2021, but they

The Equitable Facilities Fund, a nonprofit that provides low-interest loans to public charter schools, announced Thursday that it has surpassed $1 billion in loans since its launch in 2017. On Tuesday, at the National Charter Schools Conference, founder Anand Kesavan will announce EFF’s “round two,” in which the fund aims to offer $3 billion in

Lawmakers in South Carolina have passed a fiscal 2024 budget that mirrors closely the plan pitched by Gov. Henry McMaster earlier this year. The fiscal 2024 budget proposal leans on federal funds, better-than-expected tax collections and a drawdown on reserves to bankroll a wide array of capital work and a boost to state employee salaries.

Municipals were steady to end the week, continuing their outperformance of U.S. Treasuries. Equities were down near the close. Triple-A scales were little changed, while UST yields rose eight to nine basis points on the short end. The two-year muni-Treasury ratio Friday was at 62%, the three-year at 65%, the five-year at 66%, the 10-year

The Oklahoma Turnpike Authority contends it can alter routes of statutorily authorized toll road projects as the state Supreme Court weighs the validity of bonds to begin funding a $5 billion, 15-year extension project.  The state agency sought the court’s approval in August for $500 million of revenue bonds for the ACCESS (Advancing and Connecting

A pair of recent state court decisions have ruled that EMMA is not the news media for the purposes of the public disclosure bar to whistleblower lawsuits, a question that has been a key part of the defense argument of Wall Street banks accused in a series of lawsuits of conspiring to set variable-rate bond

While abundant snow and rain have eased drought conditions in the Southwest, states in the region are continuing to crack down on water use and invest in future water sources to accommodate a growing population.  In Arizona, which allocated $1 billion last year to protect and expand its water supply, Gov. Katie Hobbs had a

Florida Gov. Ron DeSantis signed the $116.5 billion budget for fiscal 2023–24, which includes a $2.7 billion tax relief package and a debt reduction package. The general revenue portion of the budget is $46.1 billion, while the state’s reserves come in at $15.3 billion, 13.2% of the total budget for the fiscal year. The “Framework

Federal Reserve Gov. Christopher Waller said the central bank should not reverse course on monetary policy simply because it is having an acute impact on certain banks. During a speech delivered Friday at the Norwegian central bank, Waller pushed back against the idea that rate hikes were to blame for the failures of Silicon Valley

Wisconsin lawmakers signed off on legislation that raises local government aid and empowers Milwaukee and Milwaukee County to enact a sales tax hike after months of negotiations and dire warnings over the city’s looming insolvency. Lawmakers gave final approval to the legislation late Wednesday and Gov. Tony Evers is expected to sign it. As part

Municipals were firmer in spots Thursday while U.S. Treasuries made larger gains and equities rallied a day after markets digested the Fed’s decision to hold rates steady. Municipals saw some strength emerge as the session progressed with yields falling a basis point or two inside of 20 years while U.S. Treasuries saw yields fall up

Federal Reserve Bank of Atlanta President Raphael Bostic disclosed having made prohibited personal trades last year.  Bostic said his account managers executed nine sales and 10 purchases on his behalf on May 2, 2022, one day before the Federal Open Market Committee was set to meet. Fed officials are prohibited from engaging in trades for

Moody’s Investors Service put the Guam Power Authority revenue bonds’ Baa2 rating on review for a possible downgrade following damage from Typhoon Mawar that hit the territory in late May. Moody’s on Wednesday said the downgrade review stemmed from Mawar’s damage to the territory and “to a lesser extent to GPA’s infrastructure,” said William Oh,

Despite a relatively drama-free resolution to the nation’s debt limit debate, risks remain for state and local governments, chief among them cuts in federal spending, higher borrowing costs and skittish municipal market buyers. That was the message from panelists weighing in Thursday during a webinar hosted by the Volcker Alliance on the implications of the

The House Wednesday passed legislation to block a proposed Department of Energy rule that may effectively ban many models of gas stove, a move strongly opposed by public gas utilities. The Save Our Gas Stoves Act passed the House with bipartisan support. The legislation is the second of two pieces designed to slow the roll

Facing notorious traffic jams and a desire to expand transit options, Los Angeles has rekindled a plan to charge motorists to drive into the city. If it is implemented along with a similar plan in New York, it would bring congestion pricing to the two largest cities in the U.S. The Los Angeles County Metropolitan

New York City Comptroller Brad Lander and Public Advocate Jumaane Williams appointed five members to the advisory board of the city’s Independent Budget Office on Wednesday. Two of the appointees, Dean Fuleihan and Melanie Hartzog, were members of former Mayor Bill de Blasio’s administration. The board consists of 10 people appointed by the comptroller and

The Municipal Securities Rulemaking Board has added Jerry Ford to serve as a municipal advisor representative on its Board of Directors, filling the spot left vacant after Jill Jaworksi left her position to become the chief financial officer for the City of Chicago. Ford is a familiar face to the MSRB, having served on the

The IRS announced Wednesday clarifications to rules affecting clean energy tax credits that are expected to boost bond issuance. The credits were delivered via the Inflation Reduction Act, and took effect in January, but some utilities were cautious about trying to cash them in until the agency offered guidance. Most of the nation’s electricity is