Michigan’s fiscal 2022 tax surge will result in a $650 million income tax cut, but it will remain in place only for 2023, state officials announced Wednesday. All signs pointed to an income tax cut when state finance officials and economic forecasters discussed the fiscal landscape at the annual February revenue estimating conference but Treasurer
Bonds
The Irvine Facilities Financing Authority in California plans to price $455 million in special tax bonds the week of April 17 to continue development of its Great Park, in pursuit of a long-delayed goal of creating a public space comparable to New York’s Central Park. The authority, comprised of the Irvine City Council’s members, approved
A small Texas public school district’s underlying junk bond ratings are under pressure as it deals with financial woes that led to a state-appointed monitor. Last week, Moody’s Investors Service downgraded Tioga Independent School District’s Ba3 general obligation bond issuer rating to B1 with a negative outlook, affecting about $5.3 million of debt outstanding as
The public finance community is often disappointed with the limited scope of municipal bond proposals laid out by the White House in its annual budget and policy recommendations. But this year, for the first time in recent history, Treasury’s so-called Green Book, which contains the Biden administration’s tax policy initiatives and proposals, is completely silent
The 181-year-old Iowa Wesleyan University will shut down when the academic year ends in May after failing to secure state help or other solutions to its fiscal troubles. The board of trustees made the decision this week, citing a combination of factors that included higher operating costs due to inflationary pressures, changing enrollment trends, a
Transcription: Caitlin Devitt (00:03):Hi, welcome to the Bond Buyer Podcast. I’m Caitlin Devitt, Infrastructure Reporter at the Bond Buyer. My guest today are Pat McCoy, Deputy CFO of the Gateway Development Commission, and Corey Boock, a P3 attorney with Nossaman who’s going to talk to us about the current P3 landscape. I’m going to have
Municipals were little changed throughout most of the curve in secondary trading Wednesday as the primary took focus with the sale of $1.2 billion of general obligation bonds from New York City in two deals. U.S. Treasuries were weaker and equities rallied. The two-year muni-UST ratio was at 59%, the three-year at 59%, the five-year
The Municipal Securities Rulemaking Board has filed proposed amendments with the Securities and Exchange Commission aimed at shortening the settlement cycle to one business day for broker-dealer transactions. The proposed amendments to Rule G-12 on uniform practices and G-15 on confirmation, clearance and settlement practices are being advanced in an effort to bring the rules
Hawaii had the outlook on more than $2 billion in debt for its airport system and rental car facilities revised to positive from stable by Fitch Ratings in separate actions. The rating agency on Friday boosted the outlook to positive on the bonds issued by the state’s Department of Transportation, Airport Division, for capital projects
A provision in Florida Gov. Ron DeSantis’ proposed $114.8 billion budget for fiscal 2023-2024 would accelerate the state’s efforts to shrink its debt portfolio. The proposed budget provides for the early retirement of some state debt as well as creating a state investment fund and a debt reduction program. The budget package is under consideration
It’s been more than a year since Congress launched historic infrastructure support with the $1.2 trillion Infrastructure Investment and Jobs Act and helped jump-start what is being dubbed America’s “infrastructure decade.” Since the November 2021 enactment of the IIJA, states have started 29,000 transportation improvement projects, according to the American Road & Transportation Builders Association.
Arizona’s governor blocked an attempt to bar companies that “discriminate” against the firearm industry from state and local government contracts by vetoing the bill Tuesday. Senate Bill 1096 passed the Republican-controlled Senate in February and House last week in tight votes of 16-13 and 31-29, making a veto override attempt improbable. In her veto letter,
Preston Hollow Community Capital plans an inaugural public offering of tax-exempt pooled securities that recycles a portion of its portfolio to raise capital from a new investor base for its social lending business. PHCC, which is part of Preston Hollow Capital LLC, plans to offer $371.5 million of tax-exempt pooled securities — or TEPS,
Municipals were steady to firmer in spots Tuesday, while U.S. Treasuries were weaker and equities ended down. The two-year muni-UST ratio was at 59%, the three-year at 60%, the five-year at 61%, the 10-year at 64% and the 30-year at 89%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the two-year
The U.S. Supreme Court declined Puerto Rico Gov. Pedro Pierluisi’s petition for certiorari on an appeals court decision that supported the Puerto Rico Oversight Board’s ability to reject local laws based on their fiscal impact. At issue in the case were four laws the local government passed in 2019 and 2020, but the larger concern
A project to build out Vermont’s broadband infrastructure is facing several hurdles to its completion that could affect costs and schedules, according to a report by the state auditor’s office. Vermont State Auditor Doug Hoffer said in a recently published investigative report that “one of the largest infrastructure projects in state history” to improve broadband
Tax-exempt advance refunding is back on the table, as a standalone bill titled the Investing in Our Communities Act has just been introduced in the House. The bill, introduced by Rep. David Kustoff, R-Tenn. and House Municipal Finance Caucus leader Dutch Ruppersberger, D-Md., would restore the provision eliminated in 2017 by President Trump’s Tax Cuts
Municipalities looking to tap into federal infrastructure funding need existing matching funds while also reckoning with the administration’s emphasis on equity, and this latter point emerged as a clear priority from the Department of Transportation officials during presentations at the National League of Cities’ Congressional City Conference Monday in Washington, D.C. “Something that’s near and
A bill to direct state investments away from financial services providers determined to be “discriminating” against the fossil fuel, firearm, or ammunition industries won final passage Monday in the Arkansas Legislature after concerns abated over the impact it could have on state retirement funds. The measure, which now heads to Republican Gov. Sarah Huckabee Sanders,
The Illinois Finance Authority, in its role as the state’s climate bank, is ramping up efforts to establish new financing options for green initiatives with a slate of federal funding applications in the works aimed at moving the state toward clean energy, climate, and equity goals. The 2021 Climate and Equitable Jobs Act package, negotiated
Cities attempting to land federal dollars for infrastructure projects got some pointers from the U.S. Department of Transportation at the National League of Cities’ Congressional Conference in Washington D.C. Monday, including the need to have their own upfront funding, which could come from bond proceeds. DOT kicked things off by warning against applying for funds