California revenues for the 2022-23 fiscal year are $4.7 billion below forecast through March. The updated numbers from the Department of Finance’s monthly cash report arrive just a few weeks before the governor is due to release the “May revise” to his budget proposal. For the first nine months of fiscal 2023, the state is
Bonds
Colorado legislation to regulate debt issued by special districts that fund new residential development provoked lengthy hearings in this year’s General Assembly, which approved a “transparency” measure that fell short of addressing a key conflict of interest cited by critics. That conflict was directly addressed by House Bill 1090, which would have prevented developers from
The Puerto Rico Oversight Board and other parties are still trying to determine how District Court Judge Judge Laura Taylor Swain’s March ruling in the Puerto Rico Electric Power Authority bankruptcy will affect the bondholders’ payout, Puerto Rico Oversight Board Chair David Skeel said Friday. “The implications for the claim that the bondholders have is
A so-called “fix” for Chicago’s “Tier 2” firefighters to ensure benefits meet federal requirements carries a $350 million price tag. That’s what officials told a House committee that moved the bill forward over the city’s objections. And a police “fix” carries a more burdensome toll of at least $1 billion, sources said. “The city of
Municipals were steady throughout most of the curve, though the front end did see smaller cuts on Friday to close out week that saw a significant correction for the asset class, while U.S. Treasuries were weaker, and equities ended down. It was too-rich ratios, too much outperformance to taxables and too much supply this week
Fresh off two ratings upgrades this month, Nassau County, New York, is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week. First, J.P. Morgan Securities will price the county’s $114.86 million of Series 2023B (Aa3/AA-minus/A-plus/NR) general improvement refunding GOs on Tuesday. On Thursday, the county will competitively
New York State is heading to market with a sale of green bonds aimed at refunding some debt previously issued for special projects. Loop Capital Markets and Barclays Capital as lead managers plan to price the New York State Environmental Facilities Corp.’s $150.555 million of Series 2023A tax-exempt state revolving funds revenue green bonds on
The Florida Legislature has passed a bill that bans the issuance of municipal bonds using environmental, social or governance standards. The bill now heads to Gov. Ron DeSantis for his signature. House Bill 3 passed in the Senate by a 23 to 12 vote along party lines. It was approved last month by the House
Municipals were mixed Thursday, but the selloff appeared to subside, just as muni mutual funds saw the largest outflows year-to-date. U.S. Treasuries rallied and equities ended down. Outflows from municipal bond mutual funds intensified as Refinitiv Lipper reported $2.876 billion was pulled from them as of Wednesday after $255.794 million of outflows the week prior.
Democrats on the House Natural Resources Committee began a revival attempt on the Puerto Rico Status Act on Thursday, aiming to give the island territory’s voters the choice of statehood. The bill, which died at the end of the last congressional session, would establish a binding plebiscite – a direct vote on the island to choose between
The U.S. Virgin Islands Water and Power Authority expects the islands’ governor to approve a bill that would pave the way for the authority to retire a $285 million liability. WAPA Spokesperson Shanell Peterson said she expects Gov. Albert Bryan Jr. would this week sign the bill providing initial funding to settle a debt with
More than $7 billion of municipal bonds from the holdings of defunct Silicon Valley Bank, the bulk of which sport low coupons already facing pricing pressure, are set to hit the Street in the next few weeks. The Federal Deposit Insurance Corp., which took over Silicon Valley Bank on March 10, tapped BlackRock Financial Market Advisory
Illinois navigated a rocky market to clear its $2.5 billion general obligation sale Wednesday, paying more on the shorter end than its bonds have been trading, but seeing healthy demand on the long end for the newly stamped-A level rated paper. The mostly tax-exempt transaction took center stage this week amid a total of $11.5
The top two municipal bond insurers wrapped $5.735 billion in the first quarter of 2023, a 32% decrease from the $8.430 billion of deals done over the same period in 2022, according to Refinitiv data. The industry par amount for the top two issuers was achieved in 260 deals in 2023 versus 419 deals in
House Speaker Kevin McCarthy’s plan to address the debt limit and return funding to 2022 levels would cut the Department of Transportation’s funding by around 20%, leading to significantly decreased ability to carry out many of the programs, safety regulations and field operations that have become more and more essential following the large influx of
Tennessee Gov. Bill Lee signed his hallmark $3.3 billion Transportation Modernization Act into law earlier this week, clearing the way for the state’s first public-private-partnerships meant to help cover the mounting costs of developing the state’s roadways. Tennessee is one of only five states that require road work be funded on a pay-as-you-go basis and
Olathe, Kansas, plans to issue up to $810 million of taxable industrial revenue bonds to finance the construction and equipping of soft-drink bottling, warehouse, and distribution facilities that would be leased to a private business. The city council unanimously passed a resolution Tuesday approving the Heartland Coca-Cola Bottling Company project and signaling its intent to
Cities and states are pushing back against a Republican debt-limit and spending cuts bill recapturing unspent pandemic funds that’s on track for a House vote as soon as next week. House Speaker Kevin McCarthy, R-Calif., Wednesday unveiled the 320-page “Limit, Save, Grow Act of 2023,” with a plan to bring the bill to the Rules
Los Angeles Mayor Karen Bass’ fiscal year 2024 budget would tap reserves to help fund the hiring of 400 police officers and for $1.3 billion in spending to lessen the city’s homelessness crisis. She proposed a $13.1 billion budget Tuesday, a 5.6% increase in general fund spending from the prior year. The package now heads
Municipals continued to be hit hard on the front end of the curve in secondary trading as a $2 billion-plus deal from Illinois took focus in the primary. U.S. Treasuries were weaker, while equities ended mixed. Triple-A benchmark yields were cut 11 to 15 basis points, depending on the curve at one-year and nine to
As Congress gears up to craft a new five-year funding package for the Federal Aviation Administration, a House panel Wednesday held a hearing focused on boosting the pilot pipeline to meet growing passenger demand. The reauthorization of the FAA legislation is one of the big-ticket transportation items facing Congress this year. The legislation provides funding