Bonds

The Securities and Exchange Commission will introduce two rule proposals designed to help address the huge complexities and major concerns around the Financial Data Transparency Act that the municipal finance community has expressed since its passage. That’s according to Mary Simpkins, senior special counsel at the SEC’s Office of Municipal Securities, speaking at the SEC’s

Washington Gov. Jay Inslee signed into law a bill that expands the eligible uses of a tax increment financing program to spur infrastructure and economic development projects in the state. Tax increment financing is a tool for local governments to encourage private development and investment by tapping the increase in assessed property values that results

Colorado lawmakers wrapped up their legislative session this week with the last-minute passage of a plan to ease a big tax hit for property owners due to rising assessed values, with the state stepping in to replace some revenue lost by local governments and schools. Gov. Jared Polis and members of the Democrat-controlled legislature last

The Walt Disney Company’s lawsuit against Florida Gov. Ron DeSantis is unlikely to be decided soon, and claims about its First Amendment right to free speech will join the firm’s special district arrangement with the state as legal arguments. Last month, the Disney filed a suit in federal court, saying that DeSantis and the state

A claw back of federal stimulus funds inched closer to reality Tuesday when President Joe Biden signaled he is open to the proposal. “We don’t need it all,” Biden told reporters Tuesday after a closely watched meeting with Congressional leaders to try to reach a deal to lift the nation’s debt limit. “But the question

Several members of Congress introduced a bill to permanently raise the rum cover rate supporting some U.S. Virgin Islands and Puerto Rico bonds. The rum cover, a tax on rum sold in the 50 states, provides a revenue stream supporting USVI matching fund bonds and Puerto Rico Infrastructure Finance Authority rum bonds. The rate had

New Jersey Department of Transportation will spend $4.5 billion on capital improvements in the new fiscal year. Officials released the department’s fiscal ’24 capital financing plan on Tuesday. It leans on a mix of state and federal funding to bankroll repairs and upgrades to transportation networks across New Jersey. “This capital program reflects the need

Municipals were steady Tuesday as a larger primary calendar took the focus while U.S. Treasuries were slightly weaker and equities ended down. Slight Treasury weakness, a quiet municipal market with weaker bids and a lot of uncertainty preceded the arrival of some of this week’s biggest deals in the primary market, according to a New

The National League of Cities is turning up the heat on Congress to move forward with legislation that would beef up safety regulations on the nation’s freight trains, citing the serious economic consequences rail disasters can have for localities. Officials from over 150 cities across the country addressed a letter to Congress Tuesday urging the

Stressing the hardship a dismissal would bring, all sides in the Puerto Rico Electric Power Authority bankruptcy were urged by U.S. District Judge Laura Taylor Swain to enter into mediation in an attempt to reach a consensual plan. Bondholders are widely opposed to the Oversight Board’s current proposed plan of adjustment, she noted, and if

Eastern Michigan University’s troubled parking system concession deal hit a new low this month with the first payment default on a $36 million bond issue tied to the transaction. The bonds — investment grade at issuance — are now rated Caa3 by Moody’s Investors Service and trading at 53 cents on the dollar. The acrimonious

Fintech company Munichain is rolling out its workflow management tool to a larger audience. Munichain, which was formed in 2022, attempts to break down the walls between external firms through the workflow management application, said Michael Lieberman, co-founder and head of product management at Munichain. The application, also called Munichain, is a web-based tool that

As President Joe Biden holds a high-stakes meeting Tuesday with House Speaker Kevin McCarthy to try to break the debt ceiling impasse, issuers are keeping watch on the specter of a possible U.S. rating downgrade, which would reverberate through the municipal bond market.   For issuers, a downgrade of the U.S. sovereign rating — would

Massachusetts state senators intend to leave Gov. Maura Healey’s $748 billion tax cut package intact in their redrafted budget proposal despite falling state revenues. The fate of Healey’s tax-relief plan, which features a mix of tax rate cuts and policy changes including an expanded child and family tax credit, and was a centerpiece of her

Municipals were little changed to start the week, while U.S. Treasuries extended their selloff and equities ended mixed. Municipal yields were steady while UST yields rose eight to 10 basis points across the curve. Ratios fell slightly as a result. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 66%, the five-year at

Hawaii lawmakers did not rubber stamp the governor’s plans in the just concluded session, where they were asked to consider proposals on homelessness, changes to the state income tax structure and a fee to lessen the impact of tourists. Lawmakers approved a $38.3 billion budget for the fiscal 2023-25 biennium that included many priorities outlined

The Federal Reserve said that banks reported tighter standards and weaker demand for loans in the first quarter, extending a trend that began before recent stresses in the banking sector emerged. The proportion of US banks tightening terms on commercial and industrial loans for medium and large businesses rose to 46%, up from 44.8% in

The Biden administration Friday granted long-awaited federal approval to New York’s Metropolitan Transportation Authority’s first-in-the-nation congestion pricing plan. The Federal Highway Administration approved the MTA’s environmental assessment for the Central Business District Tolling Program, commonly known as congestion pricing, and released a draft “finding of no significant impact” that will be up for public review

The public health care system in Texas’ biggest county is seeking $2.5 billion of bond authorization to address critical capacity problems at its two hospitals, which serve a fast-growing population. The Harris Health System Board of Trustees unanimously agreed late last month to ask Harris County commissioners to place the bonds on the November ballot,

Municipals were steady to close out the week, while U.S. Treasuries sold off on the heels of a stronger-than-expected jobs report. Equities rallied. Stronger-than-expected hiring and wage growth data on Friday caused “[UST] bond yields to climb while equities are advancing because the data is helping alleviate concerns of a potential recession,” said José Torres,

Highland Park, Michigan, would get a $20 million lifeline under an appropriation Senate Democrats put in their version of the state budget to help pay down a $24 million water and sewer debt the city has warned could drive it into bankruptcy. The city just north of Detroit owes the Great Lakes Water Authority $24