Legislation has been reintroduced in both the Senate and House that would allow regulated banks to work with state-legal cannabis companies, potentially further unlocking the revenue potential of the cannabis business for banks, states, and localities. Sens. Jeff Merkley, D-Ore. and Steve Daines, R-Mont., introduced the Secure and Fair Enforcement (SAFE) Banking Act of 2023
Bonds
The high-stakes Republican debt ceiling bill that passed the House late Wednesday may mark only the first of several efforts to claw back unspent local government and state pandemic funds. Issuers “need to be on high alert that all the must-pass bills will have an iteration of the [pandemic funds] claw back, and it will
Detroit’s general obligation bond ratings stand one notch away from a return to investment grade status after an upgrade from S&P Global Ratings that rewarded the city for steady fiscal momentum since exiting bankruptcy in 2014. S&P signaled the next lift needed to shed junk status is within reach — in the next one to
Massive flooding in California‘s central valley that has wreaked havoc and resurrected the long-dormant Tulare Lake has lawmakers contemplating multi-billion-dollar bond measures to stem further damage. Assembly Bill 305 — introduced by Assemblymember Carlos Villapudua, D-Stockton —would place a $4.5 billion flood protection bond measure on the Nov. 5, 2024, ballot, while Senate Bill 638
Municipals were steady in secondary trading Wednesday as the competitive market saw the states of Washington and Delaware price large general obligation bond deals. U.S. Treasuries were weaker in most spots and equities ended mixed. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 68%, the five-year at 68%, the 10-year at 68%
Puerto Rico Electric Power Authority bondholders argued for certification of their appeal of a ruling against their lien on revenues, saying it would advance the bankruptcy case and allow an appeals court to address issues of public importance and novel legal questions. The Official Committee of Unsecured Creditors filed a separate reply in the United
The U.S. Supreme Court declined to hear five appeals from oil and gas companies seeking to move climate change lawsuits they face from state to federal courts. The city, county and state governments that the fossil fuel firms are fighting are expected to fare better in state courts. The orders handed down by the high
Walt Disney Co. sued Florida Gov. Ron DeSantis, alleging he’s threatening billions of dollars in business as retaliation for the company speaking against his policies. The lawsuit Disney filed Wednesday in federal court in Florida came amid an escalating dispute over the powers of the municipal authority that governs Florida theme parks ahead of a
The University of Iowa says sovereign immunity protects it from a closely watched federal lawsuit alleging breach of contract over a $1.1 billion lease of its utility system. As “an alter ego and arm of the state of Iowa,” the university is protected from federal lawsuits by the Eleventh Amendment, according to its March motion
The Louisiana Bond Commission voted to move ahead with a negotiated sale of Garvee bonds despite having to use a bank — J.P. Morgan — that it blacklisted from a deal last year. At the state Bond Commission’s meeting on April 20, there was heated discussion ahead of a vote to proceed in developing a
The NFL’s Tennessee Titans will be getting a new state-of-the-art stadium backed by record-setting public subsidies. Nashville’s Metropolitan Council on Tuesday voted to approve a state-backed proposal that would see the Titan’s current home at Nissan Stadium on the east bank of the Cumberland River, demolished and replaced by a new 60,000-capacity domed venue just
A bill prohibiting the use of environment, social, and governance criteria for government investments and contracts in Kansas became law this week without the signature of the governor, who raised concerns about the measure. Citing “reservations about the potential unforeseen consequences of House Bill 2100 for the state and for local governments,” Democratic Gov. Laura
As the landscape of retail changes, investors are looking to exchange-traded funds and separately managed accounts as alternate investment strategies, both of which have seen tremendous growth over the past decade. Since the launch of the first muni ETFs in 2007, ETFs have grown in popularity, similar to how mutual funds grew their products in the ’80s
The Illinois State Toll Highway Authority heads into the market this week with $500 million of new money debt that leaves just another $1.5 billion of borrowing still to come for its$14.8 billion capital program. The fixed-rate bonds will sell Wednesday, according to tollway officials. Proceeds will fund upgrades and expansion projects in the Move
Municipals were mixed Tuesday with most AAA scales showing large cuts on the front end and smaller bumps out long. U.S. Treasuries rallied hard, and equities sold off. The two-year muni-Treasury ratio Monday was at 66%, the three-year at 69%, the five-year at 68%, the 10-year at 69% and the 30-year at 92%, according to
Chicago-area public transit needs an operational makeover to build its case with the public and state lawmakers for new funding to help plug the funding gap when federal COVID-19 relief funds are exhausted. That was a central takeaway from a panel discussion — “Solving the Transit Funding Riddle in Northeast Illinois and Beyond” —
The lack of consensus on a proposed plan of adjustment risked dismissal of the Puerto Rico Electric Power Authority bankruptcy proceedings, District Court Judge Laura Taylor Swain warned parties Monday. If proceedings are dismissed the immediate issue would be who would run the authority, said John Hallacy, president of John Hallacy Consulting. Would the bondholders
As Congress and the White House engage in political brinkmanship over the debt ceiling debate, state governments are already bracing for a stoppage of federal funding and warning of the consequences of a failure to reach an agreement soon. “Without the borrowing authority to sell bonds, the federal government simply wouldn’t have any funds to
Voters in Austin, Texas, will likely be asked to approve bonds for a multi-billion-dollar light rail project this fall after the city’s mayor signaled that would be the best path forward as a bill to force a vote advanced in the state legislature. In order to ensure Project Connect proceeds, Mayor Kirk Watson said Austin
I was disappointed to read that the settlement agreement between Preston Hollow Capital and Nuveen resulted in the retirement of John Miller as head of municipal bonds at Nuveen. While the facts of the case were covered by this paper, and the settlement, as in all cases, is sealed. That said I feel strongly that this was
Municipals were mixed to start the week as participants await a $7 billion-plus new-issue calendar, while U.S. Treasuries were firmer and equities were mixed. The two-year muni-Treasury ratio Monday was at 62%, the three-year at 64%, the five-year at 65%, the 10-year at 67% and the 30-year at 91%, according to Refinitiv MMD’s 3 p.m.