Bonds

New Jersey Gov. Phil Murphy unveiled his executive budget proposal for fiscal year 2024, a record $53.1 billion plan that takes into account the state’s expectation for a shallow and short recession by holding off on large new initiatives while boosting reserves and addressing long-term obligations. “This budget will better prepare New Jersey for any

Legislation seeking to end government contracts with companies engaged in “boycotting” an expanded list of industries and business policies passed the Utah House and Senate late Thursday. Senate Bill 97 builds on laws previously enacted in Texas and a few other states focusing on “boycotts” of the fossil fuel or firearm industries by adding timber,

New Mexico would authorize public-private partnerships on the state and local level under a bill unanimously approved by the state House Thursday and now headed to the Senate. The bill, House Bill 213, would allow P3s for transportation and broadband projects. “Those are two of the most pressing needs in the state,” said Rep. Cathrynn

The Federal Reserve said further interest-rate hikes would be required to restore price stability. “The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect “ongoing increases in the target range will be appropriate in order to attain a stance of

Fitch Ratings raised Miami-Dade County’s $4.9 billion of aviation revenue and revenue refunding bonds to A-plus from A after a year where Miami International Airport took the title of busiest airport in Florida. The bonds, issued for the Miami-Dade County Aviation Department, have a stable credit outlook. Fitch said MIA surpassed its pre-pandemic traffic high

States and cities trying to craft budgets to implement infrastructure projects have been stumped by requirements set in place by the Build America, Buy America Act, and the nation’s top transportation official is urging them to rise to the challenge. Passed as part of the Infrastructure Investment and Jobs Act, the act requires that the

Illinois’ budget and pension stabilization funds would receive automatic deposits when the state hits revenue growth and bill payment triggers under legislation that cleared a House committee this week. With a series of infusions over the last two fiscal years, the state’s once-depleted rainy-day fund remains on track to hit $1.9 billion by the end

Municipals were weaker Thursday as outflows from muni mutual funds continued. U.S. Treasury yields rose, with all maturities now yielding above 4%, and equities ended mixed. Treasury yields rose as initial jobless claims came in below 200,000 for the seventh straight week and unit labor costs for the fourth quarter were revised up to 3.2%

Idaho and Wyoming have joined other red states by introducing legislation to ban banks that boycott gun manufacturers or energy-related companies. Idaho House bills 189 and 190 introduced by Rep. Barbara Ehardt, R-Idaho Falls, left committees with do-pass recommendations and are headed for third readings on the House floor. Ehardt could not be reached for

Rep. George Santos’s, R-N.Y., introduction of a bill that would raise the federal limit of deductions to $50,000 for individuals or $25,000 for married individuals adds to the recent pile on of efforts by Congressional members to raise or remove the cap entirely, but it isn’t likely to get anywhere due to the Congressman’s nefarious

President Joe Biden may break out his veto pen for the first time to strike a controversial resolution that overturns a new labor rule that allows retirement plans to consider environmental, social and governance factors in their investment decisions. The five-month-old Department of Labor rule that Congress wants to overturn applies to private-sector workplace retirement

The Senate Commerce, Science and Transportation Committee Wednesday held its first confirmation hearing for Phil Washington, President Joe Biden’s pick to head the Federal Aviation Authority, with the long-time issuer coming under criticism from Republicans for a lack of aviation experience. Biden tapped Washington as his FAA pick nearly eight months ago. The hearing comes

The struggles of two public hospital districts in central California are emblematic of financial pressures facing the healthcare industry. Kaweah Delta Health Care District in Visalia violated a debt service ratio covenant in its master bond indenture, forcing it to put $18.1 million into a debt service reserve fund two weeks ago; 150 miles west

Stephen Benjamin, a public finance veteran and municipal bond advocate, was tapped to serve as senior advisor and director of the White House Office of Public Engagement. Benjamin, who was the mayor of Columbia, South Carolina, for more than 10 years, is a lawyer at The Charleston Group, one of the biggest minority-owned law firms

Thirteen additional state departments of transportation have pledged to create more opportunities for historically underutilized businesses, boosting the visibility and clout of the Equity in Infrastructure Project. Representatives of Colorado, Connecticut, Hawaii, Kentucky, Maryland, Minnesota, New Jersey, Oregon, Washington, and Wisconsin signed on to the pledge during a Wednesday cerermony at the American Association of State

Municipals were little changed to kick off the month, while U.S. Treasuries were weaker and equities ended mixed. The three-year muni-UST ratio was at 60%, the five-year at 62%, the 10-year at 65% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the three at 64%, the

Chicago voters will choose between Paul Vallas, a former city budget director and Chicago Public Schools chief, and Cook County Board Commissioner Brandon Johnson to replace Mayor Lori Lightfoot who lost her bid for a second term as the city’s upward fiscal momentum took a backseat to worries over crime. Vallas won 33.9% of the

The Boston Medical Center sold $232 million of revenue bonds at the end of February to finance green modifications to several of its facilities in pursuit of a net-zero carbon initiative. The new credit carried a sustainability designation from Kestrel Verifiers as it contained elements of both green and social bonds. The issuance was the

The bulk of the whopping $4.6 trillion of COVID-19 relief allocated since the onset of the pandemic has been obligated and spent, though $90.8 billion remains available and roughly $24 billion of unobligated funds have now expired. That’s according to a Feb. 28 report from the Government Accountability Office, which tracks pandemic aid spending, obligation,

The Oversight Board’s proposed plan of adjustment is not “patently” illegal and the judge in the Puerto Rico Electric Power Authority bankruptcy said she would approve the board’s related proposed disclosure statement with minor revisions and directed the parties to engage in more mediation. Judge Laura Taylor Swain, in an oral ruling in Tuesday’s disclosure

Rather than get entangled in controversy over environmental, social and governance issues, Louisiana decided to avoid any problems for its upcoming sale of $275 million of general obligation bonds. The state Bond Commission voted at its Feb. 24 meeting to move ahead with the GO deal via a competitive sale rather than a negotiated transaction