Bonds

Utah voters will weigh a constitutional change in the Nov. 5 election that would provide more flexibility for the state budget through the use of revenue that has been allocated solely for specific funding purposes with K-12 public schools being the biggest beneficiaries.  Currently constitutionally earmarked personal income, corporate franchise, and intangible property tax revenue

Transportation public-private partnerships of various shapes and in various stages are popping up around the country, with a pipeline of more than $22 billion and the action centered in the southeast. North Carolina is the latest state to consider jumping on the toll lane and bridge P3 bandwagon. Georgia, the leader in the space, recently

Growing enrollment, pent-up demand for new facilities and a drop in interest rates are a boon for the charter school sector.It also faces budget pressures, increased labor costs, and dwindling pandemic-era aid, leading to a record number of impairments. Despite the headwinds, “the sector is due to have a strong year,” said Alan Wohlstetter, founder

The authority that runs Guam’s lone commercial airport is pricing a $62.4 million Baa2-rated deal that will fund a tender offer of some of its outstanding taxable bonds Tuesday. The Antonio B. Won Pat International Airport Authority is the issuer. Barclays is the underwriter and Montague DeRose and Associates is the municipal advisor. Guam’s airport

Municipals were steady to firmer in spots, while U.S. Treasury yields fell and equities were mixed toward the end of the session. Triple-A benchmarks were bumped up to three basis points, depending on the curve, while UST yields fell up to five basis points, pushing all tenors to year-to-date lows. “The muni market underperformed against

With a 25-basis-point cut in the federal funds rate widely expected at the Federal Open Market Committee meeting Tuesday and Wednesday, economists are pondering what happens after that while they eagerly await the release of the Summary of Economic Projections. Although some have kept a chance of a larger cut in play. “Bond markets have

Shrinking reserves led Fitch Ratings on Thursday to revise the outlook on Houston’s AA rating to negative from stable, two months after S&P Global Ratings’ outlook turned negative.  Fitch said its move reflects the “diminished margin of the city’s available general fund reserves above 15% of spending,” while Houston looks for revenue to fund a

With a junk bond credit rating, 19 tax hikes in 11 years, and a $250 million deficit, Ed Rendell took control of a troubled city in 1992. When Rendell became Philadelphia’s mayor, after two terms as its district attorney, the city was in a financial crisis. The city had persistent deficits and entrenched political patronage;

The Philadelphia 76ers, like many teams before them, want a new arena.  The NBA franchise has pledged to build a $1.5 billion arena in Center City Philadelphia with no government subsidies, but many Philadelphians remain vocally opposed. New Jersey made a $1.3 billion offer to build the stadium in Camden, right across the Delaware River. 

Municipals were lightly traded and little changed Friday ahead of a much smaller calendar and the Federal Open Market Committee meeting during which the first rate cut in four years is expected. U.S. Treasuries and equities closed out a volatile week in the black. Triple-A muni yields barely budged across the yield curve while USTs

After just 20 months on the job, Federal Highway Administration head Shailen Bhatt has departed for the private sector. Bhatt announced Thursday that he’s taken a position at Montreal-based engineering services firm AtkinsRéalis. He joins as senior vice president and chief operating officer for the U.S., Latin America and Minerals & Metals. Current FHWA Deputy

The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and

The NAFOA, founded as the Native American Finance Officers Association, announced that Cory M. Blankenship will take over the helm as the organization pushes the Tribal Tax & Investment Reform Act, which would free up tribal bond issuance.   “NAFOA has been working with Congresswoman Gwen Moore D-Wisc. and Congressman David Schweikert’s R-Ariz. offices to help

The Senate Finance Committee kicked off next year’s looming tax debate Thursday during a hearing that highlighted the Democrats’ priority of eliminating tax-avoidance strategies employed by high earners and the Republican pledge to extend tax breaks built into the 2017 Tax Cuts and Jobs Act. “In a matter of months, the Congress will begin a

A $70 million bond issue for a central Arizona town is the target of a lawsuit that claims the debt’s approval last month violated the state constitution.   Council members in Payson, a town of about 16,680 in Gila County, passed a resolution for the sale of the tax-exempt, fixed-rate “pledged revenue obligations” in a 6-1

The Indiana Budget Committee last month approved $101 million more for an innovation development district in the city of Lebanon, including $50 million in seed funding for a bond-financed water pipeline from Indianapolis to Lebanon, where the Indiana Economic Development Corporation wants to bring more tenants to one of the state’s two IDDs.  The Lebanon

California’s massive size and tax structure has long given it municipal bond market protection against credit challenges like its well-known tax revenue volatility. The state government’s strengths, providing relatively liquid paper through high volume in a specialty state with high marginal tax rates, often outweigh its credit weaknesses for investors. But massive deficits during the

Over a storied career, Mark Page has crafted more than his share of public finance innovations.  As deputy director and general counsel of New York City’s Office of Management and Budget, he led the first tobacco settlement securitization. As OMB director during former Mayor Michael Bloomberg’s administration, Page helped form the World Trade Center Captive

Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for

The American Bankers Association is pushing back hard against proposed rule for the controversial Financial Data Transparency Act, accusing the Securities and Exchange Commission and other federal agencies of overstepping their authority in seeking to replace the current identifier system for financial securities, including municipal bonds. The proposed FDTA rule, unveiled Aug. 1, would replace

North Carolina and Georgia grant anticipation revenue vehicle bonds were upgraded to Aa3 from A2 by Moody’s Ratings. Simultaneously Georgia’s grant anticipation reimbursement bonds were upgraded to Aa3 from A1. The outlooks are stable. The North Carolina upgrade affects $846 million of debt and the action on Georgia affects $375 million. Moody’s upgraded Georgia’s Garvee