Bonds

The Colorado Educational and Cultural Facilities Authority (CECFA) created a non-profit subsidiary for its bond-financed purchase of a historic hotel that inspired Stephen King’s The Shining.  The authority’s board on Wednesday passed a resolution to form the Stanley Partnership for Art, Culture, and Education, LLC, to facilitate the financing, ownership, and operation of the Stanley

As California grapples with tax revenue shortfalls that threaten his state policy ambitions, Gov. Gavin Newsom delivered an unusual State of the State speech that critics said barely touched on the state’s challenges. Thea pre-recorded speech released Tuesday focused on national politics over state policy. The speech came after the governor and the legislature’s leaders,

Observers and participants in the yearslong effort to turn around Puerto Rico’s economy offered mixed opinions about the significance of the impending departure of Puerto Rico Oversight Board Chairman David Skeel . Skeel will leave the board after a successor is approved. He has been on the board since it was founded in August 2016.

Municipals were little changed Thursday with the last of the largest deals pricing while municipal bond mutual funds reported a return to outflows. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury ratio Thursday was at 66%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and

The House Committee on Transportation and Infrastructure is looking for answers from the Department of Transportation about the speed of infrastructure spending.  “I remain concerned about the slow pace at which the Department is distributing Infrastructure Investment and Jobs Act funds,” said Committee Chair Rep. Sam Graves, R-Mo. “Despite having received more than $364 billion since IIJA’s

The House Committee on Transportation and Infrastructure has advanced the Water Resources Development Act of 2024, a biennial bipartisan bill that funds the U.S. Army Corps of Engineers, invests in ports harbors and inland waterways and advances some of President Biden’s key environmental and resiliency goals. “As the Committee advances the Water Resources Development Act

Eric Fischer, managing director in Wilmington Trust’s Global Capital Markets division will retire effective June 30. Fischer was instrumental in the growth of Wilmington Trust’s escrow and public finance businesses in the Northeast and the tender option bond and structured municipal businesses nationally, the institution said. Eric Fischer, managing director in Wilmington Trust’s Global Capital

New York’s abrupt move this month to hit the brakes on congestion pricing may hinder similar efforts in U.S. cities that are already struggling with the polarizing politics that derailed New York’s program. But advocates say with the right political champion, the concept of charging a toll to enter busy districts remains an attainable and

The Charlotte, North Carolina, City Council approved a $650 million tourism tax bond to support the renovation of the stadium that houses the NFL’s Carolina Panthers. The council voted 7-3 with one absence Monday to approve the bond for upgrades to Bank of America stadium, which is owned by Tepper Sports and Entertainment, which also

Puerto Rico Oversight Board Chairman David Skeel announced he will leave the board after nearly eight years. Skeel, one of the original seven members appointed in August 2016, shortly after the passage of the Puerto Rico Oversight, Management and Economic Stability Act, said he will leave when a replacement is in place. In mid-2020 then-Board

Municipals were weaker for the first session since June 17 as the market saw another busy day of issuance. U.S. Treasury yields rose and equities ended up. Triple-A yields rose two to six basis points while USTs were higher by two to nine basis points. The two-year muni-to-Treasury ratio Wednesday was at 65%, the three-year

Despite swings in short-term rates, issuance of variable rate demand obligations and other floating-rate debt has steadily increased over the past several years, with variable rate (short put) issuance so far in 2024 rising to $5.972 billion, a 6.4% increase year-over-year, LSEG data shows. Issuance rose to $13.239 billion in 2023 from $11.533 billion in

Nebraska Gov. Jim Pillen called a special legislative session, starting on July 25, to try to win lawmakers’ support for his property tax reform plan.  The plan involves funding Nebraska’s K-12 schools through sales taxes — eliminating certain sales tax exemptions and raising taxes on advertising, cigarettes, vaping products and alcohol — rather than through

Some horse-trading occurred on two initiatives Tuesday as the California governor reached deals to pull them from the ballot if he signed off on legislation that would resolve the issues. Gov. Gavin Newsom has until Sunday to sign the budget, which has resulted in some 11th hour changes, leading up to the deadline, even though

Nearly 150 projects across all states won a piece of $1.8 billion from the popular and competitive transportation Rebuilding American Infrastructure with Sustainability and Equity, or RAISE, grant program. “Some of these projects are not the multibillion dollar projects that drive national headlines,” Transportation Secretary Pete Buttigieg told reporters Tuesday on a call announcing the

Data from the Urban Institute’s recent report on April state tax revenues showed sales tax revenues down year-over-year in 31 states in real terms, a decline the nonprofit think tank attributed to decreases in overall consumption and a shift by consumers from taxable goods to nontaxable services. According to the report, 30 of 47 states

The Securities Industry and Financial Markets Association and State of Missouri have each filed summary judgement bids urging a judge to rule in their favor in a lawsuit over the state’s first-of-its-kind environmental, social and governance investment regulation. The court has set an Aug. 13 date for oral arguments on the dueling motions. SIFMA sued the

Chicago’s Metropolitan Pier and Exposition Authority, which runs the city’s 2.6 million square foot convention center, McCormick Place, expects to sell up to $231 million of McCormick Place Expansion Project refunding bonds next month while exploring options for upgrades to the facility’s Lakeside Center building and plans to renovate the Hyatt Regency McCormick’s guest rooms. 

Municipals were little changed Tuesday with the focus squarely on the active primary slate as U.S. Treasury yields fell slightly out long and equities were mixed near the close. The two-year muni-to-Treasury ratio Tuesday was at 64%, the three-year at 66%, the five-year at 67%, the 10-year at 66% and the 30-year at 84%, according

The water utility serving Harrison and Mamaroneck in Westchester County, New York, agreed to build a $138 million filtration plant by July 2029 and take steps to protect the water quality to 120,000 residents, under a consent decree with the U.S. Environmental Protection Agency and federal prosecutors. The agreement, announced Monday, resolved allegations that the

In a post on its victim-shaming site, ransomware group LockBit claimed Sunday evening that it had stolen 33 terabytes of data belonging to the Federal Reserve, and the group threatened a Tuesday evening release time. The Fed has not commented on the matter. Brett Callow, a threat analyst at Emsisoft, said it was “highly likely,