The United States Supreme Court on Thursday ruled unanimously for Georgia over Florida in a dispute about how the Apalachicola River Basin’s water should be divided up between them. Justice Amy Coney Barrett delivered the opinion. A view along Apalachicola River, which Florida claimed was being hurt by Georgia’s water use.Adobe Stock It was not
Bonds
California will have extensive resources to improve its high-speed internet connectivity if a coalition of statewide organizations gets its way. The cross-sector coalition penned a letter to California lawmakers asking that they include $8 billion in one-time funding in the fiscal 2021-22 budget to improve the state’s high-speed broadband infrastructure. The COVID-19 pandemic has underscored
Municipals were little changed Wednesday with a firm tone as few deals priced, more inflows were reported and markets began digesting President Joe Biden’s massive infrastructure plan. The $2 trillion proposal, combined with the shortened week and the arrival of the second quarter, are overshadowing the market, according to Anthony Valeri, director of investment management
Municipal bond industry leaders speaking Wednesday at The Bond Buyer’s National Outlook Conference said the coronavirus pandemic left the municipal bond market in generally decent shape after causing disruption in some sectors while leaving others virtually untouched. “I think one characteristic of this pandemic, in addition to all the other horrible parts of it, is
Municipal issuance grew in March year-over-year with new-money volume climbing at a higher clip than refundings as rates have risen and issuers pulled back on refunding their debt. The market closed out the first quarter of 2021 with $41.6 billion in March after a total of $56.9 billion of long-term municipal bonds issued in the
Virginia has advanced its $3.7 billion program to create a connection between the Northeast and Southeast rail corridors and to expand and improve passenger, commuter and freight rail service in the state. Gov. Ralph Northam Tuesday announced the signing of agreements with intercity passenger carrier Amtrak, freight railroad CSX, and commuter train operator Virginia Railway
Three House Democrats say they won’t support any of President Joe Biden’s tax hikes to fund his infrastructure proposal unless the plan includes a repeal of the $10,000 cap on state and local tax deductions, making them just one vote shy of the number needed to block the president’s tax plan in the narrowly divided
Longtime associates in Colorado’s municipal bond business remember Bruce C. Newman as a great storyteller who played an important role in the region’s development. Newman died Nov. 18 in Denver. He was 87. Bruce Newman “He was an inspirational type of leader, who not only spotted talent, but fostered it and shared not only his
Members of the House of Represenatives reintroduced a bill to bring back tax-exempt advance refunding, a move made days before the Biden administration is set to roll out its infrastructure plan. Reps. Steve Stivers, R-Ohio, and Dutch Ruppersberger, D-Md., on Monday reintroduced their Investing in Our Communities Act, which would reverse changes made during the
Municipal secondary trading was quiet but a firmer tone emerged on Monday as both the holiday-shortened week and the approaching end of the first quarter made for a steady market. “It’s a very light calendar this week because of the holiday,” a New York trader said on Monday looking ahead at the upcoming Good Friday
A private hospital system in Honolulu that has struggled for more than a decade saw the long-term rating on its bonds downgraded to CCC from B-minus by S&P Global Ratings. The downgrade affected $30 million of 2002A special purpose revenue bonds issued for Kuakini Health System by the Hawaii State Department of Budget & Finance.
A retired broker has agreed to pay $5,000 to settle Financial Industry Regulatory Authority charges that he violated a municipal securities rule by stuffing the account of a more than 100 year-old customer with risky high-yield muni bonds. Jeffrey Fladell, who retired from RBC Capital Markets in 2017, agreed to pay that fine and be
The Internal Revenue Service has made a preliminary determination that 2017 tax-exempt refunding bonds for an Arizona county jail and law enforcement center should be treated as retroactively taxable. The IRS said in a March 10 letter the $29.5 million in jail refunding bonds issued in 2017 by Santa Cruz County meet the private business
A man charged with operating as an unregistered investment adviser was arrested earlier this week along with six others on wire fraud charges related to an alleged scheme to defraud a city in Puerto Rico. A federal grand jury in the District of Puerto Rico indicted Eugenio García-Jiménez and six others with 33 counts of
A California business lobbying group says the prohibition of state tax cuts in the federal stimulus bill has stalled tax credits, fee waivers and other critical economic stimulus and anti-poverty programs. The California Business Roundtable, an umbrella organization for the state’s business groups, has written to the U.S. Treasury Department asking for clarity on language
Municipal trading was quiet Friday and triple-A yield curves were little changed with strong technicals intact as the market has mostly outperformed a roving U.S. Treasury market. “As Treasury yields have been moving up and down, muni yields have been quite sticky. Historically, tax-exempts outperform when USTs are selling off, but they underperform when Treasuries
Two recent lifts to Illinois rating outlooks cast a more favorable light on its bonds but whether the momentum leads to upgrades hinge on the state showing fiscal discipline as it finalizes a new budget and spends federal cash, market participants said. Moody’s Investors Service on Thursday followed S&P Global Ratings’ action last week raising
A San Francisco Superior Court judge has denied the city attorney’s request for an emergency court order to compel the San Francisco Unified School District to resume in-person learning. A preliminary injunction was filed by San Francisco City Attorney Dennis Herrara Feb. 3 who argued that the school district had not created a feasible plan.
Gov. Tom Wolf wants to put Pennsylvania ahead of a national curve by phasing out the gas tax as a funding source. Wolf, a second-term Democrat, said the tax has become unreliable for funding Pennsylvania’s vast transportation network. He signed an executive order establishing the Transportation Revenue Options Commission, which he said will develop funding
Municipals maintained a mostly steady tone to firmer by some accounts Thursday following the midday rise in U.S. Treasuries, but primary deals got done with some repricing to lower yields. Refinitiv Lipper reported more inflows into municipal bond mutual funds to the tune of $592.4 million for week ended March 24 and high-yield funds reported
The story was updated with details on Illinois plans for American Rescue Plan funding and the amount the state borrowed through the Municipal Liquidity Facility. March 25, 2021 5:43 PM EDT The story was updated with details on Illinois plans for American Rescue Plan funding and the amount the state borrowed through the Municipal Liquidity
Los Angeles may be able to close a $688.7 million budget gap for fiscal 2021-22 without tapping reserves or engaging in deficit borrowing thanks to the recently enacted federal stimulus bill. “After a really, really tough year, things are actually looking up,” City Administrative Officer Richard H. Llewellyn Jr. told City Council members during Monday’s
North Carolina Gov. Roy Cooper on Wednesday recommended placing a $4.7 billion general obligation bond referendum before voters in November. As Cooper released his recommended budget of $55.9 billion for fiscal years 2021 through 2023, he noted the bonds would address the state’s infrastructure needs. He pointed out the advantages of the current low interest-rate
Municipals were firmer across the curve as the New York City Transitional Finance Authority repriced its $1 billion deal to double-digit lower yields and the primary and stronger U.S. Treasuries again helped to direct secondary markets stronger. The Investment Company Institute Wednesday reported another week of inflows with $2.234 billion coming into long-term municipal bond
Transit systems nationwide are exploring technological advancements as they continue to cope with the COVID-19 pandemic. “What’s been most exciting is building partnerships within and beyond the big agencies,” said Natalia Quintero, the new senior vice president of innovation at the Partnership for New York City. She is responsible for leading the Transit Innovation Partnership
Trinity Health’s proposed sale of Mercy Hospital and Medical Center for $1 would pave the way for the fiscally troubled safety net hospital just south of Chicago’s downtown to exit Chapter 11 and remain open if the deal is finalized. The Illinois Health Facilities & Services Review Board which holds sway over hospital closures, ownership
Princeton University revenue bonds saw strong competitive bidding, with yields lower than triple-A benchmarks as high-grade trading picked up and munis gained along with a stronger U.S. Treasury market. Triple-A benchmark yields were stronger across yield curves while ratios rose slightly. Municipal to UST ratios were at 69% in 10-years and 75% in 30, according
Dallas Federal Reserve President Robert Kaplan said he is among policy makers estimating that the central bank will have to raise interest rates next year. “There were some dots starting increases in 2022. And, you know, I’m one of those dots. Yes, absolutely,” Kaplan said in an interview on CNBC television Tuesday, referring to the
Municipals ended slightly firmer on an otherwise lackluster trading session on Monday fueled by new strength in the U.S. Treasury market. Triple-A benchmark yields were stronger on the short end with two basis point bumps to scales on bonds inside 2027, while ratios held to recent levels. Municipal to UST ratios were at 67% in
The economy seems to be gathering steam, though it is still far from fully recovering from the damage wrought by the pandemic, Federal Reserve Chairman Jerome Powell said. “The recovery has progressed more quickly than generally expected and looks to be strengthening,” Powell said in prepared testimony to be delivered Tuesday to the House Financial
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