Bonds

The fate of $52 million of municipal debt is at stake as the Henry Ford Village, Inc. continuing care retirement community in Dearborn, Michigan, makes its way through a Chapter 11 restructuring triggered by mounting debts, the COVID-19 pandemic, and an inability to tap the market for near-term relief. “We have been in ongoing discussions

Arkansas voters made a 0.5% sales tax for road projects permanent on Nov. 3.Arkansas DOT Across the Southwest, voters last week approved several tax adjustments and bond measures that could help states and local governments weather the pandemic. Arizona voters approved Proposition 208, establishing an 8% top rate on income above $250,000, up from the

Moody’s Investors Service found credit positives in the voter approval of measures to help finance two of California’s large school districts. Voters overwhelmingly supported a parcel tax levy on properties in San Francisco and a $7 billion bond measure in Los Angeles. A voter casts a ballot during early voting Oct. 29 at The Forum

The trustee for bonds issued on behalf of the bankrupt Roman Catholic Church of the Archdiocese of New Orleans negotiated a settlement that allows bondholders to be paid interest — but not principal — during the pendency of the case. The diocese filed for reorganization under the weight of sexual abuse claims in May, with

The October employment report was stronger than predicted, with a 638,000 rise in nonfarm payrolls and a full percentage point decline in the unemployment rate, suggesting the economy continues to improve despite the rise in the number of COVID-19 cases. And while the gains beat expectations, they still leave the nation short of pre-pandemic levels.

The Associated Press called the presidential race in favor of Democratic candidate Joe Biden.Bloomberg News Public finance sector officials are optimistic a Joe Biden presidency will mean strong financial support for state and local governments as well as robust infrastructure legislation. They also are hopeful the negative impacts of a federal tax overhaul enacted in

Democratic candidate Jon Ossoff apparently has forced a Jan. 5 runoff in his bid to unseat Republican Sen. David Perdue of GeorgiaBloomberg News Both Georgia Senate races appear headed to a Jan. 5 runoff on which will hinge partisan control of the chamber, a key determinant in the future of many public finance priorities. The

Municipal bonds strengthened again on the long end Friday as U.S. election week came to a close. Yields on top-quality bonds fell on the long end of the AAA scales by as much as one basis point. On the week, muni yields were down from 12 to 15 basis points. Muni to Treasury ratios moved

S&P Global Ratings downgraded New Jersey’s general obligation bonds to BBB-plus from A-minus Friday afternoon based on steep revenue losses triggered by the coronavirus. Citing economic headwinds caused by the ongoing COVID-19 pandemic, the rating agency took the action ahead of the state’s planned $4 billion-plus GO sale this month, after two other agencies affirmed

Despite the COVID-19 pandemic, several economic development projects are ongoing in East Providence, Rhode Island. Projects in the city, adjacent to state capital Providence and the state’s fifth-largest at 47,500 residents, include brownfield conversions of oil tanks to mixed-use development. University Orthopedics’ East Providence location, at a former brownfield site.City of East Providence, RI Also

Municipal bonds continued their post-election rally on Thursday, with yields on top-quality bonds falling in the intermediate- to long-end of the curves. On the AAA scales, muni yields dropped by as much as four basis points on the long end after falling 10 basis points on Wednesday. “The municipal bond market is seeing some follow

The Federal Reserve again stated it will use all tools necessary to support the economy and in his press conference, Board Chairman Jerome Powell said the Federal Open Market Committee has started to discuss whether the emergency facilities created earlier this year need to be extended as the number of coronavirus cases is again rising.

Democratic presidential nominee Joe Biden is displayed on a television monitor in the James S. Brady Press Briefing Room at the White House while speaking during a news conference Wednesday.Bloomberg News Democratic presidential candidate Joe Biden stood only one battleground state away from winning the White House Thursday morning with the outcome in four key

The Associated Press declared Republican Sen. Susan Collins of Maine the victor in her race to win a fifth Senate term.Bloomberg News Former Vice President Joe Biden came closer to winning the presidency Wednesday afternoon when he was declared the winner in Wisconsin with him leading in two of the five states that remain undecided.

With the final result of the U.S. presidential election in doubt, municipal bonds traded significantly stronger on Wednesday following a U.S. Treasury rally of as much as 14 basis points. In secondary trading, yields on AAA munis dropped all across the curve, with some falling by as much as 10 basis points. While the White

Key lawmakers advocating for municipals bonds did well Tuesday night, setting the stage for strong support for future municipal bond initiatives. Despite a few tight races, lawmakers with histories of backing muni-friendly legislation held on, making muni bond provisions such as the reinstatement of tax-exempt advance refunding and raising the federal cap on tax-exempt private

As voters across the nation went to the polls on Tuesday, the municipal bond market remained cool, calm and collected with participants waiting patiently on the sidelines ahead of the results. Top-quality munis finished steady across most of the curve, with yields remaining flat on AAA scales. “The betting window will be closing in a

Baird has hired Mark Nitcholas from Huntington Capital Markets to be managing director for public finance at a new Houston office. Nitcholas, who has more than 30 years of public finance experience, was managing director at Huntington, where he ran the firm’s operations in Texas. “His expertise and experience truly complement our growing public finance

The number of enforcement cases brought by the Securities and Exchange Commission dropped in fiscal year 2020, though signs point to a busy future for the enforcement division. That is what came from the SEC’s Division of Enforcement’s annual report late Monday. Fiscal year 2020 saw 715 SEC enforcement actions, down from 862 cases the

Financial hits to Atlantic City’s hospitality industry from state limitations aimed at curbing the spread of COVID-19 are hindering a state agency reliant on luxury tax revenues to pay debt service on outstanding bonds. While Atlantic City casinos have reopened at reduced levels after being shut down from March 17 to July 3, luxury tax

Illinois voters Tuesday will decide the fate of the state’s income tax rate structure. If voters amend the state constitution to remove the flat income tax requirement, Gov. J.B. Pritzker’s plan would scrap the current 4.95% flat personal income tax rate with graduated rates in which the highest tax bracket would be set at 7.99%

While we usually think of the Federal Reserve as above the fray of politics, the current president has been vocal about Fed policies and the current chair, Jerome Powell, who he appointed in 2018 to replace Janet Yellin. In addition, Congress often takes its own shots at the Fed after an economic crisis has resolved

For his legal work in public finance, Stanford Ladner of Butler Snow has been recognized in the 2020 edition of “New York Metro Super Lawyers.” Super Lawyers is a rating service of attorneys from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. Stanford Ladner of the

New Jersey’s oversight role of Atlantic City finances is a central issue in the city’s mayoral election. Mayor Marty Small, a Democrat, faces a challenge from Thomas Forkin in Tuesday’s election. Forkin, the former chair of the Atlantic City Democratic Committee, is running as a Republican. “We want to send Trenton a message this election

The American Securities Association wants to see the Federal Reserve’s Municipal Liquidity Facility extended past 2020 following word from the Treasury Department that such an extension is unlikely. In a letter sent to U.S. Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell on Friday, the ASA asked for the MLF to be extended past

The municipal bond market saw the second highest issuance month ever in October with $65.20 billion, trailing only the $69.83 billion in December of 2017 right before tax law changes that eliminated advanced refundings went into effect. The market has now digested four consecutive months of issuance greater than $40 billion, with two of those

Holders of defaulted bonds issued to build northwest Florida’s Garcon Point Bridge got more bad news about the toll revenues that repay the debt. The Florida Department of Transportation, which first suspended tolls to facilitate evacuations in the wake of Hurricane Sally, said Thursday that the state will continue to suspend toll collections until Nov.

The municipal bond calendar will start the month with less than $1 billion of volume and only one deal totaling more than $100 million after weeks of massive supply ahead of one of the most contentious elections in recent U.S. history amid a global health pandemic. Most issuers took advantage of the low-rate, high-demand environment

Nassau County Executive Laura Curran’s goal for an early 2021 budget approval has hit a stumbling block: stiff opposition from legislative Republicans toward her debt refinancing proposal that is a key component of her $3.3 billion spending plan. Curran vetoed budget changes the GOP-controlled legislature sought in her $3.3 billion spending proposal since they removed

New Puerto Rico Oversight board member Justin Peterson exercised an exit veto on a proposed central government debt restructuring Friday. More than two hours into a virtually held public board meeting, Justin Peterson left the meeting to remove the board’s quorum. He did this to deny the remaining three board members the right to take