Bonds

Questions about transparency at New York’s Metropolitan Transportation Authority resonate on several fronts as its hierarchy grasps with a variety of crises. Its board on Wednesday held another feisty exchange over an overtime payment fiasco, then retreated for a two-hour executive session, one of its longest private huddles at a public meeting in recent years.

CROMWELL, Conn. — Town officials are celebrating an “historically low rate” on bonds that were sold to pay for the construction of the new Public Works/Water Pollution Control Authority complex. The town went to market recently on $6.94 million in bonds to finance the facility, which will be built on a 13.5-acre piece of town-owned

Indiana Gov. Eric Holcomb’s deputy chief of staff, Cris Johnston, is taking over as director of the state’s Office of Management and budget, effective June 30. Johnston will replace Micah Vincent, who is leaving the position for the private sector to become vice president of strategy at The Heritage Group in Indianapolis. Cris Johnston will

Terry Stone becomes the first finance officer from a school district to serve as president of the Government Finance Officers Association on Tuesday. Stone, 53, is assistant superintendent for business and operations with Hanover County Public Schools in the northern suburbs of Richmond, Va. GFOA had a previous president from the higher education sector, but

With Memorial Day and the unofficial start to the summer approaching, the municipal bond market continues to dance to the same old song. The asset class of muni bonds just seemingly keeps chugging along, and three constants are fueling the fire — huge inflows, super strong demand and insignificant issuance, according to Jim Colby, senior

Illinois would borrow $17.8 billion to support a $41.5 billion six-year capital plan that relies on a 19-cent-per-gallon motor fuel tax hike and other new and increased taxes to fund infrastructure across the state, under a draft plan Gov. J.B. Pritzker’s administration outlined for lawmakers Friday. In addition to the bonding, the preliminary draft package

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, dropped to 3.75% from 3.78% the week before. The Bond Buyer’s 20-bond GO Index of 20-year general obligation yields sank six basis points to 3.57% from 3.63% the week before. It is at its

The municipal market kept rolling along as billions of new paper came and went just as quickly. With yields down yet again, most of the bigger transactions saw big bumps from preliminary to final pricing levels. RBC Capital Markets priced the Allegheny County Hospital Development Authority’s (A1/A+/A+) $725.295 million of revenue bonds for the University

Soaring April tax collections have positioned New Jersey for its first rainy day fund deposit in more than a decade. State Treasurer Elizabeth Maher Muoio said Tuesday that Gov. Phil Murphy’s administration will deposit $317 million in the state’s rainy day fund for the current 2019 fiscal year thanks to a record-setting $3.627 billion of

Risk-averse investors will get a shot at triple-A rated general obligation bonds from Texas on Wednesday as the Texas Water Development Board brings $220 million to market. The refunding deal is designed for savings, said TWDB Chairman Peter Lake. “We’re hoping for savings of $15 million to $18 million,” said Peter Lake, the Texas Water

Detroit has hired Public Resources Advisory Group Inc. to replace Hilltop Securities Inc. as financial advisor as the city continues to push its return to the bond market. Dave Massaron, Detroit’s chief financial officer, says PRAG will work with the city to build more robust investor relations and on the city’s outreach to rating agencies

WASHINGTON — Government-owned ports and airports are expected to benefit from a recently released Internal Revenue Service Private Letter Ruling supporting a simplified method of calculating a safe harbor for private leases of tax-exempt bond-financed facilities. A recently released Internal Revenue Service Private Letter Ruling supports a simplified method of calculating a safe harbor for

Municipal bond market participants will be keeping one eye on the upcoming sale calendar and the other on developments between the U.S. and China on trade. IHS Markit Ipreo forecasts weekly bond volume will rise to $6.75 billion from a revised total of $6.1 billion in the prior week, according to updated data from Refinitiv.

First-year California Gov. Gavin Newsom’s May revision to his proposed budget left infrastructure watchers waiting. Newsom said it could be another week before he releases his five-year infrastructure plan. “We are preparing for a different economic climate and we have never been more prepared, but it is not good enough. I hope I am back

The fiscal plan the Puerto Rico Oversight Board plans to approve today has less money for paying debt in the next six fiscal years and more in the following 24 fiscal years, than the current certified fiscal plan. Board Executive Director Natalie Jaresko said the plan anticipates a central government surplus of $13.6 billion through

Work by the Port of Los Angeles to create a Cyber Resilience Center involving companies that do business at the port is a credit-positive approach to dealing with the risk of online attacks, according to Moody’s Investors Service. The port convened a maritime stakeholder working group on April 24 comprising shipping lines, marine terminal operators,

Jennie Huang Bennett, the chief financial officer for the Chicago Public Schools, has emerged as the top candidate to lead Chicago’s finances under Mayor-elect Lori Lightfoot. who takes the reins in two weeks, public finance sources said. Sources cautioned Monday that the selection of a chief financial officer or that person’s acceptance was not final.

WASHINGTON — Requiring more data from underwriters about new issues of bonds creates the potential for more human error, the Securities Industry and Financial Markets Association told the Securities and Exchange Commission. SIFMA’s comments came in a May 2 comment letter filed with the SEC. In March, the Municipal Securities Rulemaking Board filed for SEC

WASHINGTON — Public power companies, electric cooperatives and local governments would be authorized to sell Clean Energy Bonds as part of a far-reaching proposal by Senate Democrats that also would give private energy producers new tax incentives to produce clean energy. The proposed Clean Energy Act for America would become the template for all federal

Municipal bond buyers will see a relatively healthy new-issue slate with some big names passing by in the upcoming week. IHS Markit Ipreo forecasts weekly bond volume will rise to $6.5 billion from a revised total of $5.4 billion in the prior week, according to updated data from Refinitiv. The calendar is composed of $4.1

The Florida legislature’s “persistent political interference” in the operations of the Miami-Dade County Expressway Authority resulted in a one-notch downgrade of the authority’s bonds. State lawmakers underscored the point a day later by passing a bill to dissolve the authority. Florida Sen. Manny Diaz, R-Hialeah Gardens, said there are “guardrails” in the expressway authority legislation

CHICAGO — Veteran-owned Multi-Bank Securities Inc. has hired its first public finance banker — Chicago-based professional Frank Paul — as it seeks to expand its municipal business by moving into negotiated sales. Paul joined the Southfield, Michigan-based firm last month as a senior vice president. He is charged with tapping his long-standing relationships and experience

Annual underfunding of Birmingham, Alabama’s pension plan led a second rating agency to downgrade the city’s bonds. Moody’s Investors Service lowered the city’s issuer and general obligation limited tax bond ratings to Aa3 from Aa2 on Monday. Also downgraded to Aa3 from Aa3 were the Birmingham-Jefferson Civic Center Authority’s 2018D revenue bonds and the Birmingham

The public not only thinks college costs too much, but questions whether it adequately prepares graduates for work, according to speakers Monday at the Milken Institute Global Conference in Beverly Hills, California. Half of Democrats and three-quarters of Republicans say higher education is “going in the wrong direction,” according to a 2018 poll by the

House lawmakers next week will visit the New York-New Jersey area to learn about the rail tunnel project known as Gateway that’s been mired in a funding conflict with the Trump administration. The passenger rail tunnel under the Hudson River connecting New Jersey and Manhattan is over 100 years old and sustained damage during Hurricane

Indiana lawmakers signed off on a $34 billion, two-year budget that provides a $150 million payment toward the state’s teacher pension obligations. The one-time cash infusion will create about $70 million in additional cash flow for schools but does not address the $11 billion of underfunding the system is dealing with, says Sheila A. Weinberg,

The Puerto Rico Oversight Board has decided against appealing a ruling affirming a May 2 deadline for filing lawsuits for bond clawbacks. A board spokesperson told The Bond Buyer the board’s decision Friday. On April 2 the board, through its law firm Brown Rudnick, filed a motion to “toll” or delay the statute of limitations

In the week ended April 25, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 3.87% from 3.89% the previous week. The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields dropped seven basis point to 3.79% from 3.86% the

St. Louis and St. Louis County officials are turning their attention to financing details for a $175 million expansion and makeover of the city’s convention center complex after approving tax measures to pay for it. The County Council voted last week to extend hotel/motel taxes after existing debts are retired, joining the city’s Board of

Municipal bond buyers had their choice of a wide variety of securities that hit the market on Monday and Tuesday — but one common theme of all investors was a search for yield. The retail pricing on Monday for the University of Connecticut’s $240 million deal demonstrated the willingness of investors to purchase lower-rated credits,