Bonds

Arizona’s water financing agency should think big when it comes to the state’s hunt for new water supplies amid a persistent drought. That was the message from board members of the relaunched Water Infrastructure Finance Authority at its inaugural meeting Thursday. State lawmakers passed legislation in June making WIFA, which dates back to 1989 and

Amarillo, Texas, will appeal a state judge’s ruling rejecting the city’s plan to issue $260 million of tax anticipation notes for a civic center project.  Mayor Ginger Nelson said the move was needed to clarify conflicts between the ruling and current Texas law, particularly when it comes to debt issuance. The city filed a notice

Fitch Ratings has revised the outlook on Miami-Dade County, Florida’s A-rated senior lien seaport revenue bonds issued for PortMiami to stable from negative. Thursday’s action affects $800.3 million of Series 2021A-1, 2021A-2, and 2021A-3 senior lien seaport revenue bonds the county issued on behalf of its seaport department. Fitch said the outlook revision “reflects the

Municipals rallied hard Thursday with the greatest gains seen out long after a lower-than-expected consumer price index report showed inflation is cooling, boosting all markets. U.S. Treasuries rallied out of the gates seeing yields close the session up to 31 basis points lower on the short end of the curve, while equities made massive gains,

On the heels of her election, New York Gov. Kathy Hochul returns to Albany to face the stiffest resistance yet to her $8 billion plan to redevelop Manhattan’s Penn Station, as a recently filed lawsuit seeks to halt the project before it breaks ground. The lawsuit, filed in New York Supreme Court late last month

Democrats Erick Russell and James Diossa won open-seat campaigns for the state treasurer’s offices in Connecticut and Rhode Island. Russell will replace Connecticut State Treasurer Shawn Wooden, who didn’t seek re-election, and Diossa will replace Rhode Island General Treasurer Seth Magaziner, who ran for and won a seat in the U.S. House of Representatives. Russell,

With its investment grade status restored, Chicago plans to ask Moody’s Investors Service to rate its upcoming general obligation deal, bringing an end to a schism that followed the rating agency’s decision to cut the city to junk. Moody’s raised the city’s GO and issuer rating to Baa3 with a stable outlook from Ba1 on

Republicans appeared poised to take control of the House of Representatives but the Red Wave many expected heading into the midterm elections seemed to fade as results trickled in late Tuesday. While many House races won’t be called for a day or two, Republicans were projected to have gained at least six seats late Tuesday,

Chicago’s City Council signed off on a $16.4 billion 2023 budget package and $1.85 billion of general obligation borrowing against a backdrop of debate over the city’s fiscal progress and efforts to combat crime and climate change. The council’s action Monday came after several hours of debate with the budget winning approval in a 32

Municipals were little changed and lightly traded ahead of the midterm elections while U.S. Treasuries were weaker across the curve and equities improved. Triple-A yields were little changed to a basis point or two firmer 10 years and out while the U.S. Treasury two-year climbed to another high not seen since 2007. Muni to UST

Several Puerto Rico credit unions argued for the court to undo the Puerto Rico and Government Development Bank for Puerto Rico plans of adjustment’s treatment of the credit unions’ nearly $1 billion of bonds, but the judges seemed unlikely to do so. The credit unions presented oral arguments before a panel of three judges from

A Rhode Island charter school plans to upgrade and expand with proceeds from a $12.7 million Rhode Island Health and Educational Building Corporation bond sale that closed Oct. 26. Proceeds from the sale are destined for Blackstone Valley Prep Mayoral Academy, a private charter school based in Cumberland seeking capital to purchase and renovate a

Municipals were little changed Friday as the market shifts its focus to next week’s midterm elections and a larger new-issue calendar. U.S. Treasuries were weaker out long and equities ended up as markets digested a better-than-expected October jobs report that may validate the Fed’s more hawkish tone on rate hikes this week. Muni to UST

Failure of the U.S. Congress to raise the rum cover rate has a Virgin Islands senator concerned about its finances and its retirement fund. The Virgin Islands government refinanced matching fund bonds in March, planning to use some of the savings to prop up the faltering retirement system, which would have otherwise run out of

St. Joseph’s University in Philadelphia will borrow $200 million in the municipal market as it implements a new operational and strategic vision sped up by this year’s merger with the nearby University of the Sciences. The tax-exempt bonds will price through conduit issuer Philadelphia Authority for Industrial Development next week, according to an online slide

The Internal Revenue Service’s Tax Exempt, Government Entities office is making clear there will be a beefier IRS presence in the coming year, which may be both a boon and a hindrance to issuers and their attorneys. The TE/GE 2023 Program Letter was recently released online Nov. 4 and lists the agency’s priorities for the

The looming severance of governance ties between Chicago Public Schools and the city adds to strains on the district’s “fragile” fiscal health as federal COVID-19 pandemic relief is being exhausted and structural costs are mounting. That’s the assessment of a review that delves into CPS finances and how Chicago and other city-related entities prop up

Municipals were weaker in secondary trading Thursday as a $1 billion-plus deal from the City and County of Denver took focus in the primary and mutual fund outflows grew by another $2.4 billion. U.S. Treasury yields rose, with the two-year seeing the greatest losses, and equities ended in the red as markets continue to digest

A report co-produced by the National League of Cities and The Public Finance Initiative expected to be issued Nov. 17 will address if and how bond issuers can help correct racial injustice. The report, work on which was announced in January, was funded by a $4 million grant from the Robert Wood Johnson Foundation.  The

The Puerto Rico Oversight Board said it has lined up an impaired class to support a potential Puerto Rico Electric Power Authority restructuring deal, as legally required, but some were skeptical. One impaired class must vote for a PREPA plan of adjustment under the Puerto Rico Oversight, Management, and Economic Stability Act for U.S. District