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Rebecca Harrigal, the director of the IRS tax-exempt bond office, said at the GFOA committee meeting that her office in fiscal 2015 will continue to evaluate its programs for “risks, inefficiencies and ineffectiveness.”
The Treasury Department and Internal Revenue Service next year will be working on further guidance on issue price, regulations finalizing other proposed arbitrage rules, and additional rulemaking projects.
Unsustainable and unaffordable pension obligations that crowd out funding for essential services and infrastructure necessary for the health, safety and welfare of Illinois' citizens shouldn't override constitutional mandates on a government's purpose, said municipal restructuring veteran James Spiotto.  more »
The municipal bond market was deathly quiet on Friday after the Christmas holiday with no new issuance scheduled until 2015. Traders predicted only minimal activity on Friday and they were not disappointed.  more »
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State and local governments are the underdogs in influence peddling in Congress mostly because they spend little to nothing on lobbyists, in contrast to the millions of dollars spent by the big securities, banking and investment groups.  more »
New York Gov. Andrew Cuomo's recent decision to ban fracking shines a spotlight on the balancing act governments in potentially oil- and gas-rich regions face weighing economic benefits against environmental concerns.  more »
Bond Buyer Markets Reporter Chip Barnett
The municipal bond market was deathly quiet on Friday after the Christmas holiday with no new issuance scheduled until 2015. Traders predicted only minimal activity on Friday and they were not disappointed.  more »
There are no bond sales scheduled through the end of the year.
Index
Current
Previous
High
Low
Rev. Bond
4.43%
4.43%
5.40%
4.19%
20-Bond
3.65%
3.65%
5.03%
3.53%
11-Bond
3.50%
3.50%
4.75%
3.29%
 
Current
Previous
High*
Low*
BB40 Index
125-14
125-13
132-15
107-01
Average Price
107.38
107.37
110.53
84.90
Yield to Par Call
3.77
3.78
6.35
3.50
Yield to Maturity
4.31
4.31
5.34
3.94

(* for calendar year)

There are no competitive bond sales over $1 million scheduled through the end of the year.

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The Florida dirt bond sector, after retrenching dramatically during the financial crisis, is showing signs of recovery in both market activity and credit measures.

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