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House May Not Vote on Puerto Rico Bill 'Til July
A vote on the Puerto Rico bill may be stalled until mid-July as many, including unions and other groups, press for changes to address concerns over debt restructuring and oversight board provisions as well as to protect the island's pensioners
Congress may not pass a bill providing a solution for Puerto Rico until as late as mid-July, resident commissioner Pedro Pierluisi said on Tuesday.
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As Puerto Rico faces bond defaults on Monday and July 1 without legislative relief from Congress, analysts say new litigation is increasingly likely. more »
In a near unanimous vote, the Senate Environment and Public Works Committee on Thursday passed a bill that includes $1.4 billion in federal funding for Flint, Mich. as well as any other community facing a water crisis. more »
After having been withdrawn from the energy bill in the Senate, controversial legislation to provide federal funds to Flint, Mich., and any other community facing a water crisis, has been included in a major water bill introduced in the chamber this week. more »
State budget conditions vary widely as of late fiscal 2016, with the overall picture getting better while states with less diversified economies face significant stress, Standard & Poor's said Wednesday. more »
A bipartisan bill introduced in the House would expand the ways in which Indian tribes can issue tax-exempt bonds and put them more on par with state and local governments under the federal tax law. more »
Standard & Poor’s Ratings Services this week revised its outlook to negative from stable on both the District of Columbia’s bonds outstanding issued for National Public Radio (NPR) and on its issuer credit rating for the media organization. more »
November’s election could create momentum for federal tax reform, said panelists at The Bond Buyer’s National Municipal Bond Summit. more »
A bill introduced by Senate Democrats would increase funding for state revolving funds, permanently reauthorize a program to provide low-cost loans for water projects, and remove the cap on private-activity bonds for water and wastewater projects. more »
A recent Superior Court ruling, a pending district lawsuit and a renewed push for statehood have all set the stage for a budget showdown in the nation’s capital this fall. more »
Whether the cause of the slowdown is weak personal-income growth, income-tax cuts, or the collapse of oil prices, pressure on governors and legislators to balance their budgets will be intense. more »
House Republican leaders plan to hold a policy meeting Friday morning with their members on pending legislation for Puerto Rico to try to gain more support for it. more »
The Natural Resources Committee has indefinitely delayed the vote that was planned for Thursday on the Puerto Rico bill as its members, Treasury Department officials and other stakeholders continue to try to address the concerns raised about the measure and change its provisions to ensure they can get enough votes to pass it. more »
The House Committee on Natural Resources is moving forward with a bill to help Puerto Rico that loosens provisions regarding the oversight board but still keeps the cram down and debt litigation moratorium portions of an earlier version that drew criticism. more »

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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