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Tax Legislation

Gradual BAB Drop Predicted

House Counsel: 28% Rate Unlikely

By Peter Schroeder | Mar 9

Any congressional extension of the Build America Bonds program will likely come with a gradual drop in the subsidy rate, and lawmakers may never reduce the rate to the 28% the Obama administration proposed in its fiscal 2011 budget, the top lawyer for the House tax-writing committee told treasurers meeting here yesterday. [FREE]

Detroit Plans Deficit-Easing Debt

$250M Deal With State-Aid Backing

By Caitlin Devitt | Mar 9

Detroit will enter the market Thursday with $250 million of state aid limited-tax general obligation bonds that the city will use to erase a chunk of its accumulated deficit. [FREE]

Chicago-Area Pension Plan Ratios Get Worse

By Yvette Shields | Mar 9

The funded ratios of 10 Chicago-area government pension plans further deteriorated in fiscal 2008, driving their unfunded liabilities up to $18.5 billion from $3.4 billion a decade earlier as steep investment losses exacerbated the already poor position of most of the funds, according to a new report from a local watchdog group.

N.Y. Gov. Paterson Awaits Briefing On Ravitch Deficit-Borrowing Plan

By Ted Phillips | Mar 9

New York Gov. David Paterson has long railed against deficit borrowing to help the state out of its fiscal mess, but such a plan could be under discussion, the governor said yesterday.

SEC Commissioner Meets With Officials Over Disclosure Reform

By Andrew Ackerman | Mar 9

A Securities and Exchange Commissioner, who caused a furor among issuers last fall by calling for the repeal of the Tower Amendment and securities law exemptions for municipal securities issues, has begun meeting with them to get their views on what actions the SEC should take.

This Week's Top 5 Issues

Amount Issuer St Description Sale
Date
Sale
Time
$2,000,000
California
CA
GOs
03/11/10 9am ET
$711,160
D.C.
DC
Revenue bonds
03/10/10 9am ET
$670,530
Ascension Health
CT, MI, TN, WI, TX
Revenue bonds
03/10/10 9am ET
$582,045
NYS Thruway
NY
Trust fund bonds
03/09/10 9am ET
$538,860
Massachusetts
MA
GOs
03/10/10 9am ET

Weekly Indexes

  Current Previous High (last 12-months) Low (last 12-months)
Rev. Bond 4.93% 4.94% 5.90% 4.69%
20-Bond 4.34% 4.36% 5.16% 3.94%
11-Bond 4.06% 4.07% 4.94% 3.69%
1-Yr. Note 0.40% 0.41% 1.09% 0.40% (all time)

Today's Top Competitive Issues

Amount Issuer St Description Sale
Date
Sale
Time
$217,395
San Francisco
CA
GOs
03/09/10 12:30pm ET
$140,930
San Francisco
CA
GOs
03/09/10 11:30am ET
$29,195
Mill Valley SD
CA
GOs
03/09/10 1pm ET
$15,935
Waukee CSD
IA
GOs
03/09/10 1pm ET
$13,225
Lindbergh Schools
MO
GOs
03/09/10 11:30am ET

Commentary

It’s Time for a Commission to Re-Bond the Nation

President Obama and Congress need to appoint U.S. Sen. George Voinovich to chair a bipartisan, intergovernmental commission to assess and make recommendations on the credit crisis confronting the nation’s state and local governments.

Tax Rates

State Tax Treatment of
Municipal Bond Interest: 2009

2009 in Statistics

Full-year statistical review of new bond issuance rankings nationwide.