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Illinois will return to the market next Thursday with a $750 million general obligation sale hoping to capitalize on good market conditions and the same improved investor appeal that lowered borrowing costs on an issue earlier this month.

Restitution from seven corrupt former Bell, Calif. city leaders is expected to total more than $18 million, but the city's current finance director isn't convinced the city will see that money.

At a hearing supporters of a Chicago casino and expanded gambling statewide touted them as salve for the city and state's fiscal ills while opponents warned of over saturation and higher crime and addiction problems.

The Government Development Bank of Puerto Rico has posted its auditor's report on fiscal 2013 showing the GDB's exposure to the Puerto Rico Highways and Transportation Authority.

Public finance experts cite greater awareness about the need to think beyond immediate crisis management.

New York City Comptroller Scott Stringer has formed a unit to oversee the handling of funds related to Hurricane Sandy rebuilding.

California Gov. Jerry Brown has called a special legislative session for later this month to take up changes he has proposed for the state's Rainy Day Fund.

Rhode Island Superior Court Judge Sarah Taft-Carter rejected a motion by state officials to dismiss a lawsuit that challenged the 2011 pension overhaul law.

U.S. Rep. Tony Cardenas told the manufacturer of the popular Sriracha hot sauce if Irwindale, Calif. doesn't want your factory the San Fernando Valley will take it.

Louisiana will use non-recurring revenue to defease $210 million of bonds to help close a deficit in the 2015 budget even though it will create a shortfall in 2016.

New York's MTA and Transit Workers Union 100 reached a tentative five-year labor agreement, Gov. Andrew Cuomo announced.

Kentucky plans to use bond financing to partially fund upgrading high-speed Internet access across the state through fiber optic lines.

New Jersey government's March revenues came in 7% lower than expected, adding to financial pressure on the state.

The spread between MCDX's Series 22 and Series 21 presents investors with another way to short Puerto Rico and the Puerto Rico Electric Power Authority bonds.

Tax-exempt money market funds reported losses of $3.67 billion in the week ended April 14 as total net assets fell to $266.72 billion, according to The Money Fund Report, a service of iMoneyNet.com. The losses come on the heels of the prior week's inflows of $1.58 billion.

New issuance of more than $7 billion is expected to arrive in the primary this week, as Illinois tests the market's appetite for a second time this month with its general obligation credit this time a $750 million sale that will be joined by large financings from issuers in Texas and New Jersey.

Initial jobless claims climbed 2,000 to 304,000 in the week ended April 12, the Labor Department said Thursday.

The region's manufacturing sector expanded at a faster pace in April, as the general business conditions index climbed to 16.6 from 9.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Fitch Ratings notes that during the first quarter of 2014 and for the 21st consecutive quarter, U.S. public finance rating downgrades outnumbered upgrades.

The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, April 24.

Investors anticipate a quiet day as the municipal bond market is set to close Thursday afternoon at 2 p.m. and will closed for the Good Friday holiday.

The Treasury Department Thursday auctioned $18 billion of five-year inflation-indexed notes with a 0.125% coupon, a negative 0.213% high yield, an adjusted price of 101.874051.

Moody's Investors Service said it has upgraded to A3 from Baa1 the rating assigned to Baptist Hospital, Inc. and, The Baptist Manor's Inc., Fla., bonds issued by the Escambia County Health Facilities Authority.

Standard & Poor's Ratings Services raised its long-term rating to AA-minus from A-plus on the District of Columbia's revenue bonds, series 2009, issued on behalf of the Brookings Institution.

Puerto Rico's 8% coupon bonds issued in the island's $3.5 billion deal capped off the worst weekly performance since they were issued on March 11.

Municipal bond mutual funds reporting weekly had a second straight week of inflows in the week ending April 17, according to Lipper FMI data.

BMO Capital Markets has hired Garth Salisbury as the managing director of its public finance group's energy and infrastructure banking team. Salisbury will be in BMO's San Francisco office. He jumped to BMO from RBC, where he had been a managing director.

by: Lynn Hume

The Municipal Securities Rulemaking Board has filed a new rule with the Securities and Exchange Commission to implement an annual fee of $300 for each municipal advisor professional that is to be paid by registered municipal advisors.

by: Jim Watts

Metropolitan Washington Airport Authority will complete funding of a rail line to Dulles International Airport with May's negotiated sale of $450 million of toll revenue bonds.

A new office at the U.S. Treasury Department will focus on state and local finance issues, including distressed municipalities and their management of pensions and other liabilities.

A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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New York's budget leaves it at risk of becoming one of only five states that do not allow the use of design-build procurement to deliver public infrastructure projects.

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