East Baton Rouge Parish voters may be asked to approve a tax increase for a multimillion-dollar bond issue at next November’s general election. Parish Mayor-President Kip Holden said he may ask voters for a new property or sales tax, or possibly a combination of the two, to support the parish’s first infrastructure bond issue since 1975.Possible projects to be financed with bond proceeds could include $180 million of drainage efforts, $85 million for a new police headquarters facility, $55 million for an expansion of the parish correctional facility, and $45 million to expand the Baton Rouge convention center.The proposed bond issue could be on the ballot at next year’s Nov. 4 general election, which is also the runoff date for the mayoral and council races.East Baton Rouge voters approved a 0.5% sales tax in 2004 to finance the widening of 35 roads in the parish.
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As the "slope of the municipal yield curve remains extremely steep and long bonds are cheap relative to U.S. Treasuries," Daryl Clements, a portfolio manager at AllianceBernstein, predicts "long municipal bonds have a long way to go until they are considered fair value."
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A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.
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Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.
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Andrew Nakahata will replace Scott Wu as executive director and CEO less than a year after joining the organization.
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Bond attorneys are eyeballing the possibility of attaching a tax title to the surface transportation reauthorization that could include issues of great interest to the municipal bond community as the appropriations process remains stuck in first gear.
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The White House said it will appeal a circuit court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the central bank board while her lawsuit challenging her dismissal is litigated.
September 16