The Oklahoma Council of Bond Oversight approved a request last week by the state Department of Human Services to issue up to $23 million of revenue bonds for projects in Tulsa, Ada, and Sapulpa. The Oklahoma Development Finance Authority will issue the 15-year revenue bonds. The agency will lease the buildings to DHS until the bonds mature, when ownership will transfer to the department. DHS will replace an outdated and overcrowded emergency children’s shelter in Tulsa that was built in the 1940s. It will cost about $6.4 million to replace the facility with three cottages containing 42 beds and eight cribs, and an administrative building on about 20 acres in northeast Tulsa. Other projects include $6.3 million to buy and renovate a 33-year-old, five-story office building to house state employees being displaced from a downtown Tulsa office building, $4.5 million to build an office building in Ada to serve Pontotoc County, and $4.4 million for a new office building in Sapulpa.
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"Bond market investors are all wishing that April was behind us as they are anxious to hear the Fed's statement at its next FOMC meeting," noted BofA Global Research. "The statement should be no surprise as the market consensus has converged to 'higher for longer' rates.
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CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity; and the ability to create summary reports based on search features.
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The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.
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The MSRB is warning investors that the redemption of Build America Bonds under an extraordinary redemption provision could result in losses, especially for those purchased at a premium.
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With billions of federal funding available from the Infrastructure Investment and Jobs Act, one observer says it could be limiting the amount of municipal bonds issued by the sector.
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Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.
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