Headlines for April 10, 2012
The criminal trial, which will pit the Justice Department's antitrust division against three former muni market executives accused of rigging bids for municipal bond investment contracts, is slated to start April 16 in New York City.
The Colorado State University System is going to the bond market for the second time this year with an $87.7 million refunding that includes taxable and tax-exempt debt.
Arkansas general revenue collections totaled $508.3 million in March, up $24.5 million from March 2011 and $22.3 million more than expected and the highest ever recorded for the month.
Voters last week approved a $66.6 million bond package for Sedgwick County Unified School District 260 with 75% in favor of the plan to build a new middle school and renovate existing facilities.
A dispute over $25 million in the state's proposed $14.3 billion budget for fiscal 2013 will close state courts for five days, Kansas Chief Justice Lawton Nuss said last week.
Canadian County Independent School District No. 69 will build a new elementary school and two sixth-grade centers with proceeds from $95.2 million of general obligation bonds approved by voters last week.
More than half of the residential properties in Williamson County dropped in value last year, the county appraisal district said last week.
Alaska Railroad's $135 million of bonds backed by federal transportation funds have been endangered by recent legislation, prompting Moody's Investors Service to downgrade the debt to A2 from A1.
The California attorney general's office filed a lawsuit against Orange County last Thursday to prevent the county from diverting money from education in order to balance its budget.
A $300 million bond issue designed to keep tolls down on the controversial Dulles Toll Road may be in jeopardy as the Virginia General Assembly votes on a proposed budget that does not include the authorization for the debt.
The Port Authority of New York and New Jersey is expected to pay $60.3 million to BNP Paribas Capital Services Inc. on Monday after settling on a credit swap the bank previously announced it would terminate.
Standard & Poor's has raised its rating on the Willacy County, Texas, Public Facility Corp. one notch to BBB-plus and provided a stable outlook, despite volatility in the private prison industry and defaults in other Texas counties.
Despite the weakness in the municipal market last week, as well as the preceding week's sell-off, there is value and opportunity on the horizon in the tax-exempt sector, says a recent report from BlackRock Inc.
The culture of austerity that's taken hold at state and local governments across the country has put the squeeze on new money issuance through the first quarter of 2012.
Three banks suing MBIA Inc. accused the bond insurer of deliberately withholding damaging financial projections from insurance regulators who were evaluating its transformation.
The tax-exempt market surged higher on Monday as traders played catch-up on a flight-to-quality rally that hit Treasuries last Friday. Municipal bond yields fell double digits to lows not seen in a month.
The Conference Board's employment trends index dipped to 107.28 in March from an upwardly revised 107.47 in February and is up 5.2% from a year ago, the group announced Monday.
The Chicago Fed Midwest manufacturing index gained 1.0% in February to a seasonally adjusted level of 91.7, the Federal Reserve Bank of Chicago reported Monday.
Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.085% high rate, up from 0.075% the previous week, and the six-months incurred a 0.150% high rate, up from 0.140%.
The criminal trial, which will pit the Justice Department's antitrust division against three former muni market executives accused of rigging bids for municipal bond investment contracts, is slated to start April 16 in New York City.Multimedia
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