The Navajo Nation Council last week rejected a call for a referendum to build jails and court facilities with money from a nearly $1 billion trust fund. The council defeated the proposal by Delegate Kee Allen Begay, 46 to 27, with 59 votes needed for passage. Begay wanted to give tribe members the chance to a vote on spending some of the principal in the tribe’s permanent fund on new criminal justice facilities on the sprawling reservation. The defeated measure would have appropriated $244,000 for a referendum asking voters whether $153 million from the principal of the fund should be spent to build additional jails and courts. Current tribal law limits the council to spending the interest on the fund, or about $17 million a year. The tribe has deposited 12% of annual revenues from taxes on energy, mineral, and timber production from Navajo lands into the fund since 1985.
-
The tax-exempt muni market has performed "exceptionally well" so far this week, outperforming USTs, said J.P. Morgan strategists led by Peter DeGroot.
December 5 -
The Trump administration is requesting information on revitalizing Dulles International Airport, including the possibility of tapping a public-private partnership.
December 5 -
Cintra submitted a proposal calling for four new tolled managed lanes on I-76 that would be structured as a $5 billion, 50-year design-build-finance-operate-maintain P3.
December 5 -
SRI International had its outstanding bonds downgraded to Baa1 because of its exposure to declining federal grants.
December 5 -
C. Christopher Trower was the lead attorney before the Supreme Court in a case that upheld states' rights to preferential tax treatment of their own bonds.
December 5 -
FINRA found that the firm failed to include the non-transaction-based compensation indicator when reporting 12,066 municipal securities transactions.
December 5





