Puerto Rico’s Treasury said it won an appeal in its tax dispute with Doral Bank in which the bank had claimed it was entitled to $230 million.
The Court of Appeals of Puerto Rico on Wednesday sided with the Treasury in its claim that it owes Doral Bank nothing, the Treasury said, confirming reports in El Nuevo Dia newspaper and website.
In October 2014 the San Juan Superior Court had ruled that Doral’s claim was legitimate. Wednesday’s decision could be appealed to a higher court.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
Photos from The Bond Buyer's Texas Public Finance conference.
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
