The Mayo Clinic is returning the market Tuesday with a $200 million refunding, a follow up to its $350 million taxable new-money issue in March.  more »
A Will County, Illinois school district took a five-notch rating downgrade to the lowest investment grade as it turns to short-term borrowing to deal with fallout from the improper accounting of past bond proceeds.  more »
Voters in Indiana and Michigan headed to the polls Tuesday will decide the fate of more than $1 billion in school district borrowing requests.  more »
LIBERTY TWP. -- Lakota Local School District taxpayers won't be getting any big rebate checks, but the school system has found some significant savings of taxpayer money.  more »
Some investors in Harvey, Illinois debt report being stiffed on a bond payment, though the city has not made any disclosures through the EMMA system.  more »
The Skokie Park District is weighing borrowing options to fund two major capital improvement projects to cover some $12.8 million -- well over half of the estimated overall cost.  more »
Williston, North Dakota’s sales tax debt took a six-notch downgrade to junk amid continued oil and price declines.  more »
The Michigan House signed off on a $54 billion fiscal 2017 budget that provides more money to deal with Flint’s water contamination crisis and record spending for kindergarten through 12th grade education.  more »
Missouri heads into the market next week with $100 million of its high-grade paper to finance state and public university building projects as lawmakers have wrapped up work on a fiscal 2017 budget with a final vote still looming on a gasoline tax proposal.  more »
In a near unanimous vote, the Senate Environment and Public Works Committee on Thursday passed a bill that includes $1.4 billion in federal funding for Flint, Mich. as well as any other community facing a water crisis.  more »
CASEVILLE -- On Tuesday, Caseville voters will decide whether or not to approve a building bond for the Caseville School District, which if passed, plans to build a new daycare.  more »
WEST CHESTER TWP. -- West Chester Twp. hopes to save about $2 million by refinancing $22 million in bonds for various projects it borrowed money to build from 2006 to 2008.  more »
Spread fallout from Chicago’s latest pension and rating setbacks hasn’t trickled down to other local governments the way Chicago’s plunge to junk did last spring, Markit says in a new report.  more »

Career Zone


Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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