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Regional News - Northeast
Moody's: LIRR Deal Could Divert Funds from MTA Capital Needs
A generous settlement with Long Island Rail Road unions could divert critical pay-as-you-go funds from critical MTA capital needs, Moody's said.
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Puerto Rico's Deficit was Less than Expected
Puerto Rico's fiscal year 2014 deficit came in 4.5% lower than budgeted at the start of the year.  more »
Puerto Rico
PREPA Draw is a Danger Sign: Analysts
The Puerto Rico Electric Power Authority's recent draw on its debt reserve account is a danger sign for its bond-holders, analysts say.  more »
Puerto Rico
New Jersey Pension Struggles Seen to Continue
Many observers doubt whether New Jersey will have a financially sustainable solution to its pension funding problem any time soon.  more »
New Jersey
PREPA Drew on Debt Service Reserve
The Puerto Rico Electric Power Authority said Thursday that its trustee had made an unscheduled withdrawal of $41.6 million from the debt service reserve.  more »
Puerto Rico
Hartford Named Rhode Island Administration Chief
Rhode Island Gov. Lincoln Chafee nominated policy director Steve Hartford for director of administration to replace Richard Licht, who will become a judge.  more »
Rhode Island
Puerto Rico and Others Respond to Fitch Downgrades
Fitch Ratings drew objections from Puerto Rico's government and mixed opinions from analysts for downgrading a wide array of the island's bonds.  more »
Puerto Rico
PR's Lawmaker in U.S. Congress Exploring Chapter 9 Change
Puerto Rico Resident Commissioner Pedro Pierluisi is exploring whether Congress might be willing to amend the federal bankruptcy code to allow government-owned corporations in Puerto Rico to file for bankruptcy.  more »
Puerto Rico
Maryland Plan Retail Sales of Bonds
Triple-A rated Maryland later this month will sell about $900 million of general obligation bonds, including up to $100 million of them during its first retail order period since August 2012. The retail period will be held on July 18 and 21.  more »
Maryland
Corbett Signs Budget with Line-Item Veto, Urges Pension Overhaul
Gov. Tom Corbett deleted $72.5 million from lawmakers’ spending plan in a line-item veto while signing Pennsylvania's $29.1 billion budget and repeating his call for pension overhaul.  more »
Pennsylvania
Puerto Rico Debt Restructuring Law Highlights Guarantor Exposure
Financial guarantors that insure $15 billion of Puerto Rico bonds have taken a drubbing in the stock market as the island's debt restructuring law triggered a series of credit downgrades.  more »
Puerto Rico
S&P: COFINA May Drop More Notches Than Puerto Rico GOs
Standard & Poor's senior Puerto Rico analyst said S&P's rating of Puerto Rico's sales tax back bonds may drop more notches in the near future than those of the general obligation bonds.  more »
Puerto Rico
Prendergast: Congress Won't Intervene if LIRR Strike
The chairman of New York's Metropolitan Transportation Authority got the message he expected in Washington: Congress will not step in should LIRR workers strike.  more »
New York
MTA Chief to Visit Congress over LIRR Dispute
New York MTA Chairman Thomas Prendergast plans to visit congressional leaders in Washington after talks with Long Island Rail Road unions settled nothing.  more »
New York
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Commentary: July 1 - A Date for the Muni Market History Books
By: Dan Heimowitz
As many state and local governments across the country begin their July 1 fiscal year, a new federal law going into effect is of particular interest to municipal governments that issue bonds.

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