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PRASA Bond Bill Debate Degenerates Into Verbal Brawl
A debate about a bill to help the Puerto Rico Aqueduct and Sewer Authority sell a bond has degenerated into angry exchanges between Puerto Rico House and Senate leaders.
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Massachusetts intends to sell about $900 million of bonds as its top lawmakers work on a budget deal that reflects a larger-than-expected revenue shortfall projection.  more »
The failure of Long Island’s Dowling College placed distressed higher education institutions in the spotlight, prompting a call from one of the most powerful U.S. senators for a credit warning system for students.  more »
Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.  more »
The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated.  more »
The board of New York’s Metropolitan Transportation Authority on Wednesday authorized a bond offering to monetize a portion of the 99-year lease payments from Hudson Rail Yards commercial and residential development.  more »
Five new members, including two appointed by New York Mayor Bill de Blasio, have joined the New York MTA board.  more »
The District of Columbia submitted its enacted $13.4 billion fiscal 2017 budget and 2017-2020 capital plan to Congress and President Obama Wednesday, defying Republican legislation that would curtail any such action without congressional approval.  more »
Three new casinos in Upstate New York have paid $151 million in licensing fees that are being split among municipalities where the gaming facilities are being built, Gov. Andrew Cuomo announced Tuesday.  more »
Rhode Island Treasurer Seth Magaziner chose Francis Quinn as the state's first debt manager, and Tim Nguyen as the state pension system's interim chief investment officer.  more »
The Puerto Rico Energy Commission approved a mechanism to support the restructuring of the debt of the Puerto Rico Electric Power Authority.  more »
Hedge funds holding Puerto Rican general obligation bonds sued the commonwealth Tuesday after debt restructuring talks broke down.  more »
Much of the funding in Massachusetts’ new five-year, $14.8 billion capital plan goes to transit infrastructure upgrades.  more »
The Bonistas del Patio, or “Backyard Bondholders,” is holding a forum on Monday, June 27, which will focus on the Commonwealth’s current bond situation, investments, and vision for the future. HJ Sims is participating in the event which features a special panel with appearances by the Puerto Rico gubernatorial candidates.  more »

Bond Buyer Northeast regional editor Paul Burton, markets reporter Aaron Weitzman and Northeast regional reporter Andrew Coen examine the hot-button problem of public pension liability, including the lingering Illinois shadow, the New Jersey Supreme Court ruling, union pushback and Pennsylvania's bill to switch new employees to 401(k)-style plans.

As we await the final shoe to drop with regard to the SEC's MCDC initiative, the municipal market may be at a turning point in terms of disclosure.

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