Fiscal Troubles Land Kansas on Downgrade Watch
Five days after Kansas lowered its revenue estimates for the current and coming fiscal year, Standard & Poor's placed the state's AA rating on its watch list for a possible downgrade.
Kansas Gov. Sam Brownback's proposed one-time measures, such as issuing tobacco bonds to balance the state's budget, factored into Standard & Poor's outlook shift.
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The St. Vrain Valley School District is wrapping up its $189 million bond construction program by identifying how to spend an extra $8.5 million.  more »
The construction cost for the Katy Independent School District's second football stadium has risen again, meaning the project will cost about $4.5 million more than the $58 million that voters approved for it in 2014.  more »
Manager Todd Parton says despite concerns raised during this year's municipal elections over the level of city debt, the ratio to projected revenue puts the community in good shape moving forward.  more »
A $3.4 billion project designed to deliver water to the San Antonio Water System is facing delays after Abengoa S.A., the company hired to build the 142-mile pipeline, filed for bankruptcy.  more »
The city of Lubbock has sold its 2016 Certificates of Obligation bonds and could now request construction bids for the renovations to Citizens Tower as early as July.  more »
Odessa, Texas took a one-notch downgrade, following in the footsteps of its Permian Basin sister city of Midland.  more »
California is the least prepared to weather a recession of the four most populous states, according to a Moody’s Investors Service fiscal stress test.  more »
The Lubbock Chamber of Commerce announced its support of the Lubbock-Cooper ISD $208.2 million bond proposal that would cover 10 years of projects.  more »
Early voting begins Monday, April 25, for Silverton ISD's proposed $10.4 million bond election. Election Day is May 7, to coincide with municipal and school elections throughout the state.  more »
A revised revenue estimate that is $229 million below previous forecasts will delay highway projects and force other state spending cuts, Kansas officials said.  more »
The Lubbock Chamber of Commerce announced its support of the Lubbock-Cooper ISD $208.2 million bond proposal that would cover 10 years of projects.  more »
Citing “persistent and large operating losses,” Standard & Poor’s downgraded Catholic Health Initiatives one notch to A-minus and retained a negative outlook.  more »
While the key oil production states of Oklahoma, North Dakota and California have all been hit hard by the drop in crude oil prices, the impact varies at both the state and local government level, Moody’s Investors Service says.  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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