Dealer groups are asking the Municipal Securities Rulemaking Board for more flexibility with exceptions to its rule preventing dealers from buying or selling bonds below issuers prescribed minimum denominations.
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In a city government close to collapse, Opa-locka's top financial officer broke ranks and warned her supervisors the city will run out of money after its payroll next week and that its recovery plans will not be enough to save Opa-locka from insolvency.
Municipal market participants are urging the Treasury Department and Internal Revenue Service to withdraw their proposed rules on political subdivisions, claiming they are unnecessary, possibly illegal, and would disrupt the municipal bond market.
The Internal Revenue Service has closed two audits with no change to the tax-exempt status of $117.73 million of utility revenue bonds issued by the Village Center Community Development District in 1998 and 2003, but retired in 2014.
Miami’s “dramatically improving and diverse economy” was a driving force that led Moody's Investors Service to upgrade the city’s general obligation bonds to Aa3 from A1, despite pending SEC and pension suits.
VENICE -- Plans to put an $18 million bond issue on the November ballot to pay for roads and sidewalk improvements was approved by the City Council Tuesday, while a proposed $25 million bond for a new public safety complex was postponed to see if the costs could be trimmed.
Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.