Naomi Jagoda

The Government of the U.S. Virgin Islands and the Virgin Islands Public Finance Authority filed a lawsuit this week against their former bond counsel and financial advisor, alleging they were negligent when they advised that $219.49 million of bonds issued in 2006 would be tax exempt.

Corporate tax reform is likely to be a priority for Congress and the Obama administration no matter which party has control of the Senate after the midterm elections, said tax experts and congressional observers who, nevertheless, differ on how this might impact municipal bonds.

Existing home sales rose 2.4% to a seasonally adjusted 5.17 million-unit rate in September from a unrevised 5.05 million pace the previous month, the National Association of Realtors announced Tuesday

The District of Columbia Water and Sewer Authority, which garnered attention this summer for its historic century bond issuance, will return to the market with about $350 million of public utility subordinate lien revenue refunding bonds that are likely to price Tuesday.

The Internal Revenue Service is auditing economic development revenue bonds issued by St. Joseph County, Ind. in 2007 for Saint Mary's College.

The federal government ran a $105.8 billion budget surplus in September, the Treasury reported Wednesday, resulting in a fiscal year 2014 deficit of $483.4 billion.

State debt issuance has been below average and is likely to remain restrained in the near future despite the fact that infrastructure needs are large, Standard and Poor's said in a report released Monday.

Federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds that are processed during fiscal 2015, which began Oct. 1, will be reduced by 7.3% under sequestration.

Internal Revenue Service Commissioner John Koskinen is urging Congress to decide soon whether or not it wants to extend tax provisions that expired at the end of 2013.

Consumer credit increased by $13.5 billion, or 5.0%, in August to $3.247 trillion, the Federal Reserve reported Tuesday.

Standard & Poor's upgraded a greater percentage of local government credits than it predicted it would, on a quantitative basis, when it applied new criteria to those ratings over the past year, the rating agency said in a report.

The Internal Revenue Service is calling for applications and nominations to fill two upcoming vacancies on the tax-exempt bonds subcommittee of the Advisory Committee on Tax-Exempt and Government Entities.

The District of Columbia is planning to price roughly $523 million of general obligation bonds next week and “strong demand” is expected both because of improved ratings and the fact that it’s been awhile since D.C. issued long-term, fixed rate GOs, said D.C. Deputy Chief Financial Officer and Treasurer Jeffrey Barnette.

Bonds issued for a District of Columbia charter school in 2007 have been downgraded to B-minus from B-plus by Standard & Poor's because of pending litigation, the rating agency said Friday.

Former District of Columbia Treasurer Lasana Mack was reported missing earlier this month, and a body found in a Maryland park is believed to be his, police said.

Three more Midwestern issuers have said that they can redeem Build America Bonds issued in 2010 because their subsidy payments from the federal government have been reduced due to sequestration.

President Obama on Friday signed a continuing resolution that allows government programs and services to be funded until Dec. 11.

Two issuers in Colorado and one in Pennsylvania have recently disclosed that the Internal Revenue Service is auditing some of their refunding and/or single-family mortgage bonds.

Existing home sales fell 1.8% to a seasonally adjusted 5.05 million-unit rate in August from a revised 5.14 million pace the previous month, the National Association of Realtors announced Monday.

The discussion in Washington D.C. about corporate inversions has implications for the municipal bond market, a Treasury Department official told bond lawyers meeting here.