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WASHINGTON — The House Financial Services Committee plans to examine state and local government budget shortfalls and the possibility of bond defaults in the municipal market, according to a 22-page draft of its oversight plans for the 112th Congress that chairman Rep. Spencer Bachus, R-Ala., has circulated among Republican panel members.
February 4 -
ALAMEDA, Calif. — Most holders of $451.5 million of first-tier revenue bonds issued for the Las Vegas Monorail are prepared to accept $111 million up front and release Ambac Assurance Corp. from its exposure to the defaulted bonds, the bond trustee said in a disclosure filing.
February 4
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Five days before a House panel is set to hold a hearing — “State and Municipal Debt: the Coming Crisis?” — governors are insisting that municipal securities are among the safest investments and that states are keenly aware of the need to repay their obligations.
February 4 - Oregon
SAN FRANCISCO — Oregon’s treasurer has proposed $280 million in debt capacity for the next two-year budget to help finance economic development projects.
February 4 -
Real estate development firm Majestic Realty Tuesday announced a proposal to build a new football stadium at the University of Nevada, Las Vegas, with the help of tax-increment bond financing.
February 3 - California
Sacramento will have to increase its annual contribution to the California Public Employees Retirement System by $5 million this year because of investment losses by Calpers in 2008, according to local media.
February 3 -
Fitch Ratings Tuesday downgraded $75 million of bonds issued for the University of Redlands by three notches because of dire finances.
February 3 - Washington
WASHINGTON — A significant number of municipal issuers are not filing timely or useful secondary market disclosure data, hampering the ability of investors or analysts to make good investment decisions, DPC DATA warned in a study released Thursday.
February 3 - Washington
WASHINGTON — State rainy-day funds plunged by 70% or $21.3 billion from fiscal 2006 to fiscal 2010, underscoring how depleted state funding cushions have gotten as they prepare fiscal 2012 budgets without federal stimulus aid, according to a report released Thursday.
February 3 -
WASHINGTON — States strongly oppose Congress drafting legislation allowing them to file for bankruptcy protection, which is not needed and would actually hurt them as well as the markets, economists and a representative of the National Governors' Association warned members of the Senate Budget Committee Thursday.
February 3
