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Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

The fiscal control board is ordering nearly $18 million in cuts to all departments citing revenue uncertainty in the $2.99 billion budget.

A portion of the Oklahoma Turnpike Authority's $410 million deal may well be its last advance refunding.

Municipal market participants are preparing and bracing for a market without advance refundings and perhaps private activity bonds as major tax changes draw closer. Municipal issuers are coming together and giving the market one last gasp of these types of bonds before they are no longer allowed to do so and in the process, have created what could potentially be a historic $17.4 billion of issuance.

New York City offered $850 million of general obligation bonds and the Metropolitan St. Louis Sewer District, Mo., offered a $317 million refunding deal to retail investors on Monday as the Pennsylvania Turnpike came to market with its bonds.

Investors plan to make the most of the volume blitz and higher yields in the last month of the year, as issuers rush to market ahead of a sweeping tax law overhaul.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills rose on Monday, as the three-months incurred a 1.290% high rate, up from 1. 285% the previous week, and the six-months incurred a 1.450% high rate, up from 1. 435% in the prior week.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills on Tuesday.

The eight hopefuls still want to hold the state-run MTA more accountable.

Directors at the Federal Reserve Bank of Richmond have chosen Thomas Barkin, a senior executive at the global consulting firm McKinsey & Co., as the institution's next president, said a person familiar with the decision.