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Financial mismanagement and apparent revenue diversion led to events of default for centers owned by and financed through the PFA, the bond trustee said.

Wells Fargo's Julie Barger called the investors a "who's who of buyers in the muni market" including mutual funds, ETFs, SMAs and insurance companies.

The legislature passed bills to cut personal income tax rates over time and limit increases on homestead property tax payments to the rate of inflation.

The Texas city is facing a potential level 1 emergency, indicating the water system is 180 days from supply not meeting demand.

Financial markets, including the muni market, priced in too much of a "sure thing, done deal" Wednesday morning, said Kyle Gerberding, director of trading, a portfolio manager and partner at Asset Preservation Advisors.

The state Supreme Court's decision did not address the 2022 law's governmental contract ban for businesses deemed to be "boycotting" the fossil fuel industry.

"We need private capital," the transportation secretary said.

"I would much rather invest in the muni, both in terms of default rates and in terms of the yield that you're getting off of those," said Travis Lower.

Wednesday's market rally is tied to President Donald Trump's announcement of the temporary ceasefire, which came about Tuesday night, an hour and a half before the president's 8 p.m. deadline, market participants said.

As Congress returns to Washington in the next few weeks thoughts will turn to a problematic reconciliation bill, a housing bill close to completion and a farm bill facing serious challenges.