Florida

The Internal Revenue Service's tentative decision that the Village Center Community Development District in Florida is not a political subdivision could have far-reaching effects on special purpose districts set up for municipal bond issues nationwide.

The IRS "tentatively" concluded that the Florida Village Community Development District is not a political subdivision, raising questions about the tax-exempt status of community development district bonds nationwide.

In a preliminary report on Florida’s debt capacity, the Division of Bond Finance said that the state’s outstanding debt decreased by $500 million in 2011 and $1.5 billion in 2012.

As the Southeast's economy slowly begins to thaw, measures on the Nov. 6 ballot reflect both fiscal conservatism and pent-up demand for education and transportation needs.

After weighing which financing was least likely to provoke a third investigation by the Securities and Exchange Commission, Miami chose a limited public offering to refinance a bank loan.

Moody's Investors Service affirmed Florida's Aa1 implied general obligation bond rating, and said the state is unlikely to win a gilt-edged upgrade in the near future.

Miami-Dade County, Fla., this week prices the first of two deals that will bring nearly $1.5 billion of bonds to market within a month.

Some 113 of Florida's cities, counties, and special districts could be declared in a state of financial emergency, according to a recent assessment of fiscal 2011 audits.

PortMiami's "Deep Dredge" harbor project will be mostly financed with bonds to ready the port for the Panama Canal expansion in early 2015. Miami-Dade County will pick up the federal costs to get the project done.

The Miami City Commission is expected to consider refinancing a two-year, $45 million note that is near maturity using Wells Fargo Bank NA as underwriter. The note currently is held by Wells Fargo.

The Florida Hurricane Catastrophe Fund plans to pursue pre-event funding during the coming months, most likely in the municipal bond market.

Fitch Ratings upgraded to AA-plus about $93 million of utility system revenue bonds of the Tohopekaliga Water Authority, Fla.

Moody's Investors Service said Monday that a rate hike on insurance premiums for customers of Florida's Citizens Property Insurance Corp. is credit positive. Citizens has about $5.4 billion of municipal debt outstanding.

Voters across Florida face 11 constitutional amendments next month, and two of them could significantly impact revenues for state and local government budgets.

Broward County, Fla., hired former Beverly Hills CFO Scott G. Miller as its new chief financial officer.

Moody's Investors Service upgraded Jupiter, Fla.'s general obligation bonds to Aaa from Aa1, giving the town three gilt-edge ratings.

Sarasota, Fla. Finance Director Chris Lyons will retire.

A favorable market and investor interest led Fort Lauderdale, Fla., to price $338 million of taxable pension obligation bonds Wednesday, a day earlier than originally planned.

Florida's Fort Lauderdale plans to sell $338 million of taxable pension obligation bonds in a deal designed to entice and assure investors by limiting future benefit hikes.

The Florida Supreme Court ruled that a lawsuit challenging the Legislature's education budget cuts must go forward.