Texas

Texas trails only Florida for first-time payment defaults on bonds issued for senior health and living facilities for seniors since 2009, according to MMA data.

Projected available capacity for the Permanent School Fund's bond guarantee program fell to $653 million at the end of October from $3.52 billion the previous month.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

A full review of the deal pushes its consideration by the Texas Bond Review Board into January.

The deal has until the end of Friday to clear the Texas Bond Review Board, whose members had no questions about the transaction when it was presented at a Thursday meeting.

Rising property values will help keep the $3.56 billion of new bonds manageable, particularly if issuance is spread over multiple years, rating analysts said.

The city's mayor says clarity is needed on debt issuance practices in the wake of the ruling.

A Texas judge ruled the Amarillo City Council did not provide sufficient notice to the public prior to its approval of $260 million of tax anticipation notes.

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

Population growth is fueling bond proposals in Texas, particularly for schools; K-12 districts there are asking voters for $15 billion of bond authority.