Utah

Issuers in Southwest states led by Texas are hoping voters will approve billions of dollars of bonds in Tuesday's election.

Intermountain Power Agency's bond sale comes after Utah lawmakers tweaked a state law to address concerns about its impact on the agency's outstanding debt.

Votes on Amendment A, which would have allowed excess income tax revenue earmarked for public education to flow into the state budget, will not be counted.

The city council unanimously passed a deal that could lead to the issuance of up to $900 million of bonds and a sales tax hike to pay off the debt.

Litigation in Arizona, Oklahoma, Texas, and Utah could determine bond issuance, culpability for defaults, or the constitutionality of underwriter bans.

Litigation filed by environmental groups aims to reverse actions taken by the agency's board since it was restructured by the state legislature in 2022.

Amendment A on the Nov. 5 ballot would allow the state government to tap revenue currently earmarked for public education for other purposes.

The Investment Company Institute reported more than $1.3 billion of inflows into muni mutual funds. The last time inflows topped $1 billion, per ICI data, was for the week ending Feb. 7. LSEG Lipper has reported weeks with $1 billion plus inflows on July 31 and May 8.

Salt Lake City School District is seeking $730 million of bonds and Salt Lake County is asking for $507 million of bonds at the Nov. 5 general election.

A 2023 U.S. Appeals Court ruling derailed federal approvals for the Uinta Basin Railway, which plans to seek up to $2 billion in private-activity bonds.