Gov. Chris Gregoire announced a supplemental budget Tuesday that she said will allow Washington to close the biennium with about $1.2 billion in the bank. The supplemental budget allows the state to make adjustments in the second year of its two-year budget cycle. Some of them appeared to be related to recent flooding that brought much of the state to a standstill, including a proposal to request $50 million in bond authorization for the Chehalis-Centralia Flood Control Project. Gregoire said the final budget will allow the state to close fiscal 2009 with $430 million in a new rainy-day account plus $774 million in unrestricted reserves. “Saving money now is vital to ensure that we have money in the future,” she said in a statement.
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The county commission said it hopes to regain Moody's ratings this fall.
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Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.
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UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.
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Oregon Department of Transportation leaders said they will begin layoffs Monday after lawmakers adjourned without passing a transportation funding bill.
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"If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs," said Sanchez, director of the SEC's Office of Municipal Securities.
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The growth of the muni market comes as issuance surges, with the first half of the year seeing $280.64 billion of supply, up 14.3% year-over-year, according to LSEG.
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