A story Friday stated that Nassau County, N.Y., had sent an letter to the Securities and Exchange Commission seeking approval for its proposed selling of revenue anticipation notes to buy auction-rate securities. Nassau's bond counsel participated in the letter but it was sent by another law firm seeking approval on similar proposals, and the county was waiting for the SEC's response.
Right now, rates can't get any traction due to "Iran re-escalating, hawkish Fed minutes, Treasury auctions [and] AI bond supply crowding credit," among other factors, said James Pruskowski, managing director at Hennion & Walsh.
The committee's focus will be quickly devise means to address the Water and Power Authority's long-term obligations.
After Moody's Ratings withdrew its bond rating due to a lack of information, the Iowa City Community School District is taking steps to improve its finances and its reputation.
With the future of U.S. public funding for infrastructure remains cloudy in terms of quantity and delivery methods, sentiment appears to be shifting towards allowing more private investment.
Discretionary termination of grants allowed under the rule would pose a particular risk, issuer advocates said.
S&P cited the county's limited flexibility to set its rates and escalating capital investment needs.
