Voters in the coastal city of Corpus Christi, Texas gave strong approval to street project efforts, favoring seven of the eight bond proposals on the ballot last week. Total authorization of the seven successful requests will finance almost $88 million of projects.
The biggest victory margin was for Proposition 1, which allocates $55 million of proceeds to maintenance of roads in older sections. City officials said the street repair projects will be ranked by the capacity of the road, current traffic, and projected growth.
Other successful proposals include $16 million to upgrades at city parks, $5 million for repairs at four city facilities, and $2.3 million for library and museum maintenance.
Voters narrowly rejected $1.8 million of improvements to City Hall.
Corpus Christi's $354 million of outstanding GO debt is rated Aa2 by Moody's Investors Service and AA-minus by Standard & Poor's and Fitch Ratings.
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"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
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The law firm revealed 2024 promotions.
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As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
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The extension of the current solar net metering system could lower revenue for the utility.
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The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
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John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
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