The Oklahoma Council of Bond Oversight approved a request last week by the state Department of Human Services to issue up to $23 million of revenue bonds for projects in Tulsa, Ada, and Sapulpa. The Oklahoma Development Finance Authority will issue the 15-year revenue bonds. The agency will lease the buildings to DHS until the bonds mature, when ownership will transfer to the department. DHS will replace an outdated and overcrowded emergency children’s shelter in Tulsa that was built in the 1940s. It will cost about $6.4 million to replace the facility with three cottages containing 42 beds and eight cribs, and an administrative building on about 20 acres in northeast Tulsa. Other projects include $6.3 million to buy and renovate a 33-year-old, five-story office building to house state employees being displaced from a downtown Tulsa office building, $4.5 million to build an office building in Ada to serve Pontotoc County, and $4.4 million for a new office building in Sapulpa.
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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.
July 3