The biggest threat to the public infrastructure in Texas is a lack of sustainable funding, the Texas Section of the American Society of Civil Engineers said last week in its 2012 report card.
Texans fail to see as long-term investments the money spent on maintaining roads, repairing the state's 7,000 dams, and ensuring an adequate water supply, said Crespin Guzman, executive director of the Texas group.
"We can either invest in our future now, or pay even more later if we fail to meet these obvious needs," he said at a news conference in Fort Worth. "We cannot continue to build things and not fund or maintain them."
Guzman said the state will need $212 billion of new water supply, distribution, and treatment facilities over the next 50 years to meet the demands of a growing population.
"If a major drought occurs in Texas in 2060, approximately 41% of municipal demand for water could not be satisfied by current water sources," he said.
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August may have one of the highest tax-exempt volume totals on record, according to J.P. Morgan analysts — don't expect it to let up.
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The announcement — which affects the 10- to 30-year part of the curve — sent longer-term UST yields falling up to 10 basis points on Wednesday.
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Brightline West bondholders agreed to give Brightline more time to secure a $400 million equity contribution that was originally due on March 31.
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Law firms, think tanks and advocacy groups are digesting the ROAD to Housing bill and offering strategies to municipalities about how to maximize the public finance benefits.
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Financing for a nearly $500 million long-term investment plan would include as much as $250 million of revenue bonds that could be sold next year.
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Like state governments, most cities and counties remain on "solid footing" given high reserve levels and conservative budgeting, BofA strategists said.
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