A former Newark official was indicted last week on federal corruption charges for allegedly receiving cash bribes in return for his influence in securing business contracts with the city. U.S Justice Department officials say Keith Reid, the former chief of staff for City Council president Mildred Crump, allegedly accepted $13,500 for his ability to generate Newark and Irvington Township contracts for an insurance company. Reid is charged with numerous attempted extortion and bribery charges and allegedly received a bribe on behalf of an Irvington official.Officials say Reid was recorded by undercover witnesses on several occasions accepting bribes and assuring them of his influence within local government.“We have relationships obviously in Irvington and obviously in Newark” and other municipalities, Reid said, according to the indictment. “Folks there we can pick up the phone and call and open doors.”New Jersey authorities arrested Reid and 10 other public officials in September in an undercover statewide corruption sting operated by the U.S. attorney’s office.
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The upgrade is driven by realized and expected improvement in the state's financial metrics, the rating agency said.
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"We're not going to be having huge reinvestment months over the next few months, not until the beginning of the year. So we need this flow [of deals] to keep up with demand, and we expect that to continue," said Jennifer Johnston, director of municipal bonds research at Franklin Templeton.
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The approval of $650 million of revenue bonds comes in the wake of a recently filed petition seeking to subject the project to voter approval or delay.
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With the advance refunding of tax-exempt munis still off the table, issuers are using existing market conditions to shed Build America Bonds and realize debt service savings through tender offers.
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The spending cuts and reforms to Medicaid and SNAP in the One Big Beautiful Bill will be phased in through 2028, but most states will start preparing early next year.
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"I would say don't be afraid to pick up the phone and talk to investors directly," Nuveen's Molly Shellhorn said.
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