Facing an economic pounding from the popping of the state’s housing bubble, Nevada Gov. Jim Gibbons announced broad-based 4.5% reductions to the current-year budgets of most state agencies. The cuts are to include the corrections department, the public safety department, and K-12 education. The cuts exclude child welfare and juvenile justice programs, and scheduled salary increases for teachers and state employees. Gibbons also plans to eliminate or defer some budgeted capital improvement projects, and cut between $100 million and $200 million that had been scheduled to go into the state’s rainy-day fund. Sales tax revenues have been coming in below budget projections in the wake of the housing crunch. Nevada doesn’t have an income tax.
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Polk County, Iowa is issuing $113 million of general obligation capital loan notes, Series 2024A, for the Des Moines Airport Authority's new terminal project.
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Munis posted losses in April, returning negative 1.24%. The asset class is also seeing losses of 1.62% year-to-date.
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Alaska's efforts to manage its cyclical revenues brought an upgrade from S&P Global Ratings and positive outlook from Moody's Ratings.
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Sen. Joe Manchin, D-W.Va., has already pledged to try to overturn the rule in Congress.
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April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.
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The deal, originally planned at $1.5 billion in three maturities, was downsized and restructured and then restructured again into one 10-year bullet maturity.
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