Moody's Investors Service has downgraded to Baa3 from A3 the rating on the City of Reno, Nevada's Taxable Senior Lien Room Tax Revenue Refunding Bonds (ReTRAC-Reno Transportation Rail Access Corridor Project) Series 2006 outstanding in the amount of $8.1 million. The rating carries a negative outlook. The bonds are secured by a senior lien pledge on a dedicated 1% hotel room tax applied to all accommodations located within a 45 square block area within Reno's downtown. Bond proceeds were originally issued to partially prepay a ReTRAC project loan between the U.S. Department of Transportation (USDOT) and the city as well as fund various reserve accounts.
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The week was a long-awaited reckoning with record supply, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
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The meeting will be held on July 23 and 24.
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Randall "Randy" Miller, Chad Miller and Jeffrey De Laveaga were charged by the SEC with creating false documents that were provided to investors in two municipal bond offerings.
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The National League of Cities rolled out its annual report showcasing the challenges facing mayors, including the end of BIL funding and a steady diet of uncertainty about the flow of future federal dollars.
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The House cuts are less severe than those proposed in President Donald Trump's 2026 budget.
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Schools and governments turn to bonds to cover payouts in the wake of a California law that temporarily lifted the statute of limitations on sex abuse claims.
July 18