A state legislative committee last week decided against endorsing any revenue increases, including a four-cent hike in Iowa’s gasoline tax, to raise more funds for highway projects. The special interim committee, however, said that lawmakers would continue to look at highway funding issues when the Legislature returns to work next month. State transportation officials have warned that Iowa needs an additional $200 million annually to begin addressing $27 billion of unfunded needs over the next 20 years. Gov. Chet Culver said in a letter that he acknowledges the significant needs of the state, but he remains opposed to any increase in the gasoline tax because of current high gas prices at the pump.
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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.
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