While lower oil prices are likely to have a stimulative effect on the national economy, we are wary of impacts on the finances of local credits in the Oil Patch.
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Financial mismanagement and apparent revenue diversion led to events of default for centers owned by and financed through the PFA, the bond trustee said.
Wells Fargo's Julie Barger called the investors a "who's who of buyers in the muni market" including mutual funds, ETFs, SMAs and insurance companies.
The legislature passed bills to cut personal income tax rates over time and limit increases on homestead property tax payments to the rate of inflation.
The Texas city is facing a potential level 1 emergency, indicating the water system is 180 days from supply not meeting demand.
Financial markets, including the muni market, priced in too much of a "sure thing, done deal" Wednesday morning, said Kyle Gerberding, director of trading, a portfolio manager and partner at Asset Preservation Advisors.
The state Supreme Court's decision did not address the 2022 law's governmental contract ban for businesses deemed to be "boycotting" the fossil fuel industry.
