Puerto Rico Electric Power Authority

The IRS audit of the Puerto Rico Municipal Finance Agency's $59 million in 2005 Series B Refunding Bonds is the third IRS audit of tax-advantaged bonds involving the commonwealth announced over the last six weeks.

Puerto Rico governor signs measure for shift to renewable energy.

The House Natural Resources Committee has scheduled a May 2 hearing to examine the successes and failures of PROMESA.

The Senate on Wednesday debated a $13.45 billion disaster aid bill that would require Puerto Rico to assume a local share of additional FEMA aid rather than the 100% federal share in a bill passed by the House.

As the board wrangles with local officials over the budget, neither the federal courts nor the executive branch have taken action to address a legal challenge to its authority.

Jaresko on Monday cited the almost universal dissatisfaction with the board as proof that it was doing its job.

The 2016 law is under fire from bond holders over the Oversight Board's failure to provide enough money for debt service and from local politicians over the board's efforts to impose fiscal austerity.

The board says that the governor appears to be deviating from the approved budget.

The court rejected giving a full hearing less than a week after a request was made to it to do so.

The electrical workers union wants the court to undo the board's actions since Aug. 7, 2017, in addition to declaring the board's appointments unconstitutional.

The federal tax issue that is at stake in both audits involve the federal payments for the direct-pay subsidy.

Muni buyers scrambled to snatch up the last of this week’s new issues on Thursday.

Oversight Board members are also asking for a stay on an appeal's court mid-May cutoff for their powers.

The December index value was down 0.7% from November.

The ruling may benefit bondholders, though an appeal and political wrangling over Oversight Board appointments threaten to prolong the uncertainty.

The appeals court ruled the appointments were unconstitutional, but didn’t invalidate either the existing board's actions or the parts of the Puerto Rico Oversight, Management, and Economic Stability Act that didn't address the board appointment process.

Ruling may lead to the requirement to pay interest on the bonds despite the Employees Retirement System bankruptcy.

Traditional bond buyers are going back to Puerto Rico.

Judge Susan Braden had said she was inclined to hold the U.S. government responsible for impairments to Employees Retirement System bonds.

One economist attributes the decline to the reduced flow of federal hurricane aid.