State of Texas

The bank, which has been under review by the Texas attorney general over its involvement in the Net-Zero Banking Alliance, said it is leaving the group.

BofA and Morgan Stanley left the Net-Zero Banking Alliance, but there was no word from the Texas attorney general on their status as bond underwriters in the state.

Six Texas cities sued the state comptroller over a rule that altered where sales taxes would be collected on certain online purchases.

The bank's termination of its membership in the Net-Zero Banking Alliance ended a state review that could have led to a ban for governmental contracts.

A lawsuit filed by a business group in federal court in August claims a 2021 Texas law violates free speech protections.

General fund revenue growth of only 1.1% in the fiscal year that ended Saturday, marks a continued slowdown since fiscal 2022's 26.4% increase.

The lawsuit contends a state law that punishes banks and others for "boycotting" the fossil fuel industry violates free speech provisions in the U.S. Constitution.

The Texas Water Development Board expects to sell up to $1.8 billion of tax-exempt and taxable bonds in September.

Overall state general fund revenue is on track with an October estimate, while the projection for the fiscal 2024-2025 yearend balance faces changes.

The state's new law requires companies like investment banks to provide written verification of their positions, part of a trend among similar bills aimed at preventing Wall Street banks from lying about their positions, said a firearms industry lobbyist.

Its state university systems face a funding freeze for noncompliance with a 2023 state law banning diversity, equity, and inclusion offices.

The state's transportation commission took action to end a comprehensive development agreement for a partially bond-financed toll lane project on State Highway 288.

Laws banning banks from underwriting municipal bond deals because of their fossil fuel or firearm policies dramatically boosted underwriting spreads, a business group's study said.

The state faces slower job growth after gains in the previous three years outpaced the nation, according to the Dallas Federal Reserve's Texas economic outlook.

Barclays joins UBS and Citigroup in being prohibited from underwriting state and local government bonds under Texas laws aimed at protecting the fossil fuel and firearms industries.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

Municipal bond issuance in the Lone Star State totaled $59 billion in 2023, spurred by utility rate securitizations and school bonds.

A constitutional amendment approved by Texas voters Nov. 7 will reduce public school property taxes, leaving the state to make up for the revenue reduction.

Municipal bond underwriters for Texas deals now have until Dec. 16 to comply with changes to the agreements and to their standing letters of compliance with two state laws banning contracts with companies that "boycott" or "discriminate" against the fossil fuel or firearm industries.

An increase in tax collections helped fuel the flow of billions of excess dollars into the state's previous budget, although growth in key sales tax revenue has slowed.