Southeast

The Nashville Metropolitan Airport Authority is issuing municipal bonds to finance upgrades to an airport bulging at the seams after rapid traffic growth.

The state's Local Government Commission approved the borrowing Tuesday.

A lawyer for the bondholders said a majority support the proposed treatment of the $61 million of outstanding bonds.

The dramatic downgrade projects a default by January 2027 on bonds issued to finance the Miami-to-Orlando passenger train service.

In a case stemming from a PACE bond authorization, the majority said language in Florida law giving finality to bond validations must be respected.

Two student housing developments in Orlando and Tampa, Florida, financed by speculative-grade bonds in 2024, have shown signs of strain.

The company has the option to defer interest payments three times without triggering a formal default.

Property taxation is being targeted in a growing movement across the nation for cuts or elimination to address homeowner angst over rising tax bills.

The city council president hopes the panel will override the mayor's veto of the budget this week.

The bonds are to be used for a variety of projects aimed at recovering from multiple natural disasters that struck Lake Charles in 2020 and 2021.