News and Information from Bond Buyer

The state will cut its budget no more than 4% amid a revenue crisis, legislative leaders announced.

The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities and towns with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population.

Two credits struggling with coronavirus-driven revenue shortfalls experienced very different outcomes in Tuesday's market. Taxable Penn State bonds showed the appetite for taxable munis is real.

Weak investment returns, assumption changes, and low contributions pushed up the cumulative unfunded liabilities of 11 local government pension funds.

Chicago Fed president said there is no reason to raise rates "anytime soon."

Mark Kim, MSRB chief operating officer, predicted even more disclosures in the near future.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

Financial damage from the COVID-19 pandemic forced New Jersey Gov. Phil Murphy to retreat from plans to build up the state’s reserves.

The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.

Continuing the firm’s national expansion, HJ Sims announced it is opening offices in Chicago and Orange County, Calif.

Howard Cure, director of municipal bond research at Evercore Wealth Management, analyzes New York State’s $177 billion 2021 fiscal year budget and the impact of major fiscal uncertainties stemming from the COVID-19 pandemic. Andrew Coen hosts.

A premarketing wire indicated the deal could price at spreads 300 basis points north of benchmark yields. In Monday's trade, the rally begun last week continued.

Moody's downgrades regional public university two notches to Baa3 ahead of a $52 million revenue refunding bond sale.

The pandemic will damage the territory's ability to make debt payments it had previously expected to fund through fiscal 2025, according to a new fiscal plan.

The amended complaint lays out the evidence from recorded calls presented during the former proceedings, naming some Nuveen officials that were referenced as unnamed individuals, broker-dealers and banks.

S&P Global Ratings said balancing the state budget "will be met against a growing cloud of uncertainty” between the recession and COVID-19.

The congressional letter emphasizes that Congress wants the Fed to expand its support for the municipal bond market beyond the scope of the Municipal Liquidity Facility.

The Texas Transportation Commission also signaled plans to move full-speed-ahead with a $3.5 billion highway project in Austin.

The impact of COVID-19 is still ripping through the economy as the Institute for Supply Management-New York index fell to a new low of 4.3 in April and factory orders slumped 10.3% in March.

Many of the MSRB’s past and current public board members have had significant connections with regulated dealers or banks, the unions said.