News and Information from Bond Buyer

California Gov. Gavin Newsom's proposal to speed plans for a second tunnel for the state's water conveyance system is facing stiff opposition from the Delta Caucus.

As the budget reconciliation lurches through Congress towards a vote, the cap on state and local taxes remains a key bargaining chip while data shows state tax revenue declining and an uncertain future for the pass-through-entity workarounds adopted by more than 30 states.

Paul Atkins said he doesn't like regulation by enforcement, a message that broker-dealer groups have spent the last several years longing to hear.

Chicago's O'Hare airport is in the middle of dispute between United Airlines and American Airlines at a tense time for the airport and airline sectors.

The "risk to the tax exemption appears to have dropped sharply as of last week ... taking with it the hypothetical risk of a supply surge ahead of any end-date for borrowers' exemption access," said Matt Fabian, a partner at Municipal Market Analytics.

Congress needs to lift limitations on tax-exempt private activity bonds, say transportation advocates.

The Phoenix-based university will not have to pay a $37.7 million fine after the U.S. Department of Education dropped its case.

Chicago is "diligently preparing" to sell debt, now that the bond market has mostly recovered from April's turmoil, Chief Financial Officer Jill Jaworski said.

The forum's annual awards went to Joseph A. Branca of BofA Securities, Jim Reynolds of Loop Capital Markets and Sarah K. Sanders, Connecticut deputy treasurer.

The Municipal Forum of New York presented three awards to industry leaders and veterans at its annual awards and leadership fellows fundraising dinner. 

"We have got to keep the money coming in to transit," said Sen. Elizabeth Warren D- Mass.

Texas Capital joined the ranks of firms like Crews & Associates adding public finance talent, while SIFMA and Arteria AI partnered on a new platform in May.

Some bills seeking to restrain local government debt issuance are still alive as the Texas Legislature's 2025 session heads towards its home stretch.

"Munis are no longer moving on headlines; they're reacting to rates and supply," which is playing out again Monday after a choppy March and April, said James Pruskowski, chief investment officer at 16Rock Asset Management.

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.

The macroeconomic boost from U.S.-China's 90-day pause on tariffs is partial and could prove temporary, S&P Global Ratings analysts said.

The U.S. loses its third triple-A rating as Congress works to pass a massive tax cuts and spending bill.

Municipals were cut up four basis points, depending on the curve, through noon.

Pops, a managing director at cfX, a municipal advisory firm serving housing finance agencies, brought passion and institutional knowledge to the sector.

A deal on the state and local tax deduction cap remained elusive as of Monday morning.