News and Information from Bond Buyer

Week Of March 13 Issuer St Description Amount

CALIFORNIA

ARKANSAS

With its aid levels at stake, Detroit Public Schools Community District is planning a preemptive strike against state plans to shutter schools.

Government

Top-shelf municipal bonds finished mostly stronger on Wednesday, according to traders, as yields were as many as four basis points lower in some maturities on news that the Federal Open Market Committee announced a raise in interest rates by 0.25%, as was anticipated.

Legislative battles break out in South Carolina and Tennessee over proposed state gasoline tax hikes.

Ohio-based ProMedica Health System’s shaky fiscal 2016 results drove a one-notch downgrade by Moody’s Investors Service.

New Jersey’s financial stress is influencing investors, as reflected in recent trading levels.

California Treasurer John Chiang has opened an independent ballot measure committee for the 2018 statewide election for an affordable housing bond.

Wisconsin voters are looking more favorably on school district’ borrowing requests, signing off on a record $1.35 billion of debt last year, according to a new study.

Federal Reserve Board Chair Janet Yellen said one hike more or less than suggested in the Summary of Economic Projections would still constitute gradual rate hikes.

Federal Reserve Board Chair Janet Yellen said the Federal Open Market Committee expects the fed funds rate to be increased gradually "over the next few years."

The Federal Reserve's Summary of Economic Projections was changed slightly from the dot plot issued three months ago, with three 25 basis point rate hikes still projected for this year.

As expected, the Federal Open Market Committee Wednesday announced it raised the fed funds target by 25 basis points to between 0.75% and 1.00%.

Cambridge raised $2 million through a sale of community-sourced minibonds, which the city and its underwriter say could further a trend in the municipal bond marketplace.

Munis were mixed on Wednesday around midday, according to traders, as yields on the short end of the curve were as many as two basis points higher, while some maturities on the middle and long end were lower by as many as one basis point.

The U.S. Supreme Court will consider a special master’s recommendation, largely favoring Georgia and water agencies there, in the lawsuit Florida filed against Georgia over the apportionment of water from the Apalachicola-Chattahoochee-Flint River Basin.

*Update: S&P downgrades Louisiana to AA-minus (March 15)

Louisiana’s general obligation bond rating took another hit as S&P Global Ratings downgraded the state one notch to AA-minus.