News and Information from Bond Buyer

ILLINOIS

Texas Lawmakers would reduce voter-approved funding for the Texas Department of Transportation by $2.3 billion under a proposed resolution by the state House’s chief budget writer.

Republicans and Democrats both use CBO report to back their positions for and against repealing and replacing the ACA.

Edward Bambach, the New Jersey Educational Facilities Authority’s first and longest-serving executive director and a national public finance leader for higher education, died Sunday morning. He was 90.

The House Natural Resources Committee, which played a key role in creating PROMESA, will hold a hearing in one of its subcommittees on March 22 to discuss PREPA’s restructuring support agreement.

North Dakota lowered revenue expectations for the remainder of the current biennium and predicted lower tax receipts than previously thought for the next.

The Baker Correctional Development Corp. is trying to get a waiver from a mandatory call and federal funds to refund bonds from tax-exempt to taxable, in the wake of an IRS finding that bonds are taxable.

Government

TriHealth, one of the largest not-for-profit hospital systems in the Cincinnati area, is making its debut in the bond market Tuesday with its first public offering in a $300 million sale.

Top-shelf municipal bonds finished weaker on Monday, as yields on some maturities rose as many as three basis points, according to traders. The five competitive sales the Empire State Development Corp. had planned for Tuesday were delayed until Thursday, because of a blizzard warning for the New York City area.

Five firms have agreed to pay a total of nearly $920,000 to settle separate rule violations related to municipal securities.

Most bankers grin at the mention of corporate tax reform because of the many ways it could boost profits, but little discussed has been the toll it could take on one of banking’s most popular niches — lending to municipalities and other government entities.

The five competitive sales planned for the Empire State Development Corp. for Tuesday have been delayed until Thursday, as a blizzard warning is in effect for the New York City area Tuesday.

All Aboard Florida said it anticipates launching its Brightline-branded private passenger train service between Miami and West Palm Beach in September, following an introductory roll-out phase.

The Puerto Rico Oversight Board approved a 10-year fiscal plan that will allow the payment of 23.7% of debt due.

The Treasury Department Monday sold $33 billion 44-day cash management bills, dated March 14, due April 27, at a 0.770% high tender rate.

Top-shelf municipal bonds were mixed around midday on Monday, as yields on some maturities are as many as two basis points higher while other maturities on the long end of the curve are steady, according to traders.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.780% high rate, up from 0.745% the prior week, and the six-months incurred a 0.910% high rate, up from 0.835% the week before.

The Treasury Department said Monday it will sell $55 billion of four-week discount bills Tuesday.

Consumer expectations on inflation "shows a slight uptick in median three-year ahead inflation expectations," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.