News and Information from Bond Buyer

Senior holders of Puerto Rico Sales Tax Financing Corp. (COFINA) bonds filed a motion Wednesday to become involved in a court case that pits their interests against those of the commonwealth’s general obligation bond holders.

Some New York State lawmakers are pushing for a public vote on a proposed $5 billion bond to fund water infrastructure improvements.

California Gov. Jerry Brown’s transportation funding proposal is too complex and does not include enough money to tackle the state’s transportation needs, according to a report from the Legislative Analyst’s Office.

Top-rated municipal bonds lost earlier gains to finish unchanged on Wednesday, traders said, while U.S. Treasuries turned mixed after the Federal Reserve released minutes of its latest meeting that signaled higher interest rates may be imminent.

Mayors and the Illinois Municipal League will press state lawmakers this year to pass legislation merging some public safety pension fund functions and guaranteeing the flow of various revenue streams without a state budget in place.

Morgan Stanley will pay a $115,000 fine and $55,284 in restitution after FINRA found the firm engaged in muni transactions where it charged prices that were not fair or reasonable.

West Virginia Gov. Jim Justice said state officials failed to address budget problems that would have staved off a downgrade of the state’s GO bond rating to Aa2 by Moody's Investors Service.

Rhode Island’s pension fund earned $117 million in investment gains in January, Treasurer Seth Magaziner announced at a State Investment Commission meeting.

Massachusetts Treasurer Deborah Goldberg named Sue Perez and Sarah Kim deputy treasurers.

Detroit Mayor Mike Duggan says the city is on track to exit state fiscal oversight by 2018 after a third straight year of balancing its books.

Texas lawmakers have filed almost two dozen bills in an effort to derail a privately funded high-speed rail line.

As we await details of the new administration’s infrastructure plans, we must continue to demonstrate the strengths of the tax-exempt municipal market that we have today.

The Treasury Department auctioned $34 billion of five-year notes, with a 1 7/8% coupon, a 1.937% high yield, a price of 99.705893.

Gradual monetary policy tightening should be appropriate if the economy continues as it's going, Federal Reserve Board Governor Jerome H. Powell said Wednesday, noting the Fed is not behind the curve.

Christopher Morrill, Roanoke, Va.’s city manager, will replace Jeff Esser in May as GFOA executive director as municipal issuers face "challenging times."

Top-rated municipal bonds were stronger at mid-session, traders said, as U.S. Treasuries turned mixed.

Assured Guaranty Ltd., the largest municipal bond insurer, announced a quarterly dividend of $0.1425 per common share, an increase of nearly 10% from the payout it declared on Nov. 2.

The Treasury Department Wednesday auctioned $13 billion of one-year 11-month floating rate notes with a high discount margin of 0.133%, at a 0.140% spread, a price of 100.013572.

The Municipal Securities Rulemaking Board report on the timeliness of disclosure tells us that not much has changed for the better. We also look at those obligors that might be impacted should the Oroville Dam fail.

Indicator Last Report Forecast Actual Existing Home Sales Dec.: 5.51M Jan.: 5.55M Jan.: 5.69M