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Government

Chicago Public Schools began the work of chipping away at a $215 million budget hole caused by Gov. Bruce Rauner’s recent veto of funds to help cover a $720 million teachers’ pension payment.

The Financial Industry Regulatory Authority ordered UBS to hand over $18.2 million for misleading a family of investors in Puerto Rico closed-ended funds, the second highest fine for individual investors against UBS in these cases.

Louisiana’s economists projected Friday the state’s budget shortfall will be as high as $313 million, prompting Gov. John Bel Edwards to say the deficit clearly indicates the need for special legislative session.

Top shelf municipal bonds ended weaker on Friday, according to traders, ahead of a hefty new issue calendar for a holiday-shortened week. Ipreo estimates volume for the week at $8.9 billion, up from a revised $8.2 billion of supply in the prior week, according to updated figures from Thomson Reuters.

San Diego Mayor Kevin Faulconer wants to head back to the voters for a new ballot measure to pay for a convention center expansion, road repairs and homeless programs.

The Internal Revenue Service Whistleblower Office awarded more than $61 million to whistleblowers in fiscal 2016, the agency said Thursday.

The State of Washington's debt burden grew less than 1% in 2016, according to the state's annual Debt Affordability Study.

A $330 million surplus this year that resulted from better than projected fund balances and other one-time savings will help out the fiscal 2018 budget, according to new state financial projections.

Chicago will collaborate with federal officials to secure a $1 billion low-interest loan for Union Station upgrade.

Assured Guaranty Ltd. requested that Moody's Investors Service withdraw the rating on its Assured Guaranty Corp. subsidiary, saying it doesn’t reflect a strengthening in the unit’s credit.

Legislation designed to enhance the Securities and Exchange Commission’s cost-benefit analysis of new rules before approving them passed the House after drawing support from Republicans and some industry groups.

The Delaware River and Bay Authority has tapped a former Delaware finance chief to lead the bi-state transportation agency.

Endowed with record funding levels, the Texas Department of Transportation expects to gain momentum on $70 billion of transportation projects planned over the next decade.

Top shelf municipal bonds were weaker at mid-session, according to traders, ahead of a hefty new issue calendar for a holiday-shortened week. Markets will be closed on Monday for the Rev. Martin Luther King, Jr. holiday.

The Trump administration's seeming enthusiasm for investment in public infrastructure has breathed new life into discussions of the topic, Bracewell practitioners Charles Almond and George Felcyn write in a commentary.

Pennsylvania has transferred and consolidated three investment funds worth a combined $2.3 billion to reduce its fee payout to Wall Street managers.

The University of Michigan's preliminary January consumer sentiment index reading was 98.1, compared to the final December 98.2 and the preliminary December 98.0, according to market sources.

A cybersecurity scare at a public power utility in Vermont has some municipal market participants thinking about how an attack could affect the nation's utility bond issuers.

The municipal bond market on Friday will be digesting the week's chunky new issue slate as traders' eyes turn toward next week's calendar.