News and Information from Bond Buyer

The California Public Employees’ Retirement System Board has voted to reduce the pension fund’s current 7.5% expected annual rate of return on investments to 7% over the next three years.

Missouri Gov.-elect Eric Greitens threw a wrench in financing plans for a $200 million stadium to house a new St. Louis-based Major League Soccer team this week after announcing his opposition to public subsidies for professional teams.

SEC sues, U.S. Attorney indicts former official of New York State Common Retirement Fund and two brokers over pay-to-play scheme.

Top-shelf municipal bonds were slightly stronger on Wednesday around midday, according to traders, as yields on some maturities were as many as three basis points lower.

New Jersey Transit is planning debt refinancing and new borrowing to cover a $12 million budget hole created by revenue losses from falling 2016 ridership.

Miami Beach put the brakes on a public-private partnership to build a 3.5-mile light rail streetcar, to let voters have a say in a larger transit plan that boosters hope can tap the Trump administration’s infrastructure financing proposal.

Indicator Last Report Forecast Actual Existing Home Sales Oct.: 5.57M Nov.: 5.50M Nov.: 5.61M

Municipal bond market participants will have extremely limited new issuance to work with for the rest of the week and for the year, as most issuers will wait for 2017 before splashing into the market with large deals.

Existing home sales rose 0.7% to a seasonally adjusted 5.61 million-unit rate in November from a downwardly revised 5.57 million sales pace the previous month, the National Association of Realtors announced Wednesday.

We take a deeper look at material information that is reasonably accessible that should be disclosed at or before the time of trade.

Dec. 21, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB/BBB+ 2.07 3.94 4.65 5.31 Indiana Aaa/AAA/AA+ 0.97 1.9 2.57 3.3 Iowa Aaa/AAA/AAA 0.97 1.89 2.55 3.28 Michigan Aa1/AA-/AA 1.02 1.98 2.67 3.42 Minnesota Aa1/AA+/AAA 0.98 1.88 2.51 3.2 Missouri Aaa/AAA/AAA 0.97 1.84 2.46 3.19 Nebraska NR/AAA/NR 0.97 1.92 2.62 3.38 North Dakota Aa1/AA+/NR 1.01 1.96 2.65 3.38 Ohio Aa1/AA+/AA+ 1.01 1.96 2.6 3.34 South Dakota NR/AA+/AAA 0.99 1.92 2.65 3.4 Wisconsin Aa2/AA/AA 1 1.96 2.65 3.38

12/20/2016 12/13/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $59,042 8 $556,380 -$497,338 Indiana 9 256,410 12 165,520 90,890 Iowa 0 0 0 0 0 Michigan 9 51,465 8 80,170 -28,705 Minnesota 6 119,875 15 494,870 -374,995 Missouri 5 34,830 10 87,825 -52,995 Nebraska 2 5,735 3 150,130 -144,395 North Dakota 0 0 1 560 -560 Ohio 2 11,570 6 71,370 -59,800 South Dakota 1 3,965 1 3,965 0 Wisconsin 0 0 8 75,585 -75,585

Wednesday, December 21 Issuer St Description Amount

Wednesday, December 21 Issuer St Description Amount

Week Of December 19 Issuer St Description Amount

ILLINOIS

Congress should further debate the effectiveness of Securities and Exchange Commission and Municipal Securities Rulemaking Board rules governing the failure to comply with municipal securities disclosure requirements, a congressional task force on Puerto Rico recommended.

Puerto Rico Governor-Elect Ricardo Rosselló named Luis Burdiel Agudo as the new president of the Economic Development Bank for Puerto Rico.

Government

S&P Global Ratings has placed its 'BB' and 'BB-' ratings on the Virgin Islands Public Finance Authority's matching fund loan notes senior- and subordinate-lien bonds, respectively, on Credit Watch with negative implications.