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Chairman of the Board of the Puerto Rico Electric Power Authority Harry Rodríguez resigned Tuesday.

Government

Financial Industry Regulatory Authority examiners are probing firms’ involvement with bank loans and other alternative financings in the municipal market, a FINRA official said at an industry seminar here.

The Regional Transportation District that serves metro Denver will continue to grow its rail and bus system with $197 million of revenue bonds.

The Chicago Park District heads into the market with a $119 million issue with pension reform clouds overshadowing its strong operating results and double-A ratings.

The Michigan Finance Authority hits the market Wednesday with a top-rated $300 million new money and refunding under its clean water revenue bond program.

The next presidential administration needs to play a larger role in collaborating with local governments for infrastructure programs, a panel of state and local officials said this week.

Top quality municipal bonds finished unchanged on Tuesday, according to traders, as the first of the week's big new offerings started to hit the market, led by a negotiated deal in Georgia and a Colorado competitive sale.

Catholic Health Initiatives and Dignity Health are in negotiations that could result in creation of the nation’s largest nonprofit hospital chain or another form of “alignment.”

Growing disconnects between state and local governments across the U.S. are especially impacting municipalities in the neighboring Northeast states of New Jersey and Pennsylvania, panelists emphasized at the The Bond Buyer’s Mid-Atlantic Municipal Market conference Tuesday.

Maryland will seek a federal grant for subsea rail tunnel in Baltimore after striking out in the first round.

Navigating the regulatory minefield is one of the biggest challenges facing the Mid-Atlantic muni market, officials from underwriting firms said at a Bond Buyer conference in Philadelphia.

Illinois voters will decide Nov. 8 whether to bar future diversions of transportation revenues to balance budgets or fund non-transportation related expenses.

The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 0.240% high yield, a price of 99.980667.

The region's non-manufacturing sector “grew at a slightly slower pace” in October, as the general business conditions index declined to 21.3 from 23.7 in September, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.

The Conference Board Consumer Confidence Index®, which had increased in September, declined in October. The Index now stands at 98.6 (1985=100), down from 103.5 in September. The Present Situation Index decreased from 127.9 to 120.6, while the Expectations Index declined from 87.2 last month to 83.9.

Top quality municipal bonds were unchanged at mid-session, according to traders as the first of the week’s big new deals started to hit the market.

A large drop in foreclosures through the first half of this year means lower loan losses for state housing finance agencies’ bond programs, according to a report by Moody’s Investors Service.