News and Information from Bond Buyer

Government

The highest tax-exempt bond priority audits for fiscal year 2017 will be on claims and returns that have been identified because of noncompliance issues, according to the work plan for the IRS’ Tax-Exempt Bond Office.

Top-shelf municipal bonds finished weaker on Friday as the market gets ready for one of the biggest new issue slates of the year, with over $14 billion of new deals on tap.

Wayne County, Michigan’s rating is inching closer to investment grade, progress that should help with plans to borrow as much as $200 million to complete its stalled jail project in downtown Detroit.

Municipal bond issuance for September swelled 45% to $35.7 billion, the highest volume for the month in records going back to 1986, driven by an unexpected surge in new money deals.

The judge assigned to Calvin Grigsby's federal discrimination lawsuit against the city of Shreveport, La., is considering whether to dismiss the complaint.

The Municipal Securities Rulemaking Board is proposing amendments that would outline minimum standards for municipal advisors' continuing education requirements.

Charleston County, S.C., officials cite low state road funding in asking voters for sales tax increase.

Alaska has authorized up to $3.5 billion of pension obligation bonds it hopes to sell in late October, though a broken office-building lease raised one observer's doubts about the state's willingness to stand behind "subject to appropriation" pledges.

Los Angeles County lease-revenue bonds and certificates of appreciation received a one-notch Moody’s Investors Service upgrade to Aa3.

Illinois has until the end of January to make headway with its budget woes before Fitch Ratings is prepared to sock it with a downgrade.

Atlantic City is in danger of missing it November debt service payment after it violated a term of a state bridge loan, according to Moody’s Investors Service.

As the new chair of the Municipal Securities Rulemaking Board on Oct. 1, Colleen Woodell hopes the board will begin new initiatives on syndicate practices and pre-trade price transparency during her one-year term.

The Port Authority of New York and New Jersey is plotting a return to its transportation roots, though unraveling its real estate tangle may be difficult.

The municipal bond market on Friday was looking ahead to the biggest calendar of the year as $14.2 billion is slated to hit the screens next week.

The Puerto Rico Oversight Board, at an initial meeting that was interrupted by protests, named José Carrion III chairman and ordered the island government to provide a fiscal plan next month.

The municipal bond market on Friday was looking ahead to the biggest calendar of the year as $14.2 billion is slated to hit the screens next week.

The University of Michigan's final September consumer sentiment index reading was 91.2, compared to the preliminary September 89.8 and the final August 89.8, according to market sources.

The Chicago Purchasing Managers' Business Barometer rose to 54.2 in September from 51.5 in August, "recovering most of lost ground experienced in the previous month," the National Association of Purchasing Management-Chicago said Friday.

The Midwest Economy Index rose to negative 0.04 in August from a revised negative 0.16 in July, first reported as negative 0.14, the Federal Reserve Bank of Chicago said Friday.