News and Information from Bond Buyer

Week Of August 1 Issuer St Description Amount

Indicator Last Report Forecast Actual ADP June: +172,000 July: 170,000 July: 179,000 ISM Non-Manufacturing June: 56.5 July: 56.0 July: 55.5

Aug. 4, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.5 0.93 1.55 2.3 Florida Aa1/AAA/AAA 0.48 0.95 1.58 2.29 Georgia Aaa/AAA/AAA 0.46 0.87 1.45 2.16 Kentucky Aa2/A+/AA+ 0.5 1.01 1.65 2.39 Louisiana Aa3/AA/AA 0.64 1.28 1.95 2.71 Mississippi Aa2/AA/AA 0.48 0.97 1.68 2.42 North Carolina Aaa/AAA/AAA 0.46 0.87 1.45 2.16 South Carolina Aaa/AA+/AAA 0.47 0.89 1.49 2.2 Tennessee Aaa/AA+/AAA 0.46 0.87 1.48 2.17 Virginia Aaa/AAA/AAA 0.45 0.86 1.44 2.15 West Virginia Aa1/AA+/AA+ 0.49 0.99 1.61 2.34

8/3/2016 7/27/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $550,000 1 $550,000 0 Florida 10 1,356,130 6 633,490 722,640 Georgia 2 42,620 5 38,725 3,895 Kentucky 8 438,555 7 82,365 356,190 Louisiana 1 35,890 0 0 35,890 Mississippi 0 0 1 4,500 -4,500 North Carolina 3 663,425 3 728,990 -65,565 South Carolina 2 25,470 1 6,000 19,470 Tennessee 0 0 0 0 0 Virginia 3 97,055 6 130,565 -33,510 West Virginia 0 0 0 0 0

ALABAMA

ARKANSAS

Government

Chicago plans a tax on water and sewer services to save its largest pension fund from insolvency, Mayor Rahm Emanuel announced.

Puerto Rico’s government is paying debt when the money has already been put in escrow accounts but is not paying other debt.

Top quality municipal bonds finished steady on Wednesday, according to traders, as the new issue pipeline kept on churning out more volume.

Mom and pop investors veered from recent buying patterns on new issues and bought longer-maturity bonds in order to get higher yields on the New York City GO deal – even if it meant accepting lower coupons, according to a New York City underwriter involved in the deal.

The par amount of municipal trades reached the highest level in nearly three years during the second quarter of 2016, showing a rebound from significant declines in the second half of last year, according to Municipal Securities Rulemaking Board statistics posted Wednesday.

Instead of subsidizing state and local governments for using tax-exempt bonds, the federal government should increase direct spending programs for states, the Tax Foundation said in a report on tax expenditures.

The Treasury Department said it will auction $24 billion three-year notes on August 9.

The Treasury Department said it will auction $23 billion 10-year notes on August 10.

The Treasury Department said it will auction $15 billion 30-year bonds on August 11.

The U.S. services sector dropped in July as the non-manufacturing business activity composite index was 55.5 in the month, compared to 56.5 in June, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

Republican presidential nominee Donald Trump proposes more than $500 billion of new federal infrastructure investments.

Private-sector employment increased by 179,000 in July, on a seasonally adjusted basis, ADP reported Wednesday.

A compromise agreement to put a tax hike on the November ballot that would help fund a $4.7 billion mass transit funding package for Southeastern Michigan could be voted on Thursday.