News and Information from Bond Buyer

Week Of July 18 Issuer St Description Amount

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Six hedge and investment funds holding Puerto Rico general obligation bonds sued Puerto Rico leaders Wednesday, seeking the government to use its money to pay GO bonds.

Chicago plans to sell up to $3.5 billion of O’Hare International Airport debt later this year to generate refunding savings and fund a new runway and gate expansion.

Government

Top-shelf municipal bonds finished steady to slightly weaker on Wednesday, traders said, as a second wave of new issuance swept over the market, led by an upsized deal from the New York Metropolitan Transportation Authority.

Columbus enters the market Thursday with $481 million of high-grade paper to fund capital projects as it prepares to go to voters this November for new bonding authority to keep pace with capital needs.

Two Senators have introduced a companion bill to a measure in the House that would permanently raise the annual issuer limit for issuers of bank-qualified bonds to $30 million from $10 million.

The Federal Housing Administration said it will begin insuring mortgages on certain properties that include PACE assessments if the obligation is treated like a property tax and it does not have priority status over the FHA mortgage lien.

Assured Guaranty topped the rankings of municipal bond insurers for the second quarter while Orrick Herrington & Sutcliffe LLP was the leading bond counsel.

A federal appeals court ruling that allows Fort Worth, Texas, to reduce pension benefits is a positive credit factor for the city and others seeking to adjust to growing obligations, according to Moody's Investors Service.

A Michigan board has authorized key pieces of the $617 million restructuring of the Detroit Public Schools amid lingering market questions over the fate of the district's bonds.

The U.S. Department of Transportation has set up a Build America Bureau that will combine bond, loan and grant programs to facilitate the development of transportation infrastructure projects throughout the country.

Newly announced $10 million grants for five downtown revitalization projects around New York State are a credit positive for the participating municipalities, according to Moody’s Investors Service.

Butler Snow has hired Stephen E. Weyl to practice law in its public finance, tax incentives, and credit markets groups in Boston.

Top-shelf municipal bonds were steady to slightly weaker at mid-session, traders said, as a second wave of new issuance swept over the market on Wednesday.

Pennsylvania’s $1.3 billion revenue package that balanced its fiscal 2017 budget is a strong step toward long-term budget balance, said Moody’s.

Kentucky plans to issue $100 million of bonds to support a workforce development training initiative seen as critical to better prepare people for jobs that match the needs of employers in the state.

Federal Reserve Bank of Cleveland President Loretta J. Mester was misquoted regarding interest rates, according to a release issued Wednesday.