News and Information from Bond Buyer

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A House bill designed to help Puerto Rico will now move to the Senate after House members passed the bill 297 to 127 during a session that stretched into early Thursday evening.

Government

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell four basis points to 3.86% from 3.90% in the previous week.

Changes to Pennsylvania school district enhanced ratings by bond agencies are confusing the capital markets, according to PNC Capital Markets.

In a decision on Thursday the U.S. Supreme Court ruled that Puerto Rico enjoys most types of sovereignty but not a type relevant to the criminal case at hand.

North Carolina’s Fayetteville Public Works Commission auctioned $114.4 million of 25-year bonds on Wednesday, resulting in yields lower than the utility’s last foray into the market two years ago.

Fortune 500 behemoth General Electric plans to bring 100 tech jobs to Rhode Island, Gov. Gina Raimondo announced.

Yields on long-dated municipal bonds dropped to new lows on Thursday, according to a final read of Municipal Market Data’s triple-A benchmark scale.

Michigan lawmakers finalized a controversial Detroit Public Schools restructuring package that is supposed to rescue the struggling system from insolvency.

South Carolina Gov. Nikki Haley gave her assent to a bill authorizing $2.3 billion of revenue bonds for highway projects.

West Virginia is closer to a state government shutdown after Gov. Earl Ray Tomblin vetoed the fiscal 2017 state budget, saying the spending plan lawmakers approved unwisely draws on the state reserves and threatens its bond ratings.

Most New York City agencies improved their rate of starting capital projects in 2015, said city Comptroller Scott Stringer.

Leaders in California's largest cities are contemplating bond measures and tax increases to tackle worsening homelessness crisis, including an unprecedented local income tax in Los Angeles County.

The Internal Revenue Service should do more targeted than random audits to reduce burdens on issuers and improve compliance amidst strained resources and staff, an advisory panel recommended.

The Treasury Department Thursday auctioned $12 billion of 29-year 11-month bonds with a 2.50% coupon at a 2.475% high yield, a price of 100.524034.

Yields on top-rated municipal bonds dropped further into record low territory on the long end Thursday, according to Municipal Market Data.

The New Jersey Supreme Court upheld Gov. Chris Christie’s 2011 suspension of cost of living adjustments for retirees’ pension benefits in a ruling that keeps the state's pension funding position from getting even worse.

The Treasury Department said Thursday it will auction $31 billion 91-day bills and $26 billion 182-day discount bills Monday.