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Three state Republican parties are challenging the constitutionality of a revised Municipal Securities Rulemaking Board rule designed to prevent municipal advisors as well as dealers from engaging in pay-to-play practices. The revised rule was approved by the Securities and Exchange Commission in February.
May 18 -
The Santa Clara County, Calif. Financing Authority, which has sharply reduced its liabilities and placed itself in strong financial position over the past several years, will sell $160.85 million of highly-rated bonds in a competitive sale next week.
May 18 -
House appropriations panel adopts a fiscal 2017 transportation budget that incorporates FAST Act funding.
May 18
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The retail development lure could help Gov. Andrew Cuomo push the New York Penn Station project in a region noted for megaproject delays and fractious governance.
May 18
- New Jersey
New Jersey is facing a possible $1.1 billion revenue shortfall for the current and next fiscal year following weaker than expected income tax collections in April, according to the state Legislatures nonpartisan budget office.
May 18
- Washington
A House committee has passed legislation that would block the District of Columbia from having budget autonomy and the ability to spend its local tax dollars without congressional approval.
May 18
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Municipal bond market participants may agree that bank loan disclosure falls short but there's little consensus about how to improve it amid heightened regulatory scrutiny.
May 18
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Top quality municipal bonds were weaker at mid-session, according to traders, with yields on longer maturities moving up from record low levels. In the primary, traders were seeing a new wave of supply hit the market on Wednesday, led by issuers in New York and California.
May 18
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The New York Metropolitan Transportation Authoritys operation of its federally mandated Access-A-Ride program has been marked by waste, mismanagement and widespread service failures, according to an audit released on Tuesday by Comptroller Scott M. Stringer.
May 18
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The Kentucky Bond Corp. will use its highly rated pool bond program to help Hillview fund a legal settlement negotiated after the city filed for bankruptcy.
May 18
- Puerto Rico
Puerto Rico Gov. Alejandro García Padilla froze the transfer of revenues from the Puerto Rico Highways and Transportation Authority to its bonds, making the commonwealth the biggest technical defaulter in United States municipal history.
May 18
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The Internal Revenue Service has closed two audits with no change to the tax-exempt status of $117.73 million of utility revenue bonds issued by the Village Center Community Development District in 1998 and 2003, but retired in 2014.
May 18 -
An Illinois city is currently under audit for $12.8 million of general obligation corporate purpose bonds it issued seven years ago.
May 18 -
Municipal bond traders are watching falling long-term yields as they wait for a second wave of new deals to hit the market on Wednesday, led by issuers in New York and California.
May 18 -
May. 18, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa1/A+/BBB+ 1.41 2.53 3.29 4.12 Indiana Aaa/AAA/AA+ 0.56 0.99 1.66 2.54 Iowa Aaa/AAA/AAA 0.56 0.98 1.66 2.54 Michigan Aa1/AA+/AA 0.6 1.04 1.73 2.64 Minnesota Aa1/AA+/AA+ 0.57 0.95 1.58 2.43 Missouri Aaa/AAA/AAA 0.56 0.92 1.55 2.43 Nebraska NR/AAA/NR 0.56 1.01 1.71 2.62 North Dakota Aa1/AA+/NR 0.59 1.05 1.74 2.62 Ohio Aa1/AA+/AA+ 0.58 1 1.66 2.57 South Dakota NR/AA+/AA+ 0.58 1.01 1.74 2.64 Wisconsin Aa2/AA/AA 0.58 1.01 1.68 2.54
May 18 -
5/17/2016 5/10/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 9 $419,860 9 $124,364 $295,496 Indiana 15 303,895 9 292,995 10,900 Iowa 13 245,700 13 97,790 147,910 Michigan 11 168,275 13 149,145 19,130 Minnesota 39 358,538 34 290,210 68,328 Missouri 5 31,100 2 64,800 -33,700 Nebraska 0 0 0 0 0 North Dakota 4 55,755 4 56,695 -940 Ohio 10 204,335 5 104,715 99,620 South Dakota 2 99,680 2 99,680 0 Wisconsin 31 252,745 40 245,290 7,455
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