News and Information from Bond Buyer

Gov. Tom Wolf and the Pennsylvania legislature are still at odds over a tardy $30 billion fiscal 2016 budget, even after lawmakers sent him another version.

The municipal bond market was set to see the last of the week’s big new issue slate come to market on Thursday.

The region's manufacturing sector expanded in March, as the general business conditions index climbed to positive 12.4 from negative 2.8 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Moody's Investors Service said it has downgraded the city of Houston, Texas's general obligation limited tax rating to Aa3 from Aa2, affecting approximately $3 billion in previously issued bonds.

Mar. 17, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.52 1.19 2.04 2.99 Florida Aa1/AAA/AAA 0.52 1.25 2.04 2.96 Georgia Aaa/AAA/AAA 0.5 1.14 1.9 2.83 Kentucky Aa2/A+/AA+ 0.54 1.28 2.1 3.06 Louisiana Aa3/AA/AA 0.65 1.59 2.35 3.29 Mississippi Aa2/AA/AA+ 0.52 1.24 2.13 3.09 North Carolina Aaa/AAA/AAA 0.5 1.14 1.9 2.83 South Carolina Aaa/AA+/AAA 0.5 1.18 1.95 2.87 Tennessee Aaa/AA+/AAA 0.5 1.17 1.93 2.84 Virginia Aaa/AAA/AAA 0.49 1.13 1.89 2.82 West Virginia Aa1/AA/AA+ 0.51 1.21 2.02 2.98

3/16/2016 3/9/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $20,005 2 $8,550 11,455 Florida 4 561,670 6 418,425 143,245 Georgia 1 10,000 2 55,000 -45,000 Kentucky 6 52,055 4 41,215 10,840 Louisiana 1 36,000 2 234,680 -198,680 Mississippi 0 0 0 0 0 North Carolina 1 27,075 6 168,820 -141,745 South Carolina 2 109,200 0 0 109,200 Tennessee 4 818,360 5 59,225 759,135 Virginia 1 50,345 3 233,735 -183,390 West Virginia 0 0 0 0 0

Thursday, March 17 Issuer St Description Amount

Thursday, March 17 Issuer St Description Amount

Week Of March 21 Issuer St Description Amount

Week Of March 14 Issuer St Description Amount

ALABAMA

CONNECTICUT

Detroit Public Schools got some positive news on Wednesday by way of nearly $50 million of emergency funding that cleared a House committee Wednesday.

Government

Top-rated municipal bonds ended mixed on Wednesday, traders said, after the Federal Open Market Committee kept rates unchanged but lowered its federal funds rate projections, meaning it expects to raise rates only two more times this year, not the four expected by the last set of “dot plots.” In the primary market, the big Connecticut deal was priced for institutions while the Nashville and Davidson County sale was priced for retail investors.

The Chicago City Council signed off on Mayor Rahm Emanuel’s request to issue up to $200 million of water revenue bonds to cover swap termination payments.

The Puerto Rico Electric Power Authority said Wednesday it anticipates an electricity rate increase by midyear, about four months earlier than previously indicated.

A coalition of business groups this week called for the House Judiciary Committee to vote on legislation that would allow states to collect sales tax on purchases from Internet retailers located outside of their borders.

An employee group at KNN Public Finance has bought back the California municipal advisory firm from its parent company, Zions Bank, citing the regulatory environment and its emphasis on duty of care to clients.

Ferguson and the U.S. Justice Department will soon seek court approval on a consent agreement that outlines municipal court and policing reforms.