News and Information from Bond Buyer

Voter approval of two property tax millage requests from the junk-rated Pontiac City School District should aid its fiscal recovery efforts by raising fresh funds for capital and relieving pressures on its general fund, Moody’s Investors Service says.

The Internal Revenue Service’s Office of Tax-Exempt Bonds recently released two model closing agreements, one for the general examination program and one for the Voluntary Closing Agreement Program.

Jefferson County, Ala., said in a notice Monday it paid $5.37 million earlier this month to the Internal Revenue Service for investing some of its 2004 school warrants at interest rates higher than allowed by federal tax laws.

Standard & Poor's Ratings Services raised its long-term rating to 'AA-' from 'A+' on Southeastern Pennsylvania Transportation Authority's (SEPTA) series 2011 capital grant receipts bonds. The outlook is stable.

Georgia saw state revenues jump a whopping 24.9% in February, although state officials said Internal Revenue Service security breaches helped skew the results by delaying refunds.

Sen. Bob Menendez, D-N.J., and several other Senate Democrats introduced two bills on Monday to give Puerto Rico broad restructuring powers as well as better federal tax and healthcare treatment, but the legislative package is likely to face stiff resistance in Congress where many Republicans have opposed territory-wide debt adjustments.

Top-rated municipal bonds finished mixed on Monday, according to traders, as deals from the New York City Transitional Finance Authority and the Westchester County, N.Y., Local Development Corp. came to market.

The Puerto Rico Electric Power Authority is preparing to privately place $111 million in bonds by March 28.

If North Carolina voters allow the state to issue $2 billion of general obligation bonds it could signal a shift in sentiment about tax-backed debt issuance, according to Fitch Ratings.

The Lamar Consolidated Independent School District near Houston has filed a disclosure notice about the case for investors in the district’s bonds.

Louisiana-based Adam and Reese LLP has promoted partner Tracy Averett Morganti to head the firm's public finance team.

George Pitt, a bond lawyer who pioneered early tax-exempt healthcare financing and was revered by a generation of Chicago attorneys, died earlier this month of heart failure.

A two-year reauthorization of the Federal Aviation Administration under consideration this week by a Senate committee would provide more federal funding for runways and other infrastructure while keeping the revenue source used to back bonds financing terminal projects at its current level.

A settlement over back pay for the city’s police and fire unions is a major step to financial recovery in Scranton, Pa., says Mayor Bill Courtright.

Kerry O’Sullivan, a veteran of the municipal bond industry and friend of the Municipal Bond Club of New York, died March 10 at the age of 59.

Standard & Poor's Ratings Services said it raised its financial strength and long-term issuer credit ratings on Radian Guaranty Inc. and Radian Mortgage Insurance Inc. to BBB-minus from BB-plus, and raised its long-term issuer credit rating on Radian Group Inc. to BB-minus from B-plus.

Top-rated municipal bonds were mixed at midday, according to traders, as deals from the New York City Transitional Finance Authority and the Westchester County, N.Y., Local Development Corp. came to market.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.335% high rate, up from 0.315% the prior week, and the six-months incurred a 0.510% high rate, up from 0.475% the week before.

Morgan Stanley, one of the Wall Street banks that deals with the Federal Reserve, cut its Treasury yield forecasts for 2016 and said the central bank will wait until December before raising interest rates. Benchmark 10-year yields fell from a six-week high.

The Treasury Department said Monday it will sell $60 billion of four-week discount bills Tuesday.