News and Information from Bond Buyer

The Missouri House intends to restore the $12 million appropriation – recently stripped from the state’s pending fiscal 2017 budget -- that goes to repay its share of debt issued for the St. Louis Rams’ stadium.

Government

Six broker-dealers and investment providers have agreed to pay $103.35 million in preliminary settlements of charges by issuers and state attorneys general that they engaged in bid-rigging and price fixing for municipal investment products and derivatives.

Newark Mayor Ras Baraka is calling for an audit of Port Authority of New York and New Jersey revenue related to the agency’s lease agreement with the city.

The University of Chicago took a hit from Standard & Poor’s, which downgraded the school to AA-minus from AA amid balance-sheet pressure and planned deficits.

The primary market priced noteworthy deals from issuers in North Carolina, Texas and Wisconsin on Wednesday as munis closed the day mostly unchanged.

Detroit City Mayor Mike Duggan warned that the city faces significant underfunding of its pension liabilities and hinted at a lawsuit against the team that led the city through its bankruptcy exit.

Pennsylvania Gov. Tom Governor Wolf has a treatable form of prostate cancer, he announced Feb. 24.

New York State's fiscal position has improved, but increasing budget challenges loom, according to a new report from State Comptroller Thomas DiNapoli.

The Treasury Department auctioned $35 billion of five-year notes, with a 1 1/8% coupon, a 1.169% high yield, a price of 99.786910.

The South Carolina-based law firm of Pope Flynn has hired Tom Havener as a public finance tax attorney, the firm announced Tuesday.

The primary market saw noteworthy deals from issuers in North Carolina, Texas, Wisconsin and Maryland on Wednesday.

In the Southeast, pent-up need for capital and low interest rates translated into a five-year high for bond issuance in 2015.

The Treasury Department Wednesday auctioned $13 billion of one-year 11-month floating rate notes with a high discount margin of 0.237%, at a 0.272% spread, a price of 100.068080.

Creditors of the Puerto Rico Electric Power Authority are focused on the passage of a rate increase as the first of several remaining restructuring deal hurdles.

Financial information of state and local government debt issuers is of great interest to state residents and taxpayers, not only for how tax dollars and other revenues are used, but how well they are used. The more transparent, the greater confidence citizens may have in their government. The bar for such transparency has just been raised by DebtWatch.

The full board of New York's Metropolitan Transportation Authority approved an additional $66 million to accelerate construction of the long-delayed Second Avenue subway line.

Inflation is "likely" to hit the Federal reserve's 2% target over the medium-term, Federal Reserve Bank of Richmond President Jeffrey M. Lacker said Wednesday.

Indicator Last Report Forecast Actual New Home Sales Dec.: 544,000 Jan.: 521,000 Jan.: 494,000

The primary market will see noteworthy deals from issuers in North Carolina, Texas, Wisconsin and Maryland on Wednesday.