News and Information from Bond Buyer

Week Of February 16 Issuer St Description Amount

Feb. 16, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.43 0.92 1.78 2.87 Arkansas Aa1/AA/NR 0.39 0.84 1.65 2.72 Colorado Aa1/AA/NR 0.4 0.9 1.74 2.85 Kansas Aa2/AA/NR 0.38 0.88 1.74 2.81 New Mexico Aaa/AA+/NR 0.38 0.83 1.65 2.75 Oklahoma Aa2/AA+/AA+ 0.4 0.9 1.76 2.85 Texas Aaa/AAA/AAA 0.4 0.84 1.7 2.79 Utah Aaa/AAA/AAA 0.38 0.78 1.55 2.63

2/15/2016 2/8/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 0 $0 4 90,900 -$90,900 Arkansas 2 9,355 3 41,490 -32,135 Colorado 1 110,000 2 14,730 95,270 Kansas 4 32,805 9 83,370 -50,565 New Mexico 4 102,448 4 178,150 -75,702 Oklahoma 9 34,565 15 72,325 -37,760 Texas 32 1,026,650 22 1,614,485 -587,835 Utah 4 151,580 6 159,315 -7,735

ARIZONA

Day Indicator Last Report Forecast Tuesday Empire State Manufacturing Jan.: -19.37 Feb.: -10.00 Tuesday NAHB Housing Index Jan.: 60 Feb.: 60 Wednesday Housing Starts Dec.: 1.149M Jan.: 1.177M Wednesday Building Permits Dec.: 1.232M Jan.: 1.200M Wednesday PPI Dec.: -0.2% Jan.: -0.2% Wednesday PPI Core Dec.: +0.1% Jan.: +0.1% Wednesday Industrial Production Dec.: -0.4% Jan.: +0.4% Wednesday Capacity Utilization Dec.: 76.5 Jan.: 76.7 Thursday Initial Jobless Claims 2/6: 269,000 2/13: 275,000 Thursday Continuing Claims 1/30: 2.239M 2/6: 2.245M Thursday Philly Fed Manufacturing Jan.: -3.5 Feb.: -2.8 Thursday Leading Indicators Dec.: -0.2% Jan.: -0.2% Friday CPI Dec.: -0.1% Jan.: -0.1% Friday CPI Core Dec.: +0.1% Jan.: +0.2%

Feb. 15, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.45 1.06 1.98 3.09 Delaware Aaa/AAA/AAA 0.36 0.77 1.55 2.62 Maine Aa2/AA/AA 0.39 0.83 1.65 2.73 Maryland Aaa/AAA/AAA 0.38 0.79 1.59 2.63 Massachusetts Aa1/AA+/AA+ 0.39 0.84 1.7 2.78 New Hampshire Aa1/AA/AA+ 0.39 0.81 1.61 2.72 New Jersey A2/A/A 0.73 1.49 2.41 3.48 New York Aa1/AA+/AA+ 0.38 0.79 1.62 2.79 Pennsylvania Aa3/AA+/AA+ 0.53 1.16 2.08 3.13 Rhode Island Aa2/AA/AA 0.46 1.01 1.91 2.98 Vermont Aaa/AA+/AAA 0.38 0.8 1.58 2.64 Dist. of Columbia Aa1/AA/AA 0.4 0.86 1.72 2.82 Puerto Rico Caa3/CC/CC 12.88 13.54 11.16 8.58

2/12/2016 2/5/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 5 $24,230 5 $199,290 -$175,060 Delaware 1 15,500 0 0 15,500 Maine 3 9,069 3 34,824 -25,755 Maryland 6 418,850 3 62,800 356,050 Massachusetts 7 227,566 1 7,848 219,718 New Hampshire 0 0 1 16,990 -16,990 New Jersey 3 18,197 3 20,650 -2,453 New York 7 531,923 14 1,618,999 -1,087,076 Pennsylvania 6 110,085 5 399,070 -288,985 Rhode Island 0 0 0 0 0 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Puerto Rico will release a draft of its comprehensive annual financial report for fiscal year 2014 on Sunday or Monday.

Government

A deal to restructure the debt of the Puerto Rico Electric Power Authority may fall apart due to a lack of Puerto Rico legislative support.

Municipal bond volume is estimated at $5.2 billion for the coming holiday shortened week, led by MTA’s $500 million of green bonds.

The Sacramento Municipal Utility District's decision to abandon the $1.45 billion, 400-megawatt Iowa Hill pumped storage generation project is good for its credit, Moody's Investors Service said Friday.

Muni market groups are considering changes to issuer audit processes, improvements to EMMA, and additional guidance from regulators as part of a collaborative effort to shore up continuing disclosure and prevent additional rules or enforcement actions from the Securities and Exchange Commission.

Interstate tolling is one way to make federal transportation funding more productive, CBO says.

The Internal Revenue Service has announced how many qualified zone academy bonds can be issued in each state, the District of Columbia and U.S. territories in 2015 and 2016.

With Kansas lawmakers already working to close a $200 million budget gap, the state now must now address a court order to fix the school funding formula by June 30.

Standard & Poor's revised its outlook on King County, Wash.'s existing debt to negative from stable.

The education spending proposed in the California governor’s budget is enough to sustain the sector's healthy and improving credit position, Moody's Investors Service said.

Top quality municipal bonds weakened further at mid-session, traders said, with yields on some maturities strengthening by as much as three basis points.

Rhode Island Gov, Gina Raimondo signs a sweeping $500 million bridge-and-road improvement bill that includes a controversial tolls for large trucks.