News and Information from Bond Buyer

Standard & Poor's downgraded the underlying rating of Snohomish County School District No. 15 in Edmonds, Wash. to AA-minus from AA

Seven former Internal Revenue Service commissioners are decrying ongoing House and Senate appropriations cuts for the IRS, warning they are hurting tax enforcement as well as taxpayer assistance, among other things.

California received $6.4 billion in tax revenues in October soaring 5.7% higher than last year’s figures.

The AAA rating recently assigned to San Diego Unified School District's upcoming general obligation bond issuance could set a precedent for other school district ratings throughout California, according to Fitch Ratings in a report.

The New Jersey Legislature has scheduled a "fact-finding" hearing to explore legalizing marijuana as a way to reform drug laws while also raising new revenue.

Pennsylvania Gov. Tom Wolf and lawmakers say a budget outline is in place, though many variables linger in the commonwealth's five-month budget impasse.

As many communities struggle, the capital necessary for investment may be hidden in plain sight with community development finance institutions.

Connecticut will come to market with a $650 million GO bond sale that includes a green-bond series of $65 million.

In observance of Veterans Day the bond market is closed Wednesday. Primary action will pick up on Thursday, as the rest of the week's new issue slate is scheduled to price.

Nov. 11, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 1.02 3.02 3.94 4.95 Indiana Aaa/AAA/AA+ 0.27 1.38 2.31 3.32 Iowa Aaa/AAA/AAA 0.27 1.39 2.31 3.32 Michigan Aa2/AA/AA 0.31 1.45 2.42 3.45 Minnesota Aa1/AA+/AA+ 0.28 1.36 2.24 3.24 Missouri Aaa/AAA/AAA 0.27 1.31 2.2 3.21 Nebraska NR/AAA/NR 0.27 1.4 2.36 3.4 North Dakota Aa1/AA+/NR 0.3 1.45 2.39 3.4 Ohio Aa1/AA+/AA+ 0.29 1.42 2.35 3.37 South Dakota NR/AA+/AA+ 0.31 1.44 2.39 3.42 Wisconsin Aa2/AA/AA 0.3 1.39 2.36 3.35

11/3/2015 10/27/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 11 $595,985 15 $155,165 $440,820 Indiana 12 33,145 14 177,620 -144,475 Iowa 2 3,110 5 73,650 -70,540 Michigan 7 87,920 9 192,865 -104,945 Minnesota 19 172,415 25 226,910 -54,495 Missouri 2 5,935 4 108,615 -102,680 Nebraska 1 179,400 1 179,400 0 North Dakota 4 104,075 3 47,840 56,235 Ohio 5 115,355 7 247,960 -132,605 South Dakota 0 0 1 47,565 -47,565 Wisconsin 11 335,895 9 44,340 291,555

Government

Municipal bonds prices were slightly higher at Tuesday’s close, according to traders, with some yields on top-quality munis lower by one basis point. The market saw a steady dose of action on Tuesday, with many notable larger deals being priced. What was supposed to be the largest deal of the week – a $1.75 billion offering from All Aboard Florida, has been postponed. Due to Veterans Day on Wednesday, there will be no bonds sold or traded. The action will pick up back again on Thursday.

A property tax cut approved by Texas voters Nov. 3 will lower school funding by about $1.2 billion over two years, but credit ratings should not be affected, Fitch Ratings says.

Standard & Poor's has moved Minnesota-based St. Croix Preparatory Academy’s rating closer to investment grade level.

Connecticut should reduce the investment return assumptions of its two major state employee retirement plans, state budget Director Benjamin Barnes said following an academic report.

San Francisco mayor Ed Lee is touting the Board of Supervisors' approval of a downtown affordable housing project that will provide homes for lower-income residents while also helping to pay for local infrastructure.

An independent report commissioned by the Los Angeles Unified School District's superintendent predicted dire financial results if the school system doesn't take action.

Lawrence, Indiana’s waterworks utility lost its investment grade level rating after being hit with a three notch downgrade from Standard & Poor’s.

This week we explore the challenges often faced by Issuers and Underwriters in navigating the municipal bond disclosure regime. We also take an early look at the impact of the reopening of the SLGS window.