News and Information from Bond Buyer

Wednesday, October 28 Issuer St Description Amount

Week Of October 26 Issuer St Description Amount

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CALIFORNIA

Chicago City Council members cast their vote Wednesday on Mayor Rahm Emanuel’s nearly $8 billion 2016 budget that relies on a record property tax hike billed as the needed fix for the city’s pension mess that’s behind its plummeting credit.

Municipal bond issuers and borrowers haven’t substantially improved the amount of time they take to complete their financial audits, a report from Merritt Research Services found.

Government

Prices of top-rated municipal bonds ended stronger on Tuesday, according to traders, with yields weakening by as much as three basis points.

Despite last week’s downgrades, Illinois’ general obligation paper fares better than New Jersey for relative credit risk, Municipal Market Analytics said in a commentary comparing the two lowest-rated states.

The Seminole Tribe sued the state of Florida just days before expiration of an exclusive agreement allowing the tribe to offer lucrative card games at its casinos.

Rhode Island Gov. Gina Raimondo highlighted efforts to build a knowledge-based economy and fix tattered infrastructure at a Bond Buyer event in Providence.

Six of Illinois’ eight public universities took a fresh credit blow from Moody’s Investors Service with downgrades stemming from exposure to the state’s fiscal strains and its budget crisis.

A budget deal released late Monday would suspend the debt limit through March 15, 2017 but would also extend sequestration of direct-pay bond subsidies by an additional year, through fiscal 2025.

Issuers should monitor bond activity for compliance violations, an IRS tax law specialist said at a Bond Buyer conference in Providence, R.I.

Prices of top-rated municipal bonds were stronger at mid-session, according to traders, with yields weakening by as much as three basis points.

The Treasury Department Tuesday auctioned $5 billion of four-week bills at a 0.010% high yield, a price of 99.999194.

The House on Tuesday passed a three-week extension of federal transportation funding that would keep reimbursements to states for highway and transit projects flowing through Nov. 20.

Indicator Last Report Forecast Actual Durable Goods Aug.: -3.0% Sept.: -1.1% Sept.: -1.2% Durable Goods ex Trans Aug.: -0.9% Sept.: unch Sept.: -0.4% Consumer Confidence Sept.: 102.6 Oct.: 102.9 Oct.: 97.6

When it comes to getting money back from the Federal government, New York State is getting shortchanged, according to a report released on Tuesday by state Comptroller Thomas DiNapoli.

Texas service sector activity “continued to reflect expansion in October,” according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index slipped to 7.0 from 12.8.