News and Information from Bond Buyer

Rutgers University in New Jersey had its long-term credit rating lowered one notch by Standard & Poor’s to A-plus from AA-minus on Sept. 25 due to diminished financial resources.

Government

Chicago Mayor Rahm Emanuel skirted around questions over whether he’s pinning too much hope on the state for key provisions that soften the blow of his record property tax hike to cover escalating public safety costs.

The California Department of Finance approved spending $10 million from budget reserves to clean up debris considered a safety hazard from two fires that ravaged Northern California.

The University of North Texas System will reduce the size of its $222 million deal by $45 million after a private placement offer provided better terms, officials said.

Rhode Island Superior Court has released tens of thousands of documents related to the state’s 38 Studios lawsuit.

The IAH Public Facility Corp. has reached a proposed settlement with the Internal Revenue Service to resolve a tax-law dispute relating to about $49 million of bonds it issued in 2004 and 2006 to finance a jail in Polk County, Texas.

Prices of top-shelf municipal bonds finished weaker on Friday, traders said, with yields on some maturities rising by as much as two basis points. Traders and other market participants are now turning their attention towards next week deals, in anticipation of more ‘chunkier’ issues.

Rep. Nydia Velázquez wants to extend protections under the Investment Company Act of 1940 to Puerto Rico, saying their absence caused Puerto Ricans to suffer losses when they invested in mutual funds heavily stocked with the financially struggling commonwealth’s bonds.

A Michigan Senate committee will take up a statutory lien bill that is part of a national debate sparked in part by Detroit’s 2013 bankruptcy.

Chicago received a rare bit of good credit news Friday as Fitch Ratings elevated its outlook on O’Hare International Airport’s general credit to positive ahead of a $2 billion sale.

The National Football League is asking its players to help finance any new stadium in Los Angeles, a prerequisite to putting a team in the No. 2 U.S. media market for the first time since the Raiders and Rams bolted in 1994.

Dealers acting as principals would have to disclose markups and markdowns in transactions with retail customers under rule changes proposed by the Municipal Securities Rulemaking Board.

Honolulu Mayor Kirk Caldwell sent a letter to rail officials demanding answers about $1.1 billion in cost overruns on Oahu’s 20-mile elevated rail project.

New York’s Off-Track Betting (OTB) corporations are at risk of financial insolvency due to major revenue decreases and rising costs, according to a new audit issued by State Comptroller Thomas DiNapoli.

Sen. Orrin Hatch, R-Utah, has announced four invited speakers who bring varying views on the merits of Chapter 9 bankruptcy protection in Puerto Rico for Tuesday’s House Finance Committee hearing on the commonwealth’s fiscal health in light of its $71 billion in debt.

The New Jersey State Senate pressed the federal government on Sept. 24 to accept a funding proposal for a new $20 billion Gateway rail tunnel project with a bipartisan resolution that passed in a 38-0 vote.

Puerto Rico’s economic activity index went down in July but bounced back up in August.

New York's MTA will review its $152 million contract with its paratransit Access-a-Ride service provider after employees told board members of mistreatment.