News and Information from Bond Buyer

The choice to pay or not pay debt secured by a statutory lien when bankruptcy commences is entirely in the control of the municipal debtor.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.005% high rate, down from 0.055% the prior week, and the six-months incurred a 0.115% high rate, down from 0.260% the week before.

Abstract: Members of the federal government are featured in part 3 of a Bond Buyer video series on influential people in the planned debt restructuring. Pictured is the U.S. Capitol Building in Washington, D.C.

The Treasury Department said Monday it will sell $15 billion of four-week discount bills Tuesday.

Standard & Poor's Ratings Services said it lowered to BBB-minus from BBB its underlying rating on Washington Higher Education Facilities Authority's series 2006 bonds, issued for Pacific Lutheran University.

Indicator Last Report Forecast Actual Existing Home Sales July: 5.58M Aug.: 5.52M Aug.: 5.31M

Pennsylvania’s budget dispute is nearing its third month, with Democratic Gov. Tom Wolf and Republican lawmakers still at odds.

Existing home sales fell 4.8% to a seasonally adjusted 5.31 million-unit rate in August from a downwardly revised 5.58 million pace the previous month, the National Association of Realtors announced Monday.

Standard & Poor's Ratings Services said it lowered its rating on Massachusetts Bay Transportation Authority's $3.7 billion parity sales tax bonds outstanding to AA-plus from AAA.

Some documents related to the 38 Studios lawsuit may remained sealed, a Rhode Island judge ruled.

Monday, September 21 Issuer St Description Amount

Monday, September 21 Issuer St Description Amount

Sep. 21, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.3 1.72 2.71 3.72 Delaware Aaa/AAA/AAA 0.23 1.41 2.21 3.21 Maine Aa2/AA/AA 0.24 1.49 2.31 3.32 Maryland Aaa/AAA/AAA 0.23 1.47 2.27 3.22 Massachusetts Aa1/AA+/AA+ 0.26 1.51 2.39 3.41 New Hampshire Aa1/AA/AA+ 0.24 1.49 2.31 3.34 New Jersey A1/A/A 0.58 2.3 3.27 4.17 New York Aa1/AA+/AA+ 0.23 1.43 2.27 3.39 Pennsylvania Aa3/AA+/AA+ 0.43 1.87 2.81 3.8 Rhode Island Aa2/AA/AA 0.31 1.67 2.67 3.67 Vermont Aaa/AA+/AAA 0.23 1.43 2.27 3.25 Dist. of Columbia Aa1/AA/AA 0.27 1.54 2.4 3.43 Puerto Rico Caa3/CC/CC 12.23 11.42 10.77 8.27

Week Of September 21 Issuer St Description Amount

ALABAMA

9/18/2015 9/11/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 88,185 3 $80,420 $7,765 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 2 97,145 1 49,365 47,780 Massachusetts 0 0 6 51,775 -51,775 New Hampshire 0 0 0 0 0 New Jersey 3 34,200 3 27,455 6,745 New York 18 1,110,965 14 1,159,394 -48,429 Pennsylvania 5 99,105 11 495,445 -396,340 Rhode Island 0 0 0 0 0 Vermont 0 0 0 0 0 District of Columbia 1 97,745 1 97,745 0 Puerto Rico 1 750,000 1 750,000 0

Week Of September 21 Issuer St Description Amount

Day Indicator Last Report Forecast Monday Existing Home Sales July: 5.59M Aug.: 5.52M Thursday Durable Goods July: +2.0% Aug.: -2.0% Thursday Durable Goods ex Trans July: +0.6% Aug.: +0.2% Thursday Initial Jobless Claims 9/12: 264,000 9/19: 270,500 Thursday Continuing Claims 9/5: 2.237M 9/12: 2.240M Thursday New Home Sales July: 507,000 Aug.: 520,000 Friday GDP Q1: +0.6% Q2: +3.7% Friday Final Sales Q1: -0.2% Q2: +3.5% Friday Core PCE Q1: +1.9% Q2: +1.8% Friday Michigan Sentiment Aug.: 91.9 Sept: 86.85 Friday Current Conditions Aug.: 105.1 Sept: 100.55 Friday Expectations Aug.: 83.4 Sept: 77.0

The Puerto Rico Aqueduct and Sewer Authority ended fiscal year 2015 more than twice as strong as budgeted.

The total amount of outstanding municipal securities in the market rose 0.55% to $3.71 trillion in the second quarter of this year, while U.S. bank holdings followed suit rising to $477 billion, a 2.5% increase from the first quarter’s $465 billion.