News and Information from Bond Buyer

Municipal bond funds saw outflows for the fourth straight week, according to Lipper data released on Thursday. Weekly reporting funds experienced $411.069 million of outflows in the week ended Sept. 16, after seeing outflows of $95.986 million in the previous week, Lipper reported.

Government

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was three basis points higher to 4.47% for the week ended Sept. 17 from 4.44% in the previous week.

The Michigan Treasurer will take over 16 financially distressed school districts under a new early-warning system passed by lawmakers in June.

The Municipal Securities Rulemaking Board has shelved its controversial proposal to ease independence standards to obtain a public investor on its board and will instead establish an investor advisory group.

Prices of top-shelf municipal bonds finished decidedly stronger on Thursday, according to traders, after the Federal Reserve decided not to raise interest rates.

State tax revenues increased 5.8% in the first quarter of 2015 from revenues in the first quarter of 2014, according to the Nelson A. Rockefeller Institute of Government.

The Illinois Housing Development Authority is searching for a new executive director to replace Mary Kenney who leaves Friday to join BMO as its director of U.S. government affairs.

Low balances in the Highway Trust Fund could result in delayed reimbursements to states for transportation projects by Thanksgiving.

The Wayne County Commission Thursday approved a 2016 budget that the Michigan county’s top executive called crucial to its recovery from its financial emergency.

Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating on New Mexico State University's various revenue bonds to AA-minus from AA.

The Securities and Exchange Commission adopted amendments to its money market fund rule that would remove credit ratings references funds use to comply with the rule -- an action many market participants applauded but others said could pose risks..

Standard & Poor's has put the San Mateo County (Calif.) Board of Education on negative watch and warned of a possible rating withdrawal later this month because the rating agency says the issuer is not providing information quickly enough.

Fitch Ratings upgraded New York’s Erie County to A-plus from A on Sept. 16 citing improved budgeting practices.

A California study into conduit borrowers’ disclosure practices says the industry should try to make disclosure more consistent to allow investors to better evaluate investment alternatives.

The Alabama Legislature late Wednesday approved a state budget for the fiscal year that begins Oct. 1 after making structural changes aimed at stabilizing the general fund.

The National Conference of State Legislatures is urging Congress to not consider extending or making permanent the moratorium on state and local governments taxing Internet access unless it does so at the same time as or after it considers legislation that would allow states to require out-of-state online retailers to collect sales taxes.

Illinois Metropolitan Pier & Exposition Authority officials said they are pleased with the results of its Wednesday bond pricing, even though it paid a penalty for the recent loss of its high-grade ratings.

New Rhode Island Treasurer Seth Magaziner touted a $175 million debt restructuring and a green-themed Infrastructure Bank as progress for the state.

Prices of top-shelf municipal bonds were flat at mid-session, according to traders, as the market awaited the decision by the Federal Reserve on whether to raise interest rates. There were no major deals slated for pricing on Thursday or Friday.