News and Information from Bond Buyer

The legal battles over funding for the distressed Chester Upland, Pa., School District's charter schools have triggered debate over investor risk.

The University of Michigan's final August consumer sentiment index reading was 91.9, compared to the preliminary August 92.9, and the final July 93.1, according to market sources.

The municipal bond market will clear the decks Friday ahead of next week's lighter new issue calendar.

The Federal Reserve should not raise interest rates this year, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota repeated Friday.

Moody's Investors Service said it has upgraded the city of Detroit's sewer enterprise ratings to Baa3 and Ba1, respectively, for senior and second lien revenue securities.

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ALABAMA

Municipal bond funds saw cash redemptions in the latest week, according to Lipper data released on Thursday. Funds which report weekly saw $344.563 million of outflows in the week ended Aug. 26, after seeing inflows of $43.656 million in the previous week, Lipper reported.

Government

Workers began installing the first sections of rail on the Long Island Rail Road's $388 million Double Track Project, funded in the MTA capital plans.

North Carolina legislators hope that third time is a charm after passing yet another continuing resolution to keep state government running through Sept. 18.

In the week ended Aug. 27, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index was unchanged from 4.40% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Prices of top-rated municipal bonds finished mixed on Thursday, according to traders, as yields on some maturities were unchanged to as much as one basis point stronger.

The National Association of Bond Lawyers has updated its bankruptcy guide for members with new information drawn from the relatively high number of municipal bankruptcy filings in the last few years.

Standard & Poor's has affirmed its A-plus rating for Washougal, Wash. water and sewer revenue bonds ahead of a $10.8 million deal.

Virginia Gov. Terry McAuliffe told a legislative panel that a "reversal in fortune" positioned state revenues to outpace forecasts by substantial sums.