News and Information from Bond Buyer

Aug. 12, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 1.02 3.15 4.17 4.94 Indiana Aaa/AAA/AA+ 0.27 1.41 2.35 3.23 Iowa Aaa/AAA/AAA 0.27 1.42 2.35 3.23 Michigan Aa2/AA/AA 0.33 1.49 2.48 3.38 Minnesota Aa1/AA+/AA+ 0.28 1.41 2.3 3.14 Missouri Aaa/AAA/AAA 0.27 1.36 2.26 3.14 Nebraska NR/AAA/NR 0.27 1.43 2.4 3.31 North Dakota Aa1/AA+/NR 0.3 1.48 2.43 3.31 Ohio Aa1/AA+/AA+ 0.29 1.43 2.41 3.31 South Dakota NR/AA+/AA+ 0.31 1.47 2.43 3.33 Wisconsin Aa2/AA/AA 0.3 1.46 2.4 3.31

8/11/2015 8/4/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 9 $95,915 7 $244,060 -148,145 Indiana 8 168,250 5 11,295 156,955 Iowa 6 26,995 6 65,635 -38,640 Michigan 7 203,450 11 157,430 46,020 Minnesota 17 189,890 19 1,278,615 -1,088,725 Missouri 4 88,645 3 44,740 43,905 Nebraska 0 0 0 0 0 North Dakota 2 17,930 3 21,930 -4,000 Ohio 7 175,725 18 377,395 -201,670 South Dakota 0 0 0 0 0 Wisconsin 26 172,317 27 165,542 6,775

ILLINOIS

ILLINOIS

A 5% drop in revenues in July represented Oklahoma’s third consecutive month of declines over the same period last year, according to state Treasurer Ken Miller.

With 20 years of experience in state and local government, Leigh Ann Biernat has joined investment banking firm Stephens Inc. as senior vice president for public finance.

U.S. Sen. Charles Schumer, D-N.Y., is proposing the creation of a new nonprofit development corporation that would help jumpstart a stalled Hudson River rail tunnel between New York City and New Jersey.

Government

Prices of top-rated municipal bonds finished stronger on Tuesday, traders said, as yields on some maturities weakened by as much as five basis points. China’s surprise currency devaluation caused a flight to quality move into U.S. Treasuries pushing up prices as stock markets in Europe and America turned decidedly lower.

The federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds will be cut by 6.8% in fiscal 2016, which begins on Oct. 1, under sequestration, the Internal Revenue Service announced.

Rhode Island Gov. Gina Raimondo launches a school building authority and a $20 million capital fund for public schools with immediate renovation needs.

Moody’s Investors Service labeled the Metropolitan Pier and Exposition Authority's inability to make its monthly debt service deposit a “credit negative” for Illinois’ A3 rating.

Standard & Poor's credit view of Illinois' flagship public university has dimmed due to uncertainty over when the state will solve its fiscal 2016 budget impasse and how the school will fare in a final plan.

The Alabama Legislature failed to reach agreement on a general fund budget for fiscal 2016, necessitating a second special session.

Loop Capital Markets has surpassed the $1 trillion mark in underwriting municipal bond deals since it was founded almost 18 years ago, the firm announced on Tuesday.

Moody's Investors Service said it has upgraded the rating to Aa2 from Aa3 on the town of Auburn, Mass.' $37.5 million of outstanding general obligation bonds.

The Municipal Securities Rulemaking Board announced Monday it will increase its initial and annual fees while lowering its underwriting fee to better distribute costs among regulated entities based on level of involvement.

Los Angeles and Ontario's settlement agreement involving Ontario International Airport is likely to provide for a more politically acceptable and stable ownership, but credit issues linger, according to a Fitch Ratings report.

The Treasury Department Tuesday auctioned $24 billion of three-year notes with a 1% coupon at a 1.013% yield, a price of 99.961723.

James Ferrara will become interim president of New York City Transit when current chief Carmen Bianco retires, MTA chief Thomas Prendergast announced.