News and Information from Bond Buyer

ALABAMA

Morgan Stanley on Wednesday priced Chicago's $746 million of taxable general obligation securities with the deal's long bond paying a yield 485 basis points over the 30-year U.S. Treasury rate.

Government

The Puerto Rico Electric Power Authority extended its contract with restructuring consulting firm AlixPartners to mid-November.

The New Jersey Transit Board of Directors has approved a 9% fare hike as part of its fiscal 2016 operating budget adopted on July 15.

Standard & Poor's has downgraded Laramie County, Wyo.'s 2012 bonds issued for Cheyenne Regional Medical Center to A from A-plus.

Pepperdine University received Double A ratings from two rating agencies ahead of plans to price a $77 million revenue bond refunding the week of July 20.

The Delaware River Port Authority's board approved an $18 monthly credit for E-ZPass monthly account users on four bridges connecting Greater Philadelphia and New Jersey.

New York City plans to price $750 million of general obligation refunding bonds on July 30 through negotiation, after a two-day retail period.

The board of Cook County, home to Chicago, approved a controversial sales tax increase that will go largely to fund the county's troubled pensions system.

Sens. Chuck Schumer, D-N.Y., and Richard Blumenthal, D-Conn., unveiled a bill on Wednesday to allow Puerto Rican public entities to declare Chapter 9 bankruptcy.

Prices of top-quality municipal bonds finished stronger on Wednesday, traders said, with yields on some maturities falling by as much as three basis points.

Texas expects to live well within its means for the next two fiscal years even as lower oil prices drag down sales tax revenues , according to Moody's Investors Service analysts led by Nicholas Samuels.

The House on Wednesday voted 312 to 119 to approve a bill that would extend federal transportation funding through Dec. 18, with an $8.1 billion transfer from general funds to the Highway Trust Fund.

Municipal bond insurance continued its re-emergence during the first half of the year, as Assured Guaranty topped the rankings.

San Francisco Federal Reserve Bank President John Williams said he will continue to take a "wait-and-see" approach to a rate hike, since it is data-dependent, and he need to be more confident inflation will rise to the 2% Fed target.

The Financial Industry Regulatory Authority fined three firms a total of $57,500 for municipal bond trade reporting violations. The self-regulator also suspended a former broker-dealer cashier for six months for fictitious trades.

Mayor Stephen Reed "could not have acted alone," Pennsylvania Attorney General Kathleen Kane said in announcing corruption charges.

All Federal Reserve districts said economic activity grew from mid-May through June, with most terming the expansion as "moderate" or "modest," according to the Beige Book, released Wednesday afternoon.

Standard & Poor's Ratings Services said it raised its long-term rating on Edwardsville, Kan.'s general obligation bonds to AA-minus from A-plus.