News and Information from Bond Buyer

Illinois Democrats warned that Gov. Bruce Rauner’s veto Thursday of all but education spending bills in the fiscal 2016 budget moves the state closer to a partial governmental shutdown.

For the week ended June 25, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased one basis point to 4.46%, from 4.45% the previous week.

The Connecticut treasurer’s office for the 15th straight year has received a Treasury Certificates of Achievement for Excellence from the Government Finance Officers Association.

Allowing states to levy tolls on interstates would solve the revenue problem hobbling highway P3s, advocates tell Senate Finance Committee.

Prices of top-rated municipal bonds ended unchanged in secondary trading on Thursday, traders said, as Wayne County, Mich., sold $186.9 million of taxable notes in the primary. The county came to market with its limited tax general obligation notes after the deal was postponed last week. Bank of America Merrill Lynch priced the taxables as 5 3/4s to yield 6% on Dec. 1, 2017.

The Atlanta City Council approved a $1.9 billion budget for fiscal 2016 budget without tapping reserves.

The fiscal woes in Atlantic City, N.J. are creating a "ripple impact" for Atlantic County, according to Janney Capital Markets.

Moody's Investors Service placed the ratings of 45 California tax allocation bonds on review for upgrade in conjunction with new rating agency methodology.

Puerto Rico’s Senate, in the midst of a credit crisis, passed a balanced budget that covers general obligation debt and increases the appropriation to the Government Development Bank for its liabilities.

Scranton Mayor William Courtright called for the transfer of the city’s teetering pension fund to the Pennsylvania Municipal Retirement System, an independent state agency.

The Supreme Court's Thursday ruling that upheld the legality of federal subsidies under the Affordable Care Act is a win for the hospital sector that provides some stability through the remainder of the Obama presidency, analysts said.

Some market participants want the Treasury Department and Internal Revenue Service to clarify their new proposed issue price rules, particularly regarding certifications that underwriters would make under the proposal.

The California Public Employees' Retirement System board deemed as precedential a decision to cut the $457,000 annual requested pension of former Bell Police Chief Randy Adams by more than half.

The Treasury Department auctioned $29 billion of seven-year notes, with a 2 1/8% coupon and a 2.153% high yield, a price of 99.818956.

Prices of top-rated municipal bonds were steady at mid-session, traders said, as Wayne County, Mich., prepares to sell $186.9 million of delinquent tax anticipation notes.

A California task force formed after $1.3 million in bond proceeds was embezzled from a conduit issuer could have a draft proposal by late July.

The Treasury Department said Thursday it will auction $24 billion 91-day bills and $24 billion 182-day discount bills Monday.

In penalizing corporate wrongdoers with fines, the justice system is missing a crucial component of what criminal law is supposed to be about. Criminal law is supposed to address wrongs against society.

The Florida-based law firm of Holland & Knight has added Michael Millett as an associate with the firm’s public finance team in Tampa.

Arizona is looking to reduce interest costs with $168 million of refunding certificates of participation on the heels of recent credit upgrades in an improving economy.