News and Information from Bond Buyer

Municipal issuers need to be prepared to fight against Securities and Exchange Commission efforts to directly regulate them, members of the Government Finance Officers Associations' Committee on Governmental Debt Management said Saturday.

Monday, June 1 Issuer St Description Amount

Monday, June 1 Issuer St Description Amount

Day Indicator Last Report Forecast Monday Personal Income March: unch April: +0.3% Monday Consumption March: +0.4% April: +0.2% Monday Core PCE Prices March: +0.1% April: +0.2% Monday Constuction Spending March: -0.6% April: +0.8% Monday ISM Manufacturing April: 51.5 May: 52.0 Tuesday Factory Orders March: +2.1% April: unch Wednesday ADP Employment Report April: +169,000 May: +200,000 Wednesday International Trade March: -$51.4B April: -$44.0B Wednesday ISM Non-Manufacturing April: 57.8 May: 57.0 Thursday Initial Jobless Claims 5/16: 282,000 5/23: 279,000 Thursday Continuing Claims 5/9: 2.222M 5/16: 2.208M Thursday Productivity Q4: -2.1% Q1: -2.9% Thursday Unit Labor Costs Q4: +4.2% Q1: +5.9% Friday Nonfarm Payrolls April: +223,000 May: +225,000 Friday Private Payrolls April: +213,000 May: +220,000 Friday Manufacturing Payrolls April: +1,000 May: +5,000 Friday Unemployment Rate April: 5.4% May: 5.4% Friday Avg Hrly Earnings April: +0.1% May: +0.2% Friday Avg Work Week April: 34.5 May: 34.5 Friday Consumer Credit March: +$20.5B April: +$16.95B

Jun. 1, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.29 1.73 2.66 3.7 Delaware Aaa/AAA/AAA 0.22 1.43 2.23 3.2 Maine Aa2/AA/AA 0.23 1.47 2.31 3.3 Maryland Aaa/AAA/AAA 0.22 1.44 2.24 3.2 Massachusetts Aa1/AA+/AA+ 0.24 1.54 2.42 3.4 New Hampshire Aa1/AA/AA+ 0.24 1.51 2.35 3.3 New Jersey A1/A/A 0.87 2.33 3.18 4.13 New York Aa1/AA+/AA+ 0.22 1.44 2.28 3.36 Pennsylvania Aa3/AA+/AA+ 0.49 1.91 2.93 3.85 Rhode Island Aa2/AA/AA 0.3 1.67 2.6 3.58 Vermont Aaa/AA+/AAA 0.22 1.44 2.28 3.23 Dist. of Columbia Aa1/AA/AA 0.27 1.58 2.46 3.46 Puerto Rico B2/BB/BB+ 7.97 9.93 9.53 7.7

Week Of June 1 Issuer St Description Amount

Week Of June 1 Issuer St Description Amount

INDIANA

ALABAMA

5/29/2015 5/22/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $23,980 $2 $17,625 $6,355 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 4 535,115 3 520,300 14,815 Massachusetts 11 189,937 8 376,012 -186,075 New Hampshire 1 6,335 1 9,000 -2,665 New Jersey 4 49,172 8 110,978 -61,806 New York 42 2,798,980 35 1,331,587 1,467,393 Pennsylvania 8 839,540 11 2,100,865 -1,261,325 Rhode Island 2 615,500 1 593,655 21,845 Vermont 0 0 0 0 0 District of Columbia 2 534,435 0 0 534,435 Puerto Rico 0 0 0 0 0

Government

The Puerto Rico Aqueduct and Sewer Authority successfully managed a Friday deadline for a $150 million letter of credit with two banks.

Moody’s Investors Service has downgraded Kendall County Forest Preserve District in Illinois by one level to A2 and warned of further action by assigning a negative outlook as the district’s balance sheet struggles.

Six Missouri lawmakers have filed a complaint aimed at preventing Gov. Jay Nixon from tapping revenues that go to repay debt on the St. Louis Rams’ stadium for a new professional football stadium without legislative or voter support.

St. Louis voters will decide in an August ballot measure whether the city should issue $180 million of debt to fund infrastructure improvements.

After meeting with legislative leaders Friday, Illinois’ rookie GOP governor voiced optimism that an impasse over the fiscal 2016 budget will be bridged, though no deal was expected before Sunday’s scheduled adjournment.

Sponsors of a high-speed passenger rail train project in Florida want an authority to issue $1.75 billion of private-activity bonds for it as soon as June 22, while a U.S. District Court considers requests from two counties to enjoin or stop the Transportation Dept.’s allocation of the PABs to the project.

If municipal bond traders were asked to sum up the week in only one word, that word would have to be Chicago. And for Chicago, the word would be bittersweet.

The muni market will have a New York State of mind for the first week in June, as the two largest issues will be coming from the Empire State.

The Puerto Rico utility, saddled with $8.4 billion of bond debt, will report to creditors Monday without choosing vendors for its recapitalization.