News and Information from Bond Buyer

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Government

Jones Walker LLP announced today that Brad Davis will join the firm’s Jackson, Mississippi office. Davis will be leaving his current role as secretary of the Federal Bar Association’s Mississippi chapter to join Jones Walker as special counsel and a member of the firm’s public finance team.

For the week ended May 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased two basis points to 4.43% from 4.45% from the previous week.

The Port Authority of New York and New Jersey has selected a development team to help enhance LaGuardia Airport with a $3.6 billion facelift.

Prices of top-rated municipal bonds finished higher on Thursday, traders said, with yields on some maturities falling by as much as two basis points. And a day after Chicago grabbed all the headlines, municipal bond traders saw the rest of the week’s new issuance come to market.

Retired Rhode Island Superior Court Judge Frank Williams will mediate the lawsuit against now-defunct video game company 38 Studios.

A federal judge hears arguments Friday on whether the private All Aboard Florida passenger train project can issue $1.75 billion in private activity bonds.

The Puerto Rico Electric Power Authority plans to withhold public release of its business and financial plan, due Monday, so it can been discussed with creditors, a PREPA spokeswoman said.

The Securities and Exchange Commission should not approve the outline for the Municipal Securities Rulemaking Board's Municipal Advisory Representative Qualification Examination because it takes an inappropriate "one-size-fits-all" approach, the Investment Company Institute told the commission in a comment letter.

Moody's Investors Service said it has downgraded Chippewa Hills School District, Mich.'s general obligation rating to A2 from A1.

The Federal Open Market Committee must display extraordinary patience and hold off raising the fed funds rate this year to reach its dual mandate, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Thursday.

Standard & Poor's Ratings Services said it has lowered its long-term rating on La Vernia Higher Education Financial Corp., Texas' $8 million series 2009 education revenue bonds, issued on behalf of Winfree Academy Charter Schools to BB-minus from BB.

Moody's Investors Service said it has downgraded the rating to Aa3 from Aa2 on the city of Manchester, N.H.'s $178.5 million of general obligation debt and to A1 from Aa3 on the city's $73.8 million appropriation-backed school facility revenue bonds

Moody's Investors Service said it has downgraded to A2 from A1 the rating on Louisville City School District, Ohio's outstanding general obligation debt.

Bills that would put in place President Obama’s six-year, $487 billion transportation proposal or set up regional clearing-houses for public-private partnerships were recently introduced and are pending before Congress.

A North Carolina anti-toll group wants a judge to proceed with its lawsuit in an attempt to stop the state’s Interstate 77 toll project for which the P3 contract was finalized May 20.

Financial and investing guru John C. Bogle says municipal buyers should be buy-and-hold investors, not trading speculators.

Australian fund manager IFM Investors has paid $5.72 billion to lease the Indiana Toll Road for 66 years, marking the largest privatization for an existing U.S. asset and the first time major US pension funds have invested in American infrastructure.

A coalition in California is pushing to amend property tax limits created by 1978’s Proposition 13, which remains central to understanding both state and local California credit.