News and Information from Bond Buyer

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Puerto Rico Electric Power Authority's forbearing bondholders announced an offer Wednesday that would avoid expected cash defaults.

Government

Puerto Rico’s economic activity index was down in January and up on February.

Sue Perez will run Massachusetts’ debt management department, state Treasurer Deborah Goldberg announced.

Even under lowered expectations, Kansas’ revenues fell $11.2 million below projections in March, according to state Department of Revenue secretary Nick Jordan.

Assured Guaranty Corp. completed the acquisition of Radian Asset Assurance Inc., expanding its municipal bond franchise.

Prices of top-rated municipal bonds ended higher, traders said, with yields on some maturities falling by three basis points. Meanwhile in the primary market, two large deals from California issuers led the slate of new bond issues that traders said met a good reception.

This week, we check in on how quickly States and cities are submitting their Comprehensive Annual Financial Report's and examine what the State filings are telling us regarding debt growth.

The Internal Revenue Service has determined that multifamily housing revenue bonds issued by the Tulsa County Industrial Authority in 2003 are taxable, but it is unclear to what extent bondholders will be affected by the Service's conclusion.

Struggling Illinois local governments should have the option of municipal bankruptcy, one mayor told lawmakers during the first airing of legislation that would add Chapter 9 to the state's statutes.

Indian River County, Fla., Tuesday filed a lawsuit asking a federal judge to block the issuance of $1.75 billion in private activity bonds for the All Aboard Florida private train project.

A group of conservative House Democrats wants a hearing on fixing the Highway Trust Fund when Congress returns from its two-week Easter recess.

The head of Wayne County, Mich., which is on track to run out of cash by next year, announced a series of cuts that mark the first phase of a larger restructuring aimed at staving off a state takeover.

Connecticut Gov. Dannel Malloy has formed a panel to explore financing options for overhauling its transportation infrastructure "over the next 30 years and beyond."

A $142 billion budget for New York State approved Tuesday night devotes billions toward infrastructure enhancements.

Prices of top-quality municipal bonds were mostly higher at mid-session, traders said, with yields on some maturities down as much as three basis points.

About 5,466,400 online job postings appeared on leading Internet job boards in March, an increase of 15,200 from February, the Conference Board reported Wednesday.

Indicator Last Report Forecast Actual ADP Employment Report Feb.: 214,000 Mar.: 225,000 Mar.: 189,000 Constuction Spending Jan.: -1.7% Feb.: unch Feb.: -0.1% ISM Manufacturing PMI Feb.: 52.9 Mar.: 52.5 Mar.: 51.5