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Illinois' need to protect the public welfare in the face of a fiscal emergency by cutting pension benefits trumps their state constitutional protections, Solicitor General Carolyn Shapiro told the state's high court Wednesday.

Government

Texas sales tax revenue continued to climb in February, rising 11.7% over February 2014 to $2.46 billion, according to Comptroller Glenn Hegar.

The New York City securities industry was a large contributor for 2014 tax revenues in the Big Apple and Empire State, according to a March 11 report released by State Comptroller Thomas DiNapoli.

Municipal bond traders saw a second wave of supply hit the market Wednesday as institutional pricings were released for the University of California and the N.Y. Metropolitan Transportation Authority and a second day of retail orders was held for the New York City bonds. Meanwhile, prices on top-shelf munis closed mixed.

An Australian fund manager’s $5.72 billion bid for the 75-year lease of the Indiana Toll Road bodes well for the P3 sector and suggests rising interest among pensions in investing in American infrastructure.

Long Island's Suffolk County has achieved debt service savings of $6 million from recently-issued 2015 refunding bonds.

Road builders association says it has a plan to untangle the congressional gridlock on federal transportation funding.

Prime Healthcare backed out of deal to purchase California's ailing Daughters of Charity Health System, a six-hospital chain, because it objected to conditions imposed by California Attorney General Kamala Harris.

The Kentucky Municipal Power Agency on Tuesday plans to price $200 million in refunding bonds tied to the Prairie State project.

Illinois squares off against opponents of its 2013 pension reform legislation Wednesday afternoon before the Illinois Supreme Court in arguments that will be shown live on the Internet.

The Treasury Department auctioned $21 billion of 9-year 11 month notes with a 2% coupon at a 2.139% high yield, a price of 98.762062.

Traders saw a second wave of new supply hit the market Wednesday as institutional pricings were released for the University of California and the N.Y. Metropolitan Transportation Authority.

Leaders of the Senate Finance Committee are soliciting ideas from stakeholders and members of the public on how best to overhaul the nation’s “broken” tax code to make it simpler, fairer and more efficient.

An Australian company is set to pay $5.7 billion for the 75-year lease of the Indiana Toll Road from the bankrupt company that bought it for $3.8 billion in 2006.