News and Information from Bond Buyer

A federal court rejection of Puerto Rico's public corporation bankruptcy law has heightened uncertainty about the future of Puerto Rico debt.

Indiana finance chief Kendra York has quit to join an engineering firm that works on public-private partnerships, and Gov. Mike Pence has appointed long-time public finance figure Dan Huge as interim director.

The tax exemption for general purpose state and local debt has consistently been one of the biggest corporate tax expenditures since 1975, according to the Joint Committee on Taxation.

Standard & Poor's Ratings Services said it lowered its rating on Sterling Park District, Ill.'s outstanding general obligation alternate revenue source bonds to BBB-minus from BBB.

The National Federation of Municipal Analysts is preparing to push home its pro-disclosure message this year with a series of new educational papers and efforts to be even more collaborative, new NFMA board chair Jennifer Johnston said.

The Kentucky Senate passed a bill Feb 6 that allows for the state’s first charter schools. The measure now goes to the House.

Nebraska legislators will hold a public hearing March 3 on a bill that would give bondholders priority over retirees in the event of a bankruptcy.

A strong investment portfolio means that the Texas Permanent University Fund will continue to grow even after oil prices lost half their value in 2014, according to Moody's Investors Service.

Massachusetts officials focused on public safety amid the state's third big snowstorm in two weeks. Sifting through the finances will come later.

Moody's Investors Service said it has downgraded to Baa1 from A3 the rating on the town of Hamden, Conn.'s general obligation bonds, affecting approximately $145 million of outstanding debt.

Declining oil prices prompt Louisiana to implement its second budget cut of fiscal 2015.

For Texas political leaders, the state's southern border represents a combustible mix of political and economic issues in 2015. For the bond industry, the border is a blend of opportunity and economic limitations.

Standard & Poor's Ratings Services said it raised its long-term rating to AA from AA-minus on Montague County, Texas' existing certificates of obligation.

Standard & Poor's Ratings Services said it lowered its long-term rating to BB-minus from BB-plus on the Public Finance Authority, Wis.' series 2012 bonds issued for Roseman University, located in Henderson, Nev. and South Jordan, Utah.

Prices of Puerto Rico general obligation bonds were trading sharply lower on Monday after a federal judge said the commonwealth's Recovery Act was unconstitutional. Meanwhile, bonds of the Puerto Rico Electric Power Authority (PREPA) were trading higher.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.020% high rate, up from 0.015% the prior week, and the six-months incurred an 0.085% high rate, up from 0.065% the week before.

Illinois Gov. Bruce Rauner is defending plans to pay top fiscal aide Donna Arduin $120,000 under a four month, non-competitively bid contract, calling his new chief financial well worth the expense to help fix the state's fiscal mess.

Consumers' view of inflation hasn't changed much in the past month, but spending growth expectations "retreated significantly," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

The Treasury Department said Monday it will sell $40 billion of four-week discount bills Tuesday.

Two municipal strategists are taking different roads to minimize risk while adding value in a market fraught with uncertainty over interest rates.