News and Information from Bond Buyer

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was unchanged from the previous week at 4.12%, for the week ended Feb. 5.

Government

Pennsylvania Gov. Tom Wolf established what he called a transformation office with an eye toward whittling the state's $2.3 billion deficit for fiscal 2016.

Puerto Rico's government spending is meeting budgetary projections, the director of the Commonwealth's budget office said Thursday.

Connecticut will receive $36 million of a $1.4 billion multistate settlement with Standard & Poor's over allegations that S&P misled investors, state officials announced.

The newly elected head of Wayne County Michigan, home to Detroit, warned Thursday that the county is on track to run out of cash by August 2016, calling it “financial Armageddon.”

After record savings on a $1.68 billion refunding deal, the Central Texas Turnpike System has earned a one-notch upgrade to A-minus, Fitch Ratings analyst Casey Cathcart said.

Prices of top-rated municipal bonds moved lower yet again, as yields on some bonds closed as much as two basis points higher on Thursday. Yet even after the recent volatility in the market, munis continue to exhibit attractive characteristics for investors.

Two leaders of the Texas Senate support a bill that would finance transportation construction with a portion of the tax on automotive sales.

The Chicago Transit Authority's receipt of a $120 federal loan under the Transportation Infrastructure Finance Innovation Act for the renovation of a major light-rail line was announced Thursday by city and federal officials.

North Carolina Gov. Pat McCrory plans to ask legislators for $2.6 billion in separate bond programs to fix neglected buildings and fund strategic road.

Airport management's flexibility and experience are key factors in rating a facility's general revenue bonds, Kroll says.

Newly issued Treasury securities held in stripped form decreased about $1.347 billion in January to a total of $212.011 billion, the Bureau of the Public Debt reported Thursday.

The Securities and Exchange Commission's disclosure violation self-reporting program has highlighted that issuers and underwriters should take steps to strengthen their disclosure and due diligence procedures to protect themselves from SEC enforcement action, bond lawyers said Thursday.

Treasury Secretary Jack Lew said he hopes Congress and the Obama administration can work in a bipartisan way to authorize qualified public infrastructure bonds or another type of bond program.

With almost $1 billion of January bond sales in the books, Washington plans to return to market next week with another $483.6 million in general obligation bonds.

An Oregon Democratic congressman wants to raise the federal gas tax to generate $210 billion of new revenue for roads, bridges, and transit.

Minnesota-based Northland Securities has hired veteran Twin Cities-based sales manager Mike Harlander to head up its fixed income capital markets sales group as part of a growth effort.

Standard & Poor's Ratings Services said it lowered its underlying rating on Center Line Public Schools, Mich.'s existing general obligation bonds to A-minus from A with a negative outlook.

In a formal written opinion, U.S. Bankruptcy Judge Christopher Klein reiterated that bankruptcy law gave Stockton, Calif. the legal authority to impair pensions, even though the city chose not to.