News and Information from Bond Buyer

Ohio Gov. John Kasich unveiled a two-year budget plan Monday that features income tax cuts offset in part with a big increase in taxes paid by the oil and gas producers in the state's burgeoning fracking industry.

Prices of top-rated municipal bonds ended mixed on Monday, traders said, as another snowstorm limited trading activity even as the strongest municipal-to-Treasury ratios in a year signaled the value of the tax free securities.

The Chicago Transit Authority received AA-minus and A-plus ratings on its planned $120 million TIFIA loan for the renovation of a major rail transit line.

The Treasury Department estimated it will borrow $155 billion in the first quarter, ending with a $100 billion cash balance on March 31, in its last estimate, Treasury foresaw a $209 billion borrowing need in the quarter.

In the face of widespread community opposition, Nassau Regional Off-Track Betting has withdrawn plans for a mini casino in Westbury, N.Y., and is now looking for a new Nassau County location to construct the facility.

Moody's Investors Service said it has assigned a Aa1 rating to the county of Iredelle, N.C.'s $12.7 million taxable general obligation school bonds, Series 2015A and $29.46 million general obligation refunding bonds, Series 2015B.

After bearing the cost of its second Super Bowl, Glendale, Ariz., expects to finish a series of refundings this week with more than $44 million in present value savings so far.

The Municipal Securities Rulemaking Board is preparing to submit a proposal limiting the gifts municipal advisors can give to state and local employees as well as a study guide for its MA qualifications exam to the Securities and Exchange Commission.

As if bond rating downgrades, a $50 billion unfunded pension liability and teetering school districts weren’t enough, Pennsylvania must wrestle with more political scandal as its treasurer resigns to plead guilty after a federal investigation.

Banks reported little change in standards for commercial and industrial loans, and fewer banks said they eased price or nonprice terms, according to the January Senior Loan Officer Opinion Survey on Bank Lending Practices, released by the Fed Monday.

Puerto Rico’s Economic Activity Index declined 0.3% in December compared to the value for November.

Plummeting oil and gas revenue collections in Louisiana that have added to a growing deficit in fiscal 2015 and 2016 are a credit negative for the state, according to Moody's Investors Service.

Jennifer Johnston, vice president and research analyst in the municipal bond department of Franklin Templeton Investments is the new chair of the National Federation of Municipal Analysts, the NFMA announced Monday.

Prices of top-quality municipal bonds are mostly unchanged at mid-session, traders say, as another snowstorm limits trading activity.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.015% high rate, down from 0.025% the prior week, and the six-months incurred a 0.065% high rate, off from 0.075% the week before.

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

Arizona State University will begin a major remodeling of its 56-year-old Sun Devil Stadium this spring, financed in part by a $356 million bond deal coming to market Feb. 24.

Indicator Last Report Forecast Actual Personal Income Nov.: +0.3% Dec.: +0.2% Dec.: +0.3% Consumption Nov.: +0.5% Dec.: -0.2% Dec.: -0.3% Core PCE Nov.: unch Dec.: unch Dec.: unch Construction Spending Nov.: -0.2% Dec.: +0.7% Dec.: +0.4% ISM Manufacturing Dec.: 55.1 Jan.: 54.5 Jan.: 53.5

The overall economy grew for the sixty-eighth straight time, while the manufacturing sector expanded for the twentieth consecutive month, the Institute for Supply Management reported Monday.

Construction spending increased 0.4% in December, the Commerce Department said Monday, and is 2.2% above the December 2013 level.