News and Information from Bond Buyer

The Internal Revenue Service has issued a favorable but limited private-letter ruling concluding a total return swap entered into between a borrower and a bank at the same time the underlying tax-exempt bonds were sold is “not an abusive arbitrage device,” tax lawyers said.

Connecticut is providing Bridgeport, Conn., $300,000 to redevelop its historic Remington Arms Factory site.

Gov. Dannel Malloy reduced Connecticut's executive branch budget by roughly $25 million, as the state looks to plug a $121 million budget for fiscal 2015.

Jan. 26, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.18 1.22 2.05 2.84 Delaware Aaa/AAA/AAA 0.14 1.05 1.73 2.5 Maine Aa2/AA/AA 0.15 1.09 1.83 2.62 Maryland Aaa/AAA/AAA 0.14 1.05 1.75 2.52 Massachusetts Aa1/AA+/AA+ 0.16 1.13 1.87 2.68 New Hampshire Aa1/AA/AA+ 0.14 1.09 1.83 2.62 New Jersey A1/A/A 0.26 1.51 2.35 3.1 New York Aa1/AA+/AA+ 0.14 1.07 1.82 2.68 Pennsylvania Aa3/AA+/AA+ 0.16 1.27 2.08 2.82 Rhode Island Aa2/AA/AA 0.18 1.21 2.05 2.86 Vermont Aaa/AA+/AAA 0.14 1.06 1.8 2.55 Dist. of Columbia Aa2/AA/AA 0.16 1.16 1.95 2.77 Puerto Rico B2/BB/BB+ 7.54 9.05 8.65 7.44

1/23/2015 1/16/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 $47,180 2 $22,270 $24,910 Delaware 1 125,000 0 0 125,000 Maine 2 21,031 2 21,031 0 Maryland 2 530,350 1 130,365 399,985 Massachusetts 6 41,802 6 357,812 -316,010 New Hampshire 0 0 0 0 0 New Jersey 2 50,780 4 36,631 14,149 New York 11 98,799 8 655,113 -556,314 Pennsylvania 13 1,181,970 5 1,079,890 102,080 Rhode Island 2 598,675 1 593,655 5,020 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

Monday, January 26 Issuer St Description Amount

Monday, January 26 Issuer St Description Amount

Week Of January 26 Issuer St Description Amount

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ALABAMA

Day Indicator Last Report Forecast Tuesday Durable Goods Nov.: -0.7% Dec.: +0.5% Tuesday Durable Goods ex-trans Nov.: -0.4% Dec.: +0.6% Tuesday Consumer Confidence Dec.: 92.6 Jan.: 95.0 Tuesday New Home Sales Nov.: 438,000 Dec.: 450,000 Thursday Initial Jobless Claims 1/17: 307,000 1/24: 300,000 Thursday Continuing Claims 1/10: 2.443M 1/17: 2.425M Thursday Pending Home Sales Nov.: +0.8% Dec.: +0.5% Friday Employment Cost Index Q3: +0.7% Q4: +0.6% Friday GDP Q3: +5.0% Q4: +3.1% Friday Final Sales Q3: +5.0% Q4: +3.4% Friday Chicago PMI Dec.: 58.8 Jan.: 57.8 Friday Michigan Sentiment Dec.: 93.6 Jan.: 98.2 Friday Current Conditions Dec.: 108.3 Jan.: 108.0 Friday Expectations Dec.: 86.4 Jan.: 91.5

The San Antonio Water System will lower its debt by $46.9 million through a $303 million deal that combined new money and refunding.

Fitch Ratings views favorably two recent developments in San Francisco Community College District's accreditation battle, according to a report released Friday.

The Illinois Supreme Court denied requests by Chicago, other issuers, several civic groups, and a municipal lawyers group to file briefs supporting Illinois Attorney General Lisa Madigan's defense of state pension reforms.

Some seldom seen issuers are returning to the municipal bond market in the upcoming week as sales slip slightly. Total new issue volume is estimated at $6.138 billion for the week, according to Ipreo and The Bond Buyer. This is down from the $6.992 billion of new supply that priced last week, Thomson Reuters said.

Atlanta won a rating upgrade and positive outlook ahead of a planned $1.25 billion water and wastewater refunding scheduled to price Feb. 23-24.

Michigan's proposal to raise the sales tax to generate new road funding would also generate fresh dollars for school districts, Moody's Investors Service said Friday.

The recent rapid decline in oil prices may help Puerto Rico's economy and the Puerto Rico Electric Power Authority long-term but not short-term, said Moody's Investors Service.

Government

Bonds issued by the Village Center Community Development District in Florida, the subject of a years-long audit and a controversial technical advice memorandum, are taxable private-activity bonds, the IRS said in a new notice of proposed issue.