News and Information from Bond Buyer

Wisconsin faces an $824 million shortfall to meet baseline costs anticipated in the next two year budget, according to a report from the Legislative Fiscal Bureau.

The municipal bond market was deathly quiet on Friday after the Christmas holiday with no new issuance scheduled until 2015. Traders predicted only minimal activity on Friday and they were not disappointed.

Unsustainable and unaffordable pension obligations that crowd out funding for essential services and infrastructure necessary for the health, safety and welfare of Illinois' citizens shouldn't override constitutional mandates on a government's purpose, said municipal restructuring veteran James Spiotto.

Market participants discuss the outlook for tax regulation in 2015.

The municipal bond market was deathly quiet on Friday after the Christmas holiday. Minimal activity is expected.

The Treasury Department and Internal Revenue Service next year will be working on further guidance on issue price, regulations finalizing other proposed arbitrage rules, and additional rulemaking projects.

The seasonally adjusted Milwaukee Report on Business declined to 57.6 in December from 68.9 in November, the Institute for Supply Management-Milwaukee reported Friday.

Monday, January 5 Issuer St Description Amount

Week Of January 5 Issuer St Description Amount

ARIZONA

Dec. 26, 2014 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.18 1.36 2.15 3.02 Florida Aa1/AAA/AAA 0.19 1.37 2.21 3.1 Georgia Aaa/AAA/AAA 0.18 1.31 2.08 2.93 Kentucky Aa2/AA+/AA+ 0.2 1.43 2.3 3.18 Louisiana Aa2/AA/AA 0.19 1.42 2.29 3.14 Mississippi Aa2/AA/AA+ 0.2 1.42 2.29 3.14 North Carolina Aaa/AAA/AAA 0.18 1.31 2.08 2.93 South Carolina Aaa/AA+/AAA 0.18 1.33 2.12 2.97 Tennessee Aaa/AA+/AAA 0.18 1.33 2.12 2.96 Virginia Aaa/AAA/AAA 0.18 1.3 2.07 2.92 West Virginia Aa1/AA/AA+ 0.2 1.41 2.29 3.16

12/24/2014 12/17/2014 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 0 $0 0 $0 0 Florida 6 778,515 3 371,930 406,585 Georgia 2 24,260 4 86,965 -62,705 Kentucky 0 0 3 5,885 -5,885 Louisiana 2 33,705 1 15,005 18,700 Mississippi 0 0 1 13,500 -13,500 North Carolina 0 0 0 0 0 South Carolina 0 0 0 0 0 Tennessee 0 0 2 27,840 -27,840 Virginia 1 12,000 1 12,000 0 West Virginia 0 0 0 0 0

Tuesday, January 6 Issuer St Description Amount

Government

Puerto Rico's economic activity index climbed 0.1% in November compared to October.

U.S. Rep. Mike Coffman, R-Colo., plans to introduce legislation lifting the $800 million spending cap on construction of a Colorado Veterans Administration hospital that is late and over budget.

New York Gov. Andrew Cuomo's recent decision to ban fracking shines a spotlight on the balancing act governments in potentially oil- and gas-rich regions face weighing economic benefits against environmental concerns.

Missouri has lowered by more than $300 million the level of revenues expected in the current fiscal year, Gov. Jay Nixon announced.

For the week ended Dec. 24, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, gained three basis points to 4.31% from the 4.28% the previous week.

The Wisconsin Supreme Court overturned a lower court ruling and upheld Milwaukee County's 2010 cuts to nurses' pension benefits.