News and Information from Bond Buyer

The municipal bond market on Wednesday was in full holiday mode ahead of the early market close and the full close on Christmas Day. Minimal activity is expected on Friday too. Prices of high-quality municipal bonds were lower, according to Municipal Market Data.

An Internal Revenue Service memorandum concluding that a local government's Build America Bonds were reissued when they were defeased is drawing criticism from bond lawyers.

Puerto Rico Gov. Alejandro García Padilla is delaying signing an oil tax hike that would support Puerto Rico's Highways and Transportation Authority and GDB.

Harrisburg, Pa., once a capital-markets pariah, has three banks bidding on its proposed TRAN, though with a projected fund balance of nearly $5 million, the city might not need it.

Moody's Investors Service said it has assigned a MIG 1 rating to the village of Haverstraw, N.Y.'s $6.5 million bond anticipation notes, 2014 (federally taxable) and upgraded to Aa3 the rating on $13.3 million in previously issued general obligation debt.

Moody's Investors Service said it has downgraded to A3 from A2 the city of Pearl, Miss.'s general obligation rating, affecting $27.2 million of debt.

Moody's Investors Service has rated Oregon's upcoming issue of $412 million of lottery revenue bonds Aa2. The bonds for capital projects around the state are expected to price Jan. 8.

The Treasury Department auctioned $29 billion of seven-year notes, with a 2 1/8% coupon and a 2.125% high yield, a price of par.

Standard & Poor's Ratings Services said it raised its long-term rating on Poplar Grove Village, Ill.'s general obligation bonds to AA-minus from A-plus.

The Treasury Department said Wednesday it will auction $24 billion 90-day bills and $24 billion 181-day discount bills Monday.

The Illinois State Toll Highway Authority will head into its fourth year of a $12 billion, 15-year infrastructure program with record capital spending planned.

State and local governments are the underdogs in influence peddling in Congress mostly because they spend little to nothing on lobbyists, in contrast to the millions of dollars spent by the big securities, banking and investment groups.

Hawaii's next finance director, Wesley Machida, says his appointment is a sign that the new governor is serious about lowering the state's unfunded pension liabilities.

The municipal bond market on Wednesday was in full holiday mode ahead of the early market close and the full close on Christmas Day. Not much is expected in the way of activity on Friday either.

Indicator Last Report Forecast Actual Initial Jobless Claims 12/13: 289,000 12/20: 290,000 12/20: 280,000 Continuing Claims 12/6: 2.378M 12/13: 2.733M 12/13: 2.403M

The Central Coventry Fire District in Rhode Island filed for bankruptcy after months of negotiations with its unions failed.

Dec. 24, 2014 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.58 2.43 3.47 4.32 Indiana Aaa/AAA/AA+ 0.18 1.34 2.19 3.04 Iowa Aaa/AAA/AAA 0.18 1.35 2.19 3.04 Michigan Aa2/AA/AA 0.21 1.51 2.36 3.22 Minnesota Aa1/AA+/AA+ 0.18 1.32 2.13 2.93 Missouri Aaa/AAA/AAA 0.18 1.29 2.1 2.95 Nebraska NR/AAA/NR 0.18 1.38 2.27 3.12 North Dakota Aa1/AA+/NR 0.19 1.38 2.26 3.12 Ohio Aa1/AA+/AA+ 0.19 1.37 2.25 3.11 South Dakota NR/AA+/AA+ 0.19 1.39 2.29 3.15 Wisconsin Aa2/AA/AA 0.2 1.37 2.26 3.13

12/23/2014 12/16/2014 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 4 $38,730 16 $477,300 -$438,570 Indiana 1 36,255 5 43,645 -7,390 Iowa 1 2,670 0 0 2,670 Michigan 2 85,340 6 124,450 -39,110 Minnesota 11 228,775 10 114,860 113,915 Missouri 0 0 0 0 0 Nebraska 0 0 0 0 0 North Dakota 0 0 0 0 0 Ohio 4 41,490 8 879,055 -837,565 South Dakota 0 0 0 0 0 Wisconsin 4 46,660 6 35,705 10,955

Tuesday, January 6 Issuer St Description Amount

Monday, January 5 Issuer St Description Amount