News and Information from Bond Buyer

The midterm elections dominated traders' attention this week as Republican’s seized control of the U.S. Senate, fanning concern that the municipal tax exemption may be changed. One of the larger deals planned for next week was placed on day-to-day status.

Thomas Jefferson School of Law in San Diego plans to close on a debt restructuring agreement on Nov. 15 involving a sale-leaseback of its building that reduces $127 million in outstanding debt by two-thirds and resolves a default.

The Securities and Exchange Commission's unprecedented enforcement action against a former municipal official earlier this week in a case involving Allen Park, Mich. should make public leaders aware and cautious, legal experts and issuer officials said Friday.

Georgia became the first state in the nation to cap income tax rates on Nov. 4, but some analysts said it could hamstring the gilt-edged state's finances.

Consumer credit increased by $15.9 billion, or 5.9%, in September to $3.267 trillion, the Federal Reserve reported Friday.

Standard & Poor's said Detroit's bankruptcy will not affect the agency's general obligation ratings despite "months of headlines and court battles."

Government Finance Officers Association officials said it makes sense that draft standards on other post-employment benefit financial reporting are similar to the new standards for pension reporting.

Illinois' unfunded pension obligations rose $11 billion in fiscal 2014, bringing the state's total tab to $111.2 billion while the state's contributions in fiscal 2016 will rise by $682 million, according to figures compiled by the Civic Federation of Chicago's Institute for Illinois Fiscal Sustainability.

The U.S. Supreme Court ruled Nov. 3 that Florida can proceed with its suit against Georgia over fresh water rights.

Arkansas' $206.5 million federal highway grant anticipation and tax revenue bonds with final maturities of 2026 drew a true interest cost of 2.0858% in a competitive sale won by Citigroup.

In June 2013, Detroit's Emergency Manager announced the city would not make upcoming debt service payments and was poised to file Chapter 9 bankruptcy should settlements with creditors not be reached quickly.

Louisville, Ky. plans to competitively sell $50 million in GO bonds Wednesday with a new stable outlook from Moody's Investors Service.

Illinois Gov.-elect Bruce Rauner urged state lawmakers not to make any major legislative decisions until he is sworn into office along with a new General Assembly.

The Fix LA Coalition, an effort spearheaded by labor unions and its allies, wants Los Angeles City Attorney Mike Feuer to file a regulatory complaint against the underwriters involved in 2006 interest rate swaps saying the risks weren't disclosed.

Although liquidity and fiscal concerns are weighing on the credit quality of the commonwealth of Puerto Rico (BB/negative), underlying economic trends are the root cause of the island's credit problems, according to a report published by Standard & Poor's Ratings Services.

California local streets and roads will continue to deteriorate unless additional funding can be found, according to recent statewide condition report.

The $37 billion of bonds approved by the nation's voters Nov. 4 included 13 of the 15 largest initiatives but fell far short of the record $69.6 billion approved in 2006.

Moody's Investors Service has upgraded the rating on Stockton, Calif.'s 2006 lease revenue bonds and its water bonds following the confirmation of the city's bankruptcy exit plan, while affirming a low speculative-grade Ca rating on its pension obligation bonds.

Arkansas's newly elected governor Asa Hutchinson will inherit a budget that closely matches revenue, according to the latest report from the state Department of Finance and Administration. Nonetheless, Hutchinson will face a decision on whether to delay tax cuts.

The employment situation report brought the municipal market's sell-off to a halt, according to traders.