News and Information from Bond Buyer

Government

Crystal City, Texas has reached an agreement with the Internal Revenue Service to settle tax rule violations and preserve the tax-exempt status of interest already paid on $13.94 million of jail bonds issued by an authority in 2003 and now in default.

Arkansas revenues are slightly ahead of projections in the second month of the fiscal year, state officials say.

Puerto Rico's unemployment rate rose to 13.5% in August from 13.1% in July.

In an exclusive press briefing with Blackrock, strategists anticipated a ceiling of $5 billion of refunding opportunities, leaving investors with just new money offerings to fill portfolios.

Standard & Poor's Ratings Services raised its underlying rating to A-plus from A on West Sacramento Financing Authority, Calif.'s water revenue bonds, issued on behalf of the city of West Sacramento.

San Antonio's CPS Energy expects major savings with a $263.7 million refunding coming to market on Sept. 23.

Moody's Investors Service has affirmed Chicago's Field Museum of Natural History's A2 rating as the museum seeks to improve its balance sheet through an ongoing restructuring and plans to expand its capital campaign.

California's new groundwater laws are a credit positive for the state's economically struggling Central Valley region, according to Moody's Investors Service.

The Detroit City Council Friday approved a new regional water authority to take over the bulk of the Detroit Water and Sewer Department and also gave the green light to the city's bankruptcy settlement with bond insurer Syncora Guarantee Inc.

North Carolina Gov. Pat McCrory plans to recommend a $1 billion transportation bond program to the General Assembly next year.

Standard & Poor's Ratings Services has lowered its long-term rating on Plymouth Educational Center Charter School, Mich.'s $12.7 million series 2005 public school academy revenue and refunding bonds to B-minus from BB-minus.

Pension reform enacted in 2013 has helped Ohio offset some of the stress tied to falling pension funding ratios, according to Moody's Investors Service.

Sophisticated investors are grabbing for high-yield municipal debt whenever they can find it, creating demand for alternatives beyond the Puerto Rico, Detroit, and tobacco bonds that dominate the non-investment grade segment of the secondary market.

Bipartisan bill introduced in the House would divert 10% of federal highway dollars to state-run transportation grant programs that would fund local projects.

The municipal market stayed flat on Friday, digesting a heavy week of issuance and preparing for an even larger week ahead.

The discussion in Washington D.C. about corporate inversions has implications for the municipal bond market, a Treasury Department official told bond lawyers meeting here.

Chicago-based Mesirow Financial has hired veteran bond underwriter Stephen "Jay" Murphy to bolster its municipal desk.

Future Municipalities Continuing Disclosure Cooperation initiative settlements may offer more detail on the Securities and Exchange Commission's priorities and the SEC's Office of Municipal Securities may offer more municipal advisor rule guidance, commission officials said Thursday.