News and Information from Bond Buyer

Port St. Lucie, Fla., plans to issue new, long-term debt and use the proceeds to take out bonds issued for the bankrupt Digital Domain special effects studio project.

Maryland's latest six-year transportation plan includes $279.4 million of new projects as part of $4.4 billion of additional highway and transit funding provided over six years by a 2013 state law that raised the gasoline tax.

Municipal securities will not qualify as high-quality liquid assets under a new federal liquidity coverage ratio rule slated to take effect on Jan. 1. However, the Federal Reserve Board is working on a proposal to include some municipal bonds as HQLA at a later date.

The Beige Book report shows expansion continued at a "modest" or "moderate pace," much like the recent reports.

An issuer of tax-exempt bonds and Build America Bonds can reallocate its proceeds, the Internal Revenue Service ruled.

Connecticut Gov. Dannel Malloy signed an agreement for major defense contractor United Technologies Corp. to invest up to $500 million to upgrade facilities, with no need for state borrowing.

New York City's Sales Tax Asset Receivable Corp. plans to sell $2 billion of tax-exempt, fixed-rate bonds on Sept. 23 after a two-day retail order period.

Cost increases to Pennsylvania's two primary pension systems are unsustainable and figure to rise by more than $600 million in 2014 and 2015, said revenue Secretary Dan Meuser.

Tobacco bond holders are selling long maturities and reinvesting the new cash in higher rated securities, traders said.

Bruce Cole, the head of Mamtek US, the firm that triggered a $39 million municipal bond default on debt sold for a Missouri sucralose plant, will go to prison as part of a plea deal.

Fitch Ratings said it has downgraded to B from BB-minus the rating on $21,455,000 fixed rate bonds, series 1999, issued by Dickinson County Healthcare System, Mich.

The Treasury Department Wednesday sold $15 billion 11-day cash management bills, dated Sept. 4, due Sept. 159, at a 0.025% high tender rate.

The Treasury Department Wednesday auctioned $40 billion of four-week bills at a 0.015% high yield, a price of 99.998833.

If the Texas state Supreme Court upholds a lower court ruling on the constitutionality of the state's K-12 school funding program, the state legislature will likely be forced to increase state funding for school budgets, revise the funding system to equalize the benefits, and change the local property tax structure and address its limitations, Fitch Ratings says.

New York City Comptroller Scott Stringer called on Congress to reauthorize the federal Export-Import Bank, citing its benefits to the local economy.

Los Angeles received an improved outlook to positive from stable and affirmation of its ratings from Standard & Poor's ahead of plans to issue $81 million in lease revenue bonds on Sept. 10.

New orders for manufactured goods surged 10.5% in July, after climbing a revised 1.5% in June, originally reported as a 1.1% increase, the Commerce Department reported Wednesday.

New York City business activity grew at a slower pace in August, as the current business conditions index slumped to 57.1 from 68.1 in July, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.

Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying general obligation rating of East Grand Rapids Public Schools, Mich.

Moody's Investors Service said it has downgraded the city of Ukiah, Calif.'s sewer enterprise revenue bonds to Baa2, affecting $68.5 million in outstanding debt.