News and Information from Bond Buyer

The north Dallas suburb of Frisco plans to issue $115 million of debt this month to build a headquarters and practice facility for the National Football League’s Dallas Cowboys.

Government

North Carolina Gov. Pat McCrory signed a bill authorizing $376 million of bond-financed improvements at six University of North Carolina institutions.

Municipal bond yields weakened across the board as concern over Puerto Rico credits permeated the market Tuesday.

Moody's dropped Alabama State University's $230 million of outstanding bonds three notches to junk citing an inability to cover debt service among the reasons.

Former Assembly Speaker John A. Pérez has filed a request for a recount of votes in the California primary election for state controller, after preliminary numbers show him coming in third place by a very slim margin.

State and local governments are more likely to issue pension obligation bonds if they face financial pressures, researchers at the Center for Retirement Research at Boston College found.

Municipal Market Advisors said investors should sell off Virgin Island and Guam bonds if Puerto Rico's restructuring act is allowed to stand, because it could enable other U.S. territories to unilaterally change bond provisions.

Opponents of the Atlanta Braves' $672 million stadium in Cobb County intervened in the proceeding to validate $397 million of bonds for the new Major League Baseball facility.

Consumer credit increased by $19.6 billion, or 7.4%, in May to $3.195 trillion, the Federal Reserve reported Tuesday.

Moody's Investors Service said it has upgraded Columbia County, Wis.'s general obligation rating to Aa1 from Aa2.

States that have opted not to expand Medicaid under the new federal health care law could lose out on $66 billion in economic activity over the next three years and $88 billion in direct federal aid through 2016, the White House Council of Economic Advisors says in new report.

Federal Reserve Board Chair Janet Yellen will give her semi-annual report to Congress next week, beginning with testimony before the Senate Banking Committee on Tuesday.

The Securities and Exchange Commission settled its first case under its Municipalities Continuing Disclosure Cooperation initiative after charging a school district in California with misleading bond investors about its past compliance with its continuing disclosure obligations.

The Federal Open Market Committee is still missing on both sides of its dual mandate: "undershooting its price stability objective" and "underperforming with respect to its maximum employment objective," Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Tuesday.

Standard & Poor's public finance chief Steve Murphy will retire effective July 31, Murphy and the rating agency confirmed Tuesday.

Monetary stimulus must be withdrawn at the "appropriate time" to keep inflation in check, Federal Reserve Bank of Richmond President Jeffrey Lacker said Tuesday.

Wisconsin is prepping more than $500 million in general obligation bonds for sale this summer beginning with a competitive issue for $255 million of new money Wednesday.

The Treasury Department Tuesday auctioned $27 billion of three-year notes with a 7/8% coupon at a 0.992% yield, a price of 99.655014.

Trading on Puerto Rico Electric Power Authority bonds spiked on Tuesday after the authority was given an extension on bank credit payments it had due in early July.