News and Information from Bond Buyer

As many state and local governments across the country begin their July 1 fiscal year, a new federal law going into effect is of particular interest to municipal governments that issue bonds.

Illinois Gov. Pat Quinn vetoed $250 million in spending for state capitol renovations as he signed into law a series of bills that make up much of the state’s $35.7 billion budget for the fiscal year that begins Tuesday.

Government

New school construction costs in Texas vary by as much as $200 per square foot, according to analysis by the Texas Comptroller's office.

Pennsylvania’s Senate on Monday afternoon was scheduled to resume debate over the House-approved $29.1 billion budget bill, amid a call for pension change by Gov. Tom Corbett.

Oppenheimer Rochester Funds and Franklin Funds sued Puerto Rico Gov. Alejandro García Padilla to overturn the public corporation debt restructuring bill he signed Saturday.

Market participants are zeroing in on a potential default by the Puerto Rico's Electric Power Authority amid light trading to kick off a protracted holiday week.

Many highly-rated sewer utility credits can weather federal consent decrees that mandate substantial upgrades with proper management and planning for the increased costs, Moody's Investors Service concludes in a new report.

The DC Water and Sewer Authority is looking to issue 100-year green bonds for a massive wastewater project.

The 114-mile segment of California's high speed rail project from Fresno to Bakersfield received the record of decision from U.S. Department of Transportation's Federal Railroad Administration enabling it to break ground on that segment.

For the first month this year, long-term municipal bond volume has exceeded its 2013 total.

Moody's Investors Service said it has downgraded Marion County School Board, Fla.'s certificates of participation (COPs) rating to A2 from A1, affecting $113.5 million of outstanding certificates.

Dozens of firms have withdrawn their registrations as municipal advisors under the new regulatory regime that takes full effect Tuesday, citing a myriad of reasons for avoiding participation in a new era of muni advising.

Moody's Investors Service said it has assigned a Aa2 rating to the township of West Bradford, Pa.'s $4.2 million Series 2014 general obligation bonds, and upgraded the township's GO rating to Aa2 from Aa3, affecting approximately $7 million in previously issued bonds.

A proposal for a state school bond is moving forward in the California Legislature, though the total amount of the bond has not yet been agreed upon.

Many data analysis services that municipal market participants utilize are not veritably modern. Static trading platforms have fallen behind the methods used to trade other asset classes, which can cause a lack of pre-and post-trading transparency in the market.

Harmony Public Schools, the largest charter school operator in Texas, will refund $104 million of triple-B bonds to secure the state's triple-A guarantee, a provision that just became available this year.

Details are starting to emerge on an opaque part of the market, as issuers respond to a Standard & Poor's request for disclosure on municipalities' direct loans.

The Federal Reserve's monetary policy was on target throughout the recession and recovery San Francisco Federal Reserve Bank President and CEO John C. Williams said Monday.

Investors predict the strong tone of the municipal market will continue into the shortened Fourth of July holiday week amid light trading activity.