News and Information from Bond Buyer

Watchdog group advises lawmakers to avoid bookkeeping gimmicks in resolving the multi-billion shortfall in the Highway Trust Fund.

The IRS recently clarified that "on-behalf-of" issuers, such as authorities and unincorporated enterprises, can issue tribal economic development bonds. The IRS also issued a private letter ruling that determined that an issuer's plan to current refund advance refunding bonds would not cause there to be transferred proceeds and potentially create an arbitrage issue.

The board of New Jersey's biggest pension fund voted Wednesday to sue New Jersey Gov. Chris Christie over reduced contributions to the state's pensions.

Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on the Beloit School District, Wis.'s general obligation debt, which totaled $75.2 million at the close of fiscal 2013.

The Metropolitan Transportation Authority lowered yields on its $500 million transportation revenue bonds during institutional sale Thursday.

The Treasury Department Thursday sold $7 billion of inflation-indexed 29-year 8-month bonds at a 1.116% yield, an adjusted price of 106.517821, with a 1 3/8% coupon.

Flows among tax-exempt money market funds switched back to negative as they reported the loss of $1.2 billion in the week ended June 16, according to The Money Fund Report, a service of iMoneyNet.com.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, June 26.

The Treasury Department said it will auction $13 billion one-year 10-month 0.069% floating rate notes on Wednesday, June 25.

The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 183-day discount bills Monday.

The Treasury Department said it will auction $25 billion year bills on June 24.

Moody's Investors Service said it has affirmed the A1 rating of the Denver (city and county of) airport enterprise $3.72 billion airport system revenue bonds and the a2 rating of the $719 million subordinate revenue bonds.

The state of Washington is planning to sell $1.2 billion of general obligation bonds next week to fund various projects, including school construction and state programs for the Columbia River Basin.

The region's manufacturing sector expanded at a faster pace in June, as the general business conditions index climbed to 17.8 from 15.4 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The composite index of Leading Economic Indicators was up 0.5% in May following a revised 0.3% increase in April, first reported as a 0.4% climb, the Conference Board reported Thursday.

Los Angeles achieved the highest short-term ratings for the $1.36 billion tax and revenue anticipation note it plans to price on June 25-26, according to Natalie Brill, the city's debt manager.

Standard & Poor's removed Rhode Island from credit watch negative after state lawmakers approved a $12.3 million 38 Studios bond payment.

Initial jobless claims slipped 6,000 to 312,000 in the week ended June 14, the Labor Department said Thursday.

Shawnee County, Kan., Unified School District 501's $110 million taxable general obligation bonds will reap the rewards of being one of a few large competitive issues being auctioned, making it the target of zealous competition from underwriters, investors say.

Moody's Investors Service has downgraded to Ba3 from Baa3 the rating assigned to Good Shepherd Medical Center, Texas's (GSMC) $93.7 million of outstanding bonds issued by the Gregg County Health Facilities Development Corporation and the Harrison County Health Facilities Development Corporation.