News and Information from Bond Buyer

Dane County, Wis., will take competitive bids Thursday on $84.5 million of general obligation bonds and notes for various projects including a new airport parking facility and landfill expansion.

Fenn Putman, former chair of the Public Securities Association and vice chair of the Municipal Securities Rulemaking Board, passed away on Sunday, June 8, at age 80.

Fitch Ratings downgraded the Puerto Rico Electric Power Authority’s power revenue bonds to BB from BB-plus on Wednesday afternoon.

The New York City two-part general obligation deal jumped by $170 million to $1.02 billion during its institutional sale on Wednesday from its originally scheduled issuance.

Government

The Des Moines Airport Authority Board approved a long-term site plan that calls for construction of a new, $468 million partially bond-financed terminal but officials still need to identify $200 million in financing.

The Internal Revenue Service should expand its safe harbors for management contracts and provide guidance that issuers and conduit borrowers could rely on when their contracts don't meet the safe harbors, an advisory group told the IRS.

California's plan to build a $68 billion high speed rail system in the state is being challenged by two counties and a city, which say the plan violates the state's environmental laws.

Moody's Investors Service said it has upgraded to Aa3 from A1 the general obligation rating on Midlothian, Texas, affecting $51.6 million in rated outstanding debt.

Fitch Ratings said it has downgraded the rating on $8.7 billion of Puerto Rico Electric Power Authority (PREPA) power revenue bonds to BB from BB-plus.

The University of Arkansas System plans to issue $41 million of revenue bonds for its Fayetteville and Fort Smith campuses.

Rep. Peter DeFazio wants to build highways with a wholesale tax on oil and repeal the federal gasoline tax.

Two more foundations have pledged $13 million to Detroit's pensions via the Detroit Institute of Arts in a bid to protect the museum's prized art collection as part of a grand bargain worked out by federal court mediators.

The two-part New York City general obligation deal was upsized to $953.67 million and yields on the bonds were raised during its institutional sale period on Wednesday.

A court ruling that California teacher tenure laws in California are unconstitutional could have positive credit implications for school districts, according to Standard & Poor's.

The municipal securities market is "fertile ground" for further enforcement initiatives aimed at getting market participants to comply with their obligations under the law, the Securities and Exchange Commission's enforcement director said Wednesday.

Fitch Ratings and Standard & Poor's have affirmed the United States Virgin Islands' investment-grade gross receipts tax rating and Fitch downgraded the territory's already speculative general obligation rating.

The federal government ran a $130.0 billion budget deficit in May, the Treasury reported Wednesday.

The Orlando-Orange County Expressway Authority board approved a $230 million interchange project in what was likely its final act before the agency is transferred to a new organization.

The Treasury Department auctioned $21 billion of 9-year 11-month notes with a 2 1/2% coupon at a 2.648% high yield, a price of 98.714636.