News and Information from Bond Buyer

Jersey City sued the Port Authority of New York and New Jersey for $400 million, saying the payments the city receives in lieu of property taxes from the regional transportation infrastructure overseer are grossly inadequate.

Municipal mutual funds reported inflows increased to $663.6 million in the week ended May 22 from $616.5 million of inflows the week before.

The Bond Buyer's muni bond indexes mostly weakened in the week ending May 22.

Cuyahoga County, Ohio, sold $230.9 million of certificates of participation to finance a Hilton Hotel at the Cleveland convention center, in a deal that provided the muni market with a bit of much needed yield.

Proposals to keep federal transportation funding at current levels will worsen the existing backlog of transit system deferred maintenance.

The Senate passed a $12.3 billion water infrastructure bill Thursday by 91-7, two days after the House approved it.

The Michigan House Thursday overwhelmingly and speedily passed legislation aimed at resolving Detroit's bankruptcy and creating oversight for the post-bankrupt city as it exits bankruptcy.

The future looks bright following a gloomy winter that stalled real gross domestic product growth, Federal Reserve Bank of San Francisco President and CEO John C. Williams said Thursday.

Standard & Poor's Ratings Services said it raised its underlying rating on Lancaster County Career & Technology Center Authority, Pa.'s guaranteed lease revenue bonds one notch to A-plus from A.

A panel that advises the Internal Revenue Service will present reports next month, including one from the committee's tax-exempt bonds team on the treatment of management contracts.

Michigan voters in August will decide whether to eliminate the state's personal property tax, a central source of revenue for many local governments.

Despite widely cited financial woes among both municipalities and monolines, guarantees have worked largely as anticipated to protect holders of insured securities.

Another broker dealer group is asking the Securities and Exchange Commission to suspend the Municipal Securities Rulemaking Board's proposal to charge each municipal advisor professional $300 per year, but non-dealer MAs are giving the MSRB's fee structure their support.

Municipal bonds weakened slightly Thursday, following Treasuries, with low issuance continuing to plague the market and a holiday-shortened week approaching.

Illinois Gov. Pat Quinn's plan to make an expiring income tax permanent has just a little more than half the votes needed to clear the Illinois House with the clock ticking on the legislative session.

The rate of growth in states' outstanding debt slowed for the fourth year in a row and represented the slowest growth in 20 years partly because of a new conservative attitude toward debt, Moody's Investors Service said in a report issued Thursday.

Southwest Airlines' newfound freedom to begin serving long-haul destinations from Dallas Love Field Airport in October poses risks for smaller airports left behind, Fitch Ratings warns.

The Treasury Department sold $13 billion of inflation-indexed nine-year 8-month TIPs at a 0.339% high yield, an adjusted price of 103.967802, with a 5/8% coupon.

Standard & Poor's Ratings Services said it lowered its long-term rating on Valley Park School District, Mo.'s existing general obligation (GO) debt to AA-minus from AA.

Fitch Ratings upgrades the rating on Florida Housing Finance Corporation's (FHFC) affordable housing guarantee fund (GF) to A-plus from A-minus.