News and Information from Bond Buyer

The Senate Environment and Public Works Committee will vote on a surface transportation reauthorization bill on May 15, committee leaders announced Thursday.

Michigan would create a board to oversee Detroit for up to 20 years and contribute $195 million to the troubled city's pensions in a series of bills expected to be unveiled late Thursday.

The Illinois Sports Facilities Authority has selected Barclays and Goldman Sachs as bookrunning senior managers on a refunding deal it hopes to sell in June.

The successor agency to the Inland Valley Development Agency's $239.9 million of tax allocation refunding bonds that came to market Thursday were in demand because they offered investors with an alternative purchase to traditional California GOs, market participants said.

The Federal Reserve is studying Puerto Rico as an indicator of the level of risk in the muni market, where heavy retail investor presence can make behavior unpredictable, an economist with one its banks told municipal analysts on Thursday.

Puerto Rico plans to sell a $500 million municipal sales tax based bond in fiscal year 2015.

Moody's Investors Service lowers the University of Kansas to Aa2 in the wake of its downgrade of the state government.

The Treasury Department Thursday auctioned $16 billion of 30-year bonds with a 3 3/8% coupon at a 3.440% high yield, a price of 98.789628.

After three weeks of heavy outflows, tax-exempt money market funds gained a modest $1.29 billion in the week ended May 5, as total net assets rose to $258.91 billion, according to The Money Fund Report, a service of iMoneyNet.com.

Standard & Poor's lowered its ratings on Walker County, Ga.'s general obligation sales tax bonds four notches to BBB-plus from AA-minus citing weak liquidity and contingent liabilities.

The state of Michigan has conditionally approved Wayne County's deficit elimination plan, easing immediate concerns of a state takeover, county officials said Wednesday.

The National Federation of Municipal Analysts presented its annual awards during its conference here on Wednesday, honoring four individuals and an organization for contributions to the municipal bond industry.

In what could be the final chapter in its Chapter 9 proceedings, Stockton will head to court next week to try and convince a U.S. bankruptcy judge that it has a recovery plan that will work.

The municipal market strengthened Thursday morning, brushing off the decline in the initial jobless claims number announced this morning.

The Treasury Department said Thursday it will auction $25 billion 91-day bills and $23 billion 182-day discount bills Monday.

Bond proposals saw mixed results in eastern Kansas school district elections May 6.

Federal Reserve Board Chiar Janet Yellen's prepared testimony to the Senate Budget Committee is the same as Wednesday's before the Joint Economic Committee.

Moody's Investors Service said it has downgraded Emporia State University, Kan., to A2 from A1.

Moody's Investors Service said it has downgraded to Aa3 from Aa2 the general obligation unlimited tax bond rating of Ada & Canyon Counties Joint School District No. 2 (Meridian), Idaho.

Moody's Investors Service said it has downgraded the University of Kansas's issuer rating to Aa2 from Aa1.