News and Information from Bond Buyer

A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

New York's MTA and Transit Workers Union 100 reached a tentative five-year labor agreement, Gov. Andrew Cuomo announced.

Louisiana will use non-recurring revenue to defease $210 million of bonds to help close a deficit in the 2015 budget even though it will create a shortfall in 2016.

U.S. Rep. Tony Cardenas told the manufacturer of the popular Sriracha hot sauce if Irwindale, Calif. doesn't want your factory the San Fernando Valley will take it.

Government

The Municipal Securities Rulemaking Board has filed a new rule with the Securities and Exchange Commission to implement an annual fee of $300 for each municipal advisor professional that is to be paid by registered municipal advisors.

Puerto Rico's 8% coupon bonds issued in the island's $3.5 billion deal capped off the worst weekly performance since they were issued on March 11.

Metropolitan Washington Airport Authority will complete funding of a rail line to Dulles International Airport with May's negotiated sale of $450 million of toll revenue bonds.

Standard & Poor's Ratings Services raised its long-term rating to AA-minus from A-plus on the District of Columbia's revenue bonds, series 2009, issued on behalf of the Brookings Institution.

Rhode Island Superior Court Judge Sarah Taft-Carter rejected a motion by state officials to dismiss a lawsuit that challenged the 2011 pension overhaul law.

California Gov. Jerry Brown has called a special legislative session for later this month to take up changes he has proposed for the state's Rainy Day Fund.

Tax-exempt money market funds reported losses of $3.67 billion in the week ended April 14 as total net assets fell to $266.72 billion, according to The Money Fund Report, a service of iMoneyNet.com. The losses come on the heels of the prior week's inflows of $1.58 billion.

New York City Comptroller Scott Stringer has formed a unit to oversee the handling of funds related to Hurricane Sandy rebuilding.

A new office at the U.S. Treasury Department will focus on state and local finance issues, including distressed municipalities and their management of pensions and other liabilities.

Moody's Investors Service said it has upgraded to A3 from Baa1 the rating assigned to Baptist Hospital, Inc. and, The Baptist Manor's Inc., Fla., bonds issued by the Escambia County Health Facilities Authority.

Public finance experts cite greater awareness about the need to think beyond immediate crisis management.

The Treasury Department Thursday auctioned $18 billion of five-year inflation-indexed notes with a 0.125% coupon, a negative 0.213% high yield, an adjusted price of 101.874051.

Detroit's Bankruptcy Judge Steven Rhodes Thursday ordered Detroit and three counties into mediation to try to hammer out a stalled deal to create a new regional authority to run the city's massive water and sewer system.

Investors anticipate a quiet day as the municipal bond market is set to close Thursday afternoon at 2 p.m. and will closed for the Good Friday holiday.

The Treasury Department said it will auction $29 billion seven-year notes on Thursday, April 24.