News and Information from Bond Buyer

Chicago Mayor Rahm Emanuel's plan to overhaul two of the city's four pension funds is on a legislative fast-track after its introduction Wednesday.

A bad business model is at the heart of problems at the Port Authority of New York and New Jersey, a report from an NYU transportation center said.

Two separate forecasters said Wednesday that while California's drought is significant for agriculture, the impact looks to be marginal for the state's larger economy.

Municipal bonds steadied along with Treasuries Wednesday afternoon, after yields on 10-year government bonds jumped to the highest in about two weeks earlier in the day.

Government

Illinois returns to the market next week with fresh fiscal news for potential investors from Gov. Pat Quinn, who has proposed making permanent the expiring 2011 income tax hike.

A Government Development Bank of Puerto Rico spokesman Wednesday denied a report that the Puerto Rico Ports Authority planned to sell a bond by the end of June.

Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court.

Moody's Investors Service Wednesday affirmed its Aa2 rating on Michigan, saying the state is anchored by strong fiscal management and a reviving auto industry.

Attorney John Kraft said he's preparing to pass the torch at New Jersey's oldest bond counsel firm, adding Jason Capizzi as a member and renaming it Kraft & Capizzi, LLC.

Litigants appealing Jefferson County, Ala.'s bankruptcy could face an uphill battle based on the history of such cases, according to a legal expert.

Two lawyers in the Securities and Exchange Commission's Office of Municipal Securities have been promoted, the SEC announced Wednesday.

The Federal Open Market Committee will raise interest rates in the last half of next year, Federal Reserve Bank of Atlanta President and CEO Dennis Lockhart said Wednesday.

Munis softened somewhat Wednesday afternoon, as investors look toward Friday's employment report for clues about interest rates.

More spending will be necessary to improve the condition of New York City's bridges, according to the Independent Budget Office watchdog group.

Small financial advisory firms face the most challenges adapting to the new rules and regulations governing municipal advisors, with some predicting that many of the smallest MAs will go out of business.

Treasuries weakened Tuesday morning with yields on 10-year government bonds jumping to the highest yield in about two weeks, and munis followed.

About 4,894,100 online job postings appeared on leading Internet job boards in March, a decrease of 292,100 from February, the Conference Board reported Wednesday.

New orders for manufactured goods surged 1.6% in February, after dropping 1.0% in January, the Commerce Department reported Wednesday.