News and Information from Bond Buyer

The National Association of Bond Lawyers has asked Treasury Department and Internal Revenue Service officials for a meeting to discuss the proposed rules on issue price.

Government

A panel of experts presented to the House Judiciary Committee Wednesday approaches that Congress could take with Internet sales tax legislation.

The Municipal Securities Rulemaking Board has received approval from the Securities and Exchange Commission to consolidate interpretive guidance on dealers' time-of-trade disclosure obligations into three new rules and amendments to an existing rule.

The Securities Industry and Financial Markets Association is urging the Securities and Exchange Commission not to approve the Municipal Securities Rulemaking Board's proposed fair-pricing rule, arguing it is too intertwined with another pending rule.

Moody's Investors Service has downgraded the general revenue bond rating on the University of California ahead of its $750 million bond sale next month.

"One of these things does not belong" is a catchy slogan — and it comes to mind when looking at the latest tax policy ideas coming from Washington when looking at the municipal bond tax exemption. The exemption is not a result of the growth of a tax code designed to induce or reduce certain behaviors. Rather, it is the foundation for the flow of capital in a $3.7 trillion dollar market required to efficiently finance the nation's infrastructure.

The Transportation Department may have to begin rationing state highway grants in July as the Highway Trust Fund is expected to dip below the critical $4 billion mark by summer.

The Illinois Finance Authority board signed on Centegra Health System's plans to borrow $200 million for a new hospital and an agreement to assist with obtaining ratings on a financing tied to the proposed Illiana toll road.

Puerto Rico bonds issued Tuesday continued to firm in secondary trading Wednesday, with average yield falling as low as 8.28% before settling around 8.32% by midday. The week's other largest deals came to the market Wednesday afternoon, offering traditional municipal bond buyers some options.

Spending hikes in New York City's proposed $12.8 billion five-year school; capital plan hinge on a statewide bond referendum, the Independent Budget Office said.

Term limits are forcing an election-year shuffle in Nevada's finance positions.

Ohio lawmakers Wednesday will begin to consider Gov. John Kasich's budget legislation that would cut income taxes $2.6 billion over three years and offset the costs with increases in taxes on tobacco, business, and oil and gas producers.

Airports in Tampa and Orlando have planned some $5 billion in capital improvements to handle expected demand for Florida travel.

Oregon's legislature ended its short session this month, approving over $5 billion in debt, but ending the Columbia River Crossing plan for a modern Interstate 5 span across the Columbia River.

Two of Florida's largest airport operators, in Orlando and Tampa, plan to spend nearly $5 billion on multi-year capital plans dependent on millions in bond financing.

Las Vegas received a revised outlook to stable from negative from Fitch Ratings which affirmed its AA rating for limited-tax general obligation bonds.

The Treasury Department auctioned $21 billion of 9-year 11-month notes with a 2 3/4% coupon at a 2.729% high yield, a price of 100.178824.

The prepared testimony from Fed Vice Chair nominee Stanley Fischer and Fed Governor nominee Lael Brainard show they support current monetary policy.

Puerto Rico Gov. Alejandro García Padilla says that Puerto Rico's $3.5 billion bond sale was a triumph and that he plans to work to balance the budget and revive the economy.